Global Cybersecurity Insurance Market to 2028 – Growth, Share & Industry Trends Analysis Report

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Dublin, Sept. 01, 2022 (GLOBE NEWSWIRE) — The “Global Cybersecurity Insurance Market Size, Share & Industry Analysis Report by Component, By Insurance Coverage, By Insurance Type, By Organization Size, By End User, By Regional Outlook and Forecast, 2022 – 2028” report added’s to give.

Global Cybersecurity Insurance Market size is expected to reach $32.6 billion by 2028, rising at a market growth rate of 18.8% CAGR during the forecast period.

Cybersecurity insurance plays an important role in banking and financial institutions. Throughout the forecast period, this segment is expected to command a significant share of the market. Popular fraud is common there and it is one of the most heavily scrutinized and regulated businesses, which makes people want it.

The landscape of utilities in every country and business is growing due to the advancement of information technology, communication technologies, and the smart energy sector. However, as technology advances rapidly, so do the risks that come with it.

Personal information is important, cybercriminals commit crimes when personal information, including credit card numbers, identities, medical records, etc., is sold online. It is one of the few things that has caused the demand for cybersecurity to rise. One of the systems that is growing recently is cloud computing, which has helped to break the boundaries of IT, open new markets, manage operations governance, and the development of unified communications. In order to reduce the risks involved in keeping confidential information in the context of cybersecurity, many IT stakeholders and companies are turning to various forms of insurance.

Many types of security controls and technologies are expected to be considered by insurers as the cybersecurity insurance market continues to grow. As a result, the amount of data information and the organization’s ability to adequately encrypt it will be important in assessing the overall risk, which is what is encouraging the implementation of new technologies such as microsharding. To reduce attacks and eliminate data vulnerability, microsharding technology divides data into smaller units like single bytes before distributing the shards to different regions.

COVID-19 Impact Analysis

Many governments and regulatory agencies have mandated that public and commercial enterprises adopt new ways to work remotely and maintain social distancing during the COVID-19 crisis. Since then, several new business continuity plans (BCPs) have been launched on digital business management systems. People are increasingly using digital technologies due to the proliferation of BYOD devices, WFH practices, and global Internet penetration. This is driving the need for cyber insurance policies to protect against cyber-attacks.

Market Growth Factors

Using Blockchain Technology And Artificial Intelligence (Ai) For Risk Analysis

Among the latest hot technologies, AI and blockchain are predicted to provide risk assessment solutions to increase efficiency and provide new business opportunities. The combination of these technologies and risk assessment software is expected to help the insurance industry’s cybersecurity with their most pressing problems. The development of modern technologies facilitates transactions with speed and stability, enabling financial institutions and their customers to transact and eliminate the need for intermediary fees. In order to investigate claims, manage databases, and provide policy coverage, risk assessment methods are necessary.

Advantages of Cyber ​​Liability Insurance

Organizations are required by law to notify affected individuals of a breach. This can increase the overall cost of a data breach, especially when it comes to security updates, protection from theft for those affected by the breach, and protection from potential lawsuits. User data is expected to be protected from cyber attacks by specifying the provisions of the cyber security plans for these displays. compensation for business interruption. IT damage caused by a cyberattack can disrupt business operations and cost organizations money and time.

Market Restraints

The Rise of Cybersecurity Insurance

One of the major factors hindering the growth of the cybersecurity insurance market is the high cost of cybersecurity insurance. Due to ransomware attacks in the last two or three years, insurance companies have been forced to pay out large amounts of debt. The cost of recovering a compromised machine is high, even if cybersecurity insurance companies don’t pay a ransom. To pay for the increased costs of additional services, such as data recovery support after a ransomware attack, cybersecurity insurance companies are raising premiums.

Key Topics Covered:

Chapter 1. Market Size & Strategy

Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview Market Structure and Trends
2.2 Key Factors Affecting the Market
2.2.1 Market Drivers
2.2.2 Market Restrictions

Chapter 3. Competitive Analysis – Globally
3.1 Cardinal Matrix
3.2 Recent Industry Technological Developments
3.2.1 Agreement, Agreement and Contract
3.2.2 Product Implementation and Product Development
3.2.3 Acquisition and Merger
3.3 Best Practices
3.3.1 Leading Trends: Percentage Share (2018-2022)
3.3.2 Key Strategic Move: (Agreements, Contracts & Agreements: 2018, Feb – 2022, Apr) Leading Players

Chapter 4. Global Cybersecurity Insurance Market by Component
4.1 Global Solutions Market by Region
4.2 Global Cybersecurity Insurance Market by Solution Type
4.2.1 Global Analytics Platform Market by Region
4.2.2 Global Disaster Recovery & Business Continuity Market by Region
4.2.3 Global Cybersecurity Solutions Market by Region
4.3 Global Services Market by Region

Chapter 5. Global Cybersecurity Insurance Market by Insurance Coverage
5.1 Global Cyber ​​Liability Market by Region
5.2 Global Data Breach Market by Region

Chapter 6. Global Cybersecurity Insurance Market by Insurance Type
6.1 Global Packaged Market by Region
6.2 Global Standalone Market by Region

Chapter 7. Global Cybersecurity Insurance Market by Organization Size
7.1 Global Large Enterprises Market by Region
7.2 Global Small & Medium Enterprises (SMEs) Market by Region

Chapter 8. Global Cybersecurity Insurance Market by End User
8.1 Global Technology Provider Market by Region
8.2 Global Cybersecurity Insurance Market by Technology Provider Type
8.2.1 Global Insurance Companies Market by Region
8.2.2 Third Party Controllers, Brokers, & Consultancies Market by Region
8.2.3 Global Government Agency Market by Region
8.3 Global Insurance Market by Region
8.4 Global Cybersecurity Insurance Market by Insurance Provider Type
8.4.1 Global Financial Services Market by Region
8.4.2 Global Sales & Purchase Goods Market by Region
8.4.3 Global Telecom & IT Market by Region
8.4.4 Global Travel, Tourism, & Hospitality Market by Region
8.4.5 Global Healthcare & Life Sciences Market by Region
8.4.6 Global Other Market by Region

Chapter 9. Global Cybersecurity Insurance Market by Region

Chapter 10. Company Profiles
10.1 Cisco Systems, Inc.
10.1.1 Company Summary
10.1.2 Financial analysis
10.1.3 Regional Analysis
10.1.4 Research & Development Expenses
10.1.5 Processes and recent developments: Agreement, Contract, and Agreement: Product Installation and Product Development: Acquisition and Integration:
10.1.6 SWOT analysis
10.2 Microsoft Corporation
10.2.1 Company Summary
10.2.2 Financial Analysis
10.2.3 Cluster and component analysis
10.2.4 Research & Development Expenses
10.2.5 Processes and recent developments: Agreement, Contract, and Agreement:
10.2.6 SWOT analysis
10.3 Check Point Software Technologies Ltd.
10.3.1 Company Summary
10.3.2 Financial Analysis
10.3.3 Regional Analysis
10.3.4 Research & Development Expenses
10.3.5 Processes and recent developments: Agreement, Contract, and Agreement: Product Implementation and Product Development:
10.4 Accenture PLC
10.4.1 Company Summary
10.4.2 Financial Analysis
10.4.3 Cluster and component analysis
10.4.4 Research & Development Expenses
10.4.5 Procedures and recent developments: Agreement, Contract, and Agreement: Acquisition and Integration:
10.5 FireEye, Inc.
10.5.1 Company Summary
10.6 SentinelOne, Inc.
10.6.1 Company Summary
10.6.2 Methods and recent developments: Agreement, Agreement, and Contract:
10.7 UpGuard, Inc.
10.7.1 Company Summary
10.8 CYE (Cyesec Ltd.)
10.8.1 Company Summary
10.9 BlackBerry Limited (CYLANCE)
10.9.1 Company Summary
10.9.2 Financial Analysis
10.9.3 Cluster and component analysis
10.9.4 Research and Development Expenses
10.10. The opinion of the company BitSight Technologies, Inc.
10.10.1 Company Summary
10.10.2 Procedures and recent developments: Agreement, Contract, and Agreement:

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