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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
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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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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
14 Apr 2022
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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
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