Cyber insurance in the healthcare sector is growing significantly due to the rapid increase in cyberattacks associated with the digitization of medical records.
Hyderabad, Telangana, India, 10 November 2022 /EIN Presswire.com/ — global Cyber insurance market It is estimated to exceed $22.4 billion by 2026, growing at an estimated CAGR of over 25.6% during the forecast period from 2021 to 2026. rapidly. Cyberattacks can cause severe financial and other losses to organizations and individuals. Cyber Insurance Policy/Cyber Liability Insurance/Cyber Risk Insurance recognizes an organization’s liability for all types of sensitive data breaches, cyber extortion, and network disruptions. The market will be driven by increasing awareness of cyber risks and cyber attacks in many organizations.
1. Standalone is growing at the highest CAGR of 31.1% over the forecast period 2021-2026. These cyber insurance policies reimburse the insured or customer for credit monitoring costs, IT forensic costs, data recovery costs, and public relations costs that may result from a data breach.
2. Larger companies are deploying cloud, artificial intelligence (AI), Internet of Things (IoT), big data, and machine learning (ML) technologies in their operations, resulting in more cyber insurance compared to SMEs. Important users.
3. With the digitization of health records and the spread of the internet, cyber attacks are increasing rapidly, so cyber insurance in the healthcare sector is growing significantly.
Cyber Insurance Market Segment Analysis – By Insurance Type: Standalone is growing at the highest CAGR of 31.1% over the forecast period 2021-2026. These policies help companies eliminate the risk of silent exposure and make markets more resilient. Many cyber insurers are seeing policy buyers move from endorsements to independent insurance. This is because it helps eliminate the risk of silent exposure and increases market resilience. This type of policy typically provides liability coverage for losses related to data breaches. In addition, companies filing cyber incident-related claims under a single policy may receive monetary compensation for legal and investigative costs, as well as the cost of any losses incurred. In addition, several advantages such as the availability of dedicated limits for cyberattacks, the demand for expanded business interruption coverage, expanded coverage in other areas through authorization policies, and expanded financial limits in the event of a data breach Some of the main reasons. Moving from advocacy to independent policy. A further stand-alone cyber insurance policy will reimburse the insured or customer for credit monitoring costs, IT forensic costs, data recovery costs and public relations costs that may be incurred due to a data breach.
Cyber Insurance Market Segment Analysis – By End-Use Industry: Initially, cyber insurance market demand was seen in Media, Telecom, Technology, and Professional Services. But now we are seeing growth in all major industries. Healthcare, education, and gaming organizations were the leading cyber insurance buyers in 2018. According to IndustryARC’s report, the healthcare industry is a major buyer of cyber risk insurance. Therefore, the demand for cyber insurance in the healthcare segment is projected to grow at a CAGR of 32.5% during the aforementioned forecast period. The telecom sector is prone to cyberattacks and is considered a major end-user of the cybersecurity market. In 2019, approximately 43% of telecom organizations were hit by DNS-based malware. As such, telecom organizations are adopting advanced cyber insurance solutions. Besides the telecommunications sector, the aerospace industry is considered to be another important end-user of the cyber insurance market.
Cyber Insurance Market Segment Analysis – By Region: North America will dominate the cyber insurance market during the forecast period. Cyber coverage has emerged with the enactment of mandatory cybersecurity laws in many US states. The US cyber insurance industry is maturing. Asia-Pacific is expected to show significant growth during the forecast period due to increasing ransomware attacks. Australia is also expected to show similar growth due to the increased use of cloud computing technologies and the use of mobile his devices, which are in increasing demand for data protection.
The top 5 players in Cyber Insurance industry are:
1. Berkshire Hathaway
2. Zurich Insurance Group AG
3. Rockton Companies
4. Munich Re Group
5. Allianz Group
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