Cyber Insurance Market by Company Size (Large Companies and Small & Medium-sized Companies) and Industry Vertical (BFSI, IT & Telecom, Retail & E-commerce, Healthcare, Manufacturing, Government & Public Sector, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026

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Rise in cyber-attacks has led to organizations from all the major industries to focus on cyber coverage for liability and property exposure.  A considerable number of companies still remained under the false perception of  cyber risk exposure in the last few decades. However, this scenario has changed in the recent years and witnessed a significant growth in sale of cyber insurance policies, owing to rise in cyber risk awareness among C-level executives. Moreover, penetration of cyber insurance has increased among data-driven industries such as communication, finance, retail, and healthcare, which are considered more vulnerable to cyber-attacks.  Most of these companies have implemented some pre-breach risk management activities to minimize the cyber risk exposure. Furthermore, as insurance underwriters have less knowledge about security standards, security concerns, and complexities about IT infrastructure, the cyber insurance trend is still considered as relatively new and crucial area and is expected to create lucrative opportunities for IT security professionals in the upcoming years.

The cyber insurance market is consolidated with the presence of key vendors such as Allianz, American International Group, Inc., Aon plc, and AXA. North America and Europe are the prime regions taking coverages of cyber insurance. However, Asia-Pacific is expected to experience significant growth in the near future, owing to rapid technological developments such as automated production & technical processes, and growing adoption of internet of things (IoT), stringent regulatory landscape for data protection in the developing countries such as China, India, Japan, and others. Some of the key players profiled in the report include Berkshire Hathway Inc., Lloyd’s of London Ltd., Lockton Companies, Inc., Munich Re, The Chubb Corporation, and Zurich. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.