Cyber liability insurance is introduced to cover business liability from data breach and other cyber threats. Cyber insurance helps to protect the business in the event of a data breach or other cyber threat. The business environment is changing across the globe on account of rising number of startups and increasing penetration of internet services. The advancement in web services and improvement in software systems are shifting the business towards digitization. Rapid adoption of web integrated services and introduction of business process automation in large and small enterprises are consecutively increasing the risk of cyber breach and threats. Small companies are providing web services to their customers which have high risk of cyber threat due to absence of security structures in the business. Cyber liability insurance ensures the security of customer’s personal information as well as the confidential details of the company. Small and medium enterprises are adopting these services to minimize the risk of cyber threats.
On the other hand, huge funding from government authorities to upgrade the public agencies has led these agencies towards the adoption of cyber liability insurance. The cyber liability insurance providers enable the services to reduce the presence of business interruption on web based business. Moreover, growing IT sector across the globe and continuous advancements in web-based services and internet security are some of the factors which are bolstering the growth of cyber liability insurance market.
Market size and forecast
The global cyber liability insurance market marked revenue of USD 2.2 Billion in 2015 and the market is expected to reach USD 4.6 Billion by 2023. Further, the market is projected to register a CAGR of 11.12% during the forecast period 2016-2023 globally.
Geographically, the maximum number of cyber-attacks has been seen in North-America in 2014. Total number of 7,501 cyber-attacks has been registered in the U.S. only while 245 cyber-attacks including digital and data breach has been registered in Canada in 2014. Increasing number of cyber-attacks in North-America region and growing awareness towards cyber liability insurance are some of the major factors which are expected to foster the market growth of this region. North-America accounted the largest market share in cyber liability insurance market across the globe in 2015 and is expected to maintain its dominance over the forecast period i.e. 2016-2023.
On the other hand, Europe is expected to be the second largest region present with highest number of cyber-attacks. Rising business activities and adoption of web based services across the Europe region is also increasing the risk of privacy violations and theft of personal information. In order to minimize the cyber-attacks and to prevent the confidential and personal information, enterprises are shifting towards cyber liability insurance services.
By Regions
North America (U.S., Canada) Market Size and Y-O-Y Growth Analysis
Latin America (Mexico, Brazil, Rest of Latin America) Market Size and Y-O-Y Growth Analysis
Western and Eastern Europe (Germany, Italy, Spain, France, U.K, Benelux, Hungary, Rest Of Western Europe, Russia Poland, Rest of Eastern Europe) Market Size and Y-O-Y Growth Analysis
Asia-Pacific (China, India, Singapore, Japan, Australia, New Zealand, South Korea and Rest of Asia) Market Size and Y-O-Y Growth Analysis
Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis
Rest of World Market Size and Y-O-Y Growth Analysis
Growth Drivers and challenges
Increasing number of retail and finance services due to ease of doing business policies in various regions across the globe is increasing the risk of cyber breaches and cyber threats. Rising small enterprises with lack of security protection of web services is increasing the number of cases related to cyber breach. Further, due to increasing cyber breach and growing awareness towards the cyber liability insurance are some of the major factors which are driving this industry across the globe.
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