NEW YORK, Dec. 12, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Cybersecurity Insurance Global Market Report 2022: Impact of the Ukraine-Russia War” – https://www.reportlinker. com/p06372903/?utm_source=GNW
The Hartford Financial Services Group Inc.
The global cybersecurity insurance market is projected to grow from $9.73 billion in 2021 to $11.75 billion in 2022, at a compound annual growth rate (CAGR) of 20.7%. The war between Russia and Ukraine has hampered any chances of the global economy recovering from the COVID-19 pandemic, at least in the short term. The war between the two countries has caused economic sanctions against multiple countries, soaring commodity prices, disrupted supply chains, and impacted many markets around the world. The cybersecurity insurance market is expected to grow to $23.83 billion in 2026 at a CAGR of 19.3%.
The cybersecurity insurance market includes revenue earned by companies through cybersecurity insurance analytics platforms, disaster recovery and business continuity, cybersecurity solutions, cyber risk and vulnerability assessments, cybersecurity resilience, consulting/advisory, and security awareness training. included. Market value includes the value of related goods. Sold by service providers or included in the provision of services.
Includes only goods and services transacted between entities or sold to end consumers.
Cybersecurity insurance helps cover the financial losses caused by cyber events and incidents.Organizations obtain cybersecurity insurance as a way to mitigate the financial risks associated with doing business online. I can do it.
An insurance contract transfers a portion of the risk to the insurer in exchange for monthly or quarterly payments.
North America was the largest region in the cybersecurity insurance market in 2021. Asia Pacific is expected to be the fastest growing region during the forecast period.
Regions covered in the Cyber Security Insurance Market report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Market value is defined as revenue earned by a business through sales, grants, or donations from goods and/or services sold within a particular market and territory (in United States dollars ($) unless otherwise specified). ).
Revenue for a given region is the amount spent. In other words, revenue is the revenue generated by an organization in a particular region within a particular market, regardless of where it was produced. Revenue from resale further down the supply chain or as part of other products is not included.
The main types of cybersecurity insurance policies are packaged standalone. Packages are used in insurance contracts to protect policyholders against their own losses.
Insurance that offers a number of different combined coverages typically refers to a policy that offers both general liability and casualty insurance. Various insurance coverages include data breach and cyber liability with several components such as solutions and services.
Various organizational sizes include large enterprises and small and medium enterprises (SMEs). Various end users include technology providers and insurance providers.
Rise in data security breaches is a key factor driving future cybersecurity insurance market growth. A data breach is a situation where information is stolen from a system without the owner’s knowledge or consent.
Weak and forged identities are one of the easiest and most frequent reasons for data breaches.
Data breaches and other cyber crimes have become so common that businesses are investing in cyber insurance to help cover the costs of sourcing, restoring and recreating data. For example, according to the February 2022 Data Breach Quick View, in the US, he has 2,932 recorded data breaches in 2021 compared to his 2,645 in 2020, a 10% increase. increase.
Hence, the increasing number of data security breaches is driving the demand for cyber security insurance market.
Strategic partnerships and collaborations have emerged as key trends gaining popularity in the cybersecurity insurance market.
For example, in September 2020, BNP Paribas Leasing Solutions, a French-based professional equipment leasing and rental solution, partnered with Italian-based insurance and wealth management provider Generali Group to form BNP Paribas Leasing Solutions provided insurance and related service solutions to its customers. This will help you protect yourself from cyberattacks due to the increasing number of cyberattacks. With this agreement, Generali aims to expand its target market in the SME and property and casualty insurance markets through new distribution channels and a fully digital subscription mechanism.
Additionally, in October 2020, US-based insurer AXIS Capital Holdings Limited joined forces with UK-based law firm Kennedys Law LLP to launch a new insurance policy for ocean freight. Introduced AXIS Marine Cyber Insurance product. The industry’s commitment to cyber exposure on board ships and on land in the shipping business headquarters.
In March 2021, India-based information technology company Wipro Limited acquired Capco for $1.45 billion. This acquisition makes Wipro one of the leading end-to-end global consulting, technology and transformation services providers to the banking and financial services sector. Clients will combine Wipro’s strategic design, digital transformation, cloud, cybersecurity, IT, and operational services capabilities with Capco’s domain and consulting strengths to provide an integrated solution to support growth and achieve transformational goals. Get access to partners who can provide you with tailor-made solutions. Capco is a UK-based technology and management consultancy that provides cybersecurity insurance and specializes in driving digital transformation in the financial services industry. , and regulatory compliance expertise.
The countries covered by the Cyber Security Insurance Market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom, United States.
Cyber Security Insurance Market research report provides Cyber Security Insurance market statistics, including global market size of Cyber Security Insurance industry, share by region, competitors with Cyber Security Insurance market share, detailed Cyber Security Insurance market segments, market trends and opportunities, etc. is one of a series of new reports that provide , and other data you need to be successful in the cybersecurity insurance industry. This Anomaly Detection Market research report offers a complete outlook of everything you need with an in-depth analysis of the current and future scenarios of the industry.
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