News Market Insights

With the growing incidence of cyberattacks and data breaches, the demand for cyber insurance solutions is rising rapidly across the globe. As per several reports, due to data breaches during January 2019– April 2020, around 8 billion records including credit card number, phone numbers, home addresses, and other sensitive and confidential information were exposed. The increasing penetration of the internet and the rapid digitization of enterprise operations are the main factors fueling the incidence of these attacks. Additionally, many companies are increasingly adopting cyber insurance solutions as a risk mitigation strategy, thereby driving the expansion of the global cyber insurance market . Due to the above-mentioned factors, the value of the market is expected to rise from $5,573.2 million in 2019 to $70,671.9 million by 2030. The market is also predicted to exhibit a CAGR of 26.3% from 2020 to 2030. Depending on type, the market is categorized into integrated and standalone.  ...

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 associ...