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Growing Frequency of Data Breaches Boosting Cyber Insurance Policy Implementation

There has been an exponential rise in cyberattacks, due to the surging penetration of internet in every aspect of our lives. A large number of cases of breaching of personal data, such as social security numbers, email address, passwords, and credit card numbers, are being reported nowadays. Nearly 8 million cases of cyberattacks were reported between January 2019 and April 2020.

Owing to this reason, the cyber insurance industry will progress at 26.3% CAGR during 2020–2030. The market value is expected to reach $70,671.9 million by 2030 from $5,573.2 million in 2019. To contain the cases of data breaches, governments across the world are constantly implementing legislations pertaining to cybersecurity. High digitalization rate and easy connectivity have led to the emergence of cyber threats and vulnerabilities, which have an adverse impact on organizations.


In this regard, several administrations have mandated the implementation of cyber security measures to mitigate the risks associated with cybercrime. Higher penalties are being imposed by the governments for data breaches, due to the intensifying stringency of cybersecurity-related legislations. Currently, the healthcare sector is increasingly adopting cyber insurance services to deal with the rising incidence of cyberattacks.

Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/cyber-insurance-market/report-sample

These are causing financial losses and compromising data security in the rapidly transforming healthcare industry. Technological developments in this industry have exposed it to several cyber threats. In contemporary times, the healthcare sector has become a major target for cybercriminals, as the stolen protected health information (PHI) is valued at hundreds and thousands of dollars. The cybercriminals use PHI data to target victims with frauds and scams.

This market research report provides a comprehensive overview of the 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
  • Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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