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Impact of COVID-19 on Cyber Insurance Market Growth, Segments, Size, Industry Analysis and Opportunities 2030

Cyber insurance is being adopted by a number of these days, however, its largest demand in 219 was created by the BFSI industry, which is further expected to create the largest demand in the coming years as well. BFSI have been focusing intently on technological transformations for meeting the evolving needs of their customers. A lot of data has now been shifted on cloud, owing to its advantages. However, it has also raised concerns regarding data breaches in the industry, owing to which, they are widely adopting cyber insurance. 

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Owing to technological advancements, the world today is living in a digital era and the adoption of cloud solutions has increased significantly. While digitalization has numerous benefits, it has also resulted in the rise in number of cyber-attacks across the globe. Hackers are increasingly breaching personal data of people, including credit card numbers, social security number, email addresses, and passwords. Attributed to this, the need for cyber insurance has been growing substantially as well. 

During January 2019–April 2020, approximately 8 billion records, including phone numbers, credit card numbers, and home addresses, have been exposed in data breaches. It is because of such factors that the global cyber insurance market is expected to reach a value of $70,671.9 million by 2030, from $5,573.2 million in 2019. The market is further predicted to register a 26.3% CAGR during the forecast period (2020–2030).  

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Among the various cyber insurance policies, the adoption of data breach policy was the highest in 2019. As enterprises are becoming highly reliant on digital data, cloud computing, and workforce mobility, the number of data breaches have increased substantially in recent years. Sensitive data of organizations and customers is typically stored in enterprise databases, cloud servers, and local machines, which are prone to data breaches. It is because of this that the demand for data breach policy has been increasing among companies, further driving the growth of the market. 

This market research report provides a comprehensive overview of the cyber insurance market

  • Historical and the present size of the cyber insurance market
  • Future potential of the market through its forecast for the period 2020– 2030
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential
 

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