Published on : Jul 10, 2017
Albany, New York, July 10, 2017: The report provides an overview of the expansion and evolution of the cyberinsurance sector over the years. The repot analyzes the developments in the cyberinsurance market over the years on industry as well as regional levels. A detailed overview of the risks pertaining to cyberinsurance is also included in the report.
It is needless to say that factors such as the rapid globalization of value chains, financial integration with digital assets, massive urbanization, and the ubiquity of internet have accelerated the pace of global economic growth over the past few decades. These developments, however, have also significantly increased the vulnerability of critical consumer data to external threats in the form of cybercrime. With the rapidly rising pace of digitization and the consecutive rise in digital data, the sector of cyberinsurance has started gaining increased attention from enterprises and individuals concerned about their digital assets.
Rising sophistication and numbers of cybercrimes has positioned the sector of cyberinsurance as an effective and important tool for mitigation of risk to digital assets. Although cyberinsurance does not replace the need for establishing cybersecurity measures, the former has been observing increased prominence owing to its ability to making cybersecurity standards more effective by mitigating cyber risk.
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The report states that insurance premiums for cyber-risks are significantly high. According to a 2015 study by Marsh and the UK Government, cyber-risk insurance premiums are nearly three times more than the policy premiums for general liability policies and are nearly six times higher than property insurance premiums.
A number of regulatory reforms related to the field of cyberinsurance are being established across the globe. The report states that following a proposal by the European Commission in 2012, the final version of the General Data Protection Regulation (GDPR) has been adopted and will be put in action by May 25, 2018.
The report states according to broker Marsh & McLennan that Europe has the globe’s second-largest cyberinsurance market, accounting for over US$150 mn in terms of premiums. The company Allianz estimates that the Europe market for cyberinsurance could reach a valuation of US$1 bn by 2018, chiefly owing to the overall awareness about cyberinsurance as an effective cyber-risk mitigation strategy and rising regulations.
The report provides a detailed overview of the global cyberinsurance market and presents an analytical overview of the overall dynamics of the market with the help of assessment of key growth opportunities, challenges, and trends. The report also presents an industry-level assessment of the risks of cyberattacks.
Detailed insights have been provided into the ongoing development of the global cyberinsurance sector. An overview of development of the global regulatory landscape pertaining to the sector, analysis of underwriting issues, and analysis of key policies is also included in the report.
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