Press Release-Cyber Insurance Market to Reach Valuation of USD 28.445 Billion by 2028 - Increasing Demand for Cyber Insurance Market in Retail Sector to Drive the Market Growth

From the period 2022 to 2028, the Global Cyber Insurance Market is expected to reach USD 28.445 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 24.90%. Organizations are becoming increasingly exposed to cyber-attacks and data breaches as more electronic devices are used to store data. One of the most important elements impacting the need for Cyber Insurance Market is the need to recover costs, restore core operations, and stabilize the business. Cyber Insurance Market is becoming more popular among small and medium-sized organizations because it helps them protect themselves against network and sensitive data breaches (SMEs). Moreover, to restore consumer confidence and limit specific risks, different insurers are offering credit monitoring services and identity recovery protection. Aside from that, governments in a number of nations are enacting strict restrictions to protect users' privacy and security. This is expected to have an impact on the global demand for Cyber Insurance Market solutions.

Key Highlights from the Report

• Based on Industry Vertical, the market is divided into BFSI, IT & Telecom, Retail & E-commerce, Healthcare, Manufacturing, Government & Public Sector, and Others. During the forecast period, BFSI is expected to gain the most segment share. Rapid digitalization, increased customer confidential data, and adoption of mobile applications and internet banking are all expected to increase cyber security risk. Because of the vast amount of customer data, the financial sector is likely to be an appealing target for hackers. Similarly, the retail sector is expected to gain a significant market share during the forecast period.
• On the basis of Company size, the market is divided into Large Companies and Small & Medium-sized Companies. Large businesses are expected to dominate the market as the number of cyber-attacks and significant data breaches rises. Large corporations are heavily investing in risk management solutions to ensure the safety of their clients' and organizations' data. Small and medium-sized businesses are expected to grow rapidly during the forecast period. Small businesses are the new target for hackers, so they are eager to invest in cyber security insurance solutions. A number of major providers provide small and medium business insurance.
• Asia Pacific is the fastest regional segment. In terms of growth. The Asia Pacific is expected to grow rapidly during the forecast period, owing to the region's increased cyber risk when compared to North America and Europe. Governments in countries such as India, China, South Korea, Japan, and others are investing in insurance to make doing business easier with a less cyber security risk. Furthermore, as technology advances in this region, the risk of cyber-attack rises, causing the industry to expand at a rapid pace.

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Market Dynamics:

Increasing Cyber-attacks and Data Breaches

Cybercrime and data breaches are on the rise all around the world. Industries are sprouting up all over the globe. Because of the vast volume of stored consumer data, businesses such as BFSI, healthcare, and retail are being heavily targeted by hackers. Furthermore, as these businesses become more digitalized, such as mobile banking, online shopping, online payment, and electronic medical records, the danger of data breaches is projected to rise. As a result, the loss will be measured and secured. As a result, businesses across industries are steadily increasing their investments in data protection. To measure and secure the loss, data insurance is used. This insurance provides broad coverage to businesses and aids in mitigating the effects of a cyberattack.

Innovative Insurance Product

The major market players are providing tailored solutions for both small and large businesses. These companies are investing in new product launches in order to expand their customer base and global presence. Through partnerships and teamwork, the players are able to provide increased cyber coverage for personal and company safety. The dominant players are also significantly acquiring enterprises in order to gain new customers, expertise, and global recognition.

With a market share of 43.90% over the projection period, North America will have the highest share of the market. Rising cyber-attacks and the significant risk of data loss are projected to fuel demand for cyber security insurance in the region. Because of the country's robust government regulation and tight cyber security policies, the United States is projected to enjoy tremendous growth. Furthermore, the country's large presence of major Cyber Insurance Market firms is likely to promote its expansion. In the region, increased cyber-attacks and a high risk of data loss are projected to drive demand for cyber security insurance.

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