Cyber Security Insurance Market is driven by growing concerns of increasing cyber threats and attacks
Key Takeaways
Key players operating in the Cyber Security Insurance market are Advacare Pharma, UEBE Medical, Abbott Laboratories, Quidel Corporation, HiLin Life Products Inc., Geratherm Medical AG, Fertility Focus Limited, Fairhaven Health LLC, Church & Dwight Co. Inc., and Prestige Brands Holdings Inc., among others.
The growing instances of sophisticated cyber-attacks targeting large enterprises have increased awareness about cyber risk management. As a result, the demand for cyber security insurance from small and medium enterprises is also growing at a brisk pace seeking financial protection from cyber breaches.
Growing digitization and increasing cross-border data flows have led to expansion of Global Cyber Security Insurance Market Size. Regional players are also entering the market to cater to the rising need for such policies. North America currently dominates the cyber security insurance space but Asia Pacific is expected to exhibit fastest growth over the coming years.
Market drivers
Increasing dependence on digital technologies and growing mobility of workforces have significantly expanded the threat surface for cyber criminals. Even a single vulnerability can be exploited by hackers to gain access to sensitive data. This is driving organizations to buy cyber security insurance policies to transfer the financial risk of cyber breaches and attacks to insurers. As cyber threats continue to evolve rapidly, the demand for such insurance options is expected to rise substantially over the forecast period.
The current geopolitical situation is significantly impacting the growth of the cyber security insurance market. With rising geopolitical tensions and conflicts globally, the threats of cyber attacks on critical infrastructure and businesses have increased manifold. Nation state actors are increasingly using cyber attacks and information warfare as strategic tools, leading to greater uncertainties. This has heightened concerns around data breaches, network failures and disruptions among organizations. There is a growing need to secure business operations and protect sensitive data from cyber threats which now have political undertones.
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