Cyber Insurance Market: Singapore Will Have Highest Growth In Asia Pacific Region

Cybercrime is a great threat to the businesses today and companies face vulnerabilities due to exposure. They need a cyber risk insurance as a result of the cyber attacks. The Cyber Insurance Market is responsible for managing various degree of risks like data breaches. Increase in cyber risk awareness will boost the market.

The coverage provided by the cyber attack insurance can include first party coverage against losses like data destruction, extortion, hacking, theft, etc. The Cyber Insurance Market tends to protect business data from the cyber attacks. BFSI, Healthcare, and retail sector are targeted by these attacks. Gaming, entertainment, education, etc have also been fallen prey to these attacks.

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Scope & Regional Forecast of the Cyber Insurance Market

Increasing awareness about cyber risks from data centers is the main factor that drives the Cyber Insurance Market. But complex nature of the cyber risks will restrict the growth of cyber crime insurance coverage.

Today companies of every size demand cyber risk insurance policy in the Cyber Insurance Market. However, larger corporations have higher uptakes of cyber insurance. Financial institutions and information technology were also known to use the cyber risk management.

North America dominates the Cyber Insurance Market followed by Europe. Asia Pacific is likely to show significant growth of cyber security and insurance during the forecast period. Singapore will have the highest growth in Asia Pacific region due to the rise in cyber threats.

Australia will also witness a growth in cyber insurance risk assessment due to the use of cloud computing technology and increasing use of mobile devices.

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Segmentations & Key Players Involved in the Cyber Insurance Market

The Cyber Insurance Market can be broken down into various segmentations on the basis of –

  • Application- Healthcare, Retail, Financial Services (BFSI), Information Technology and Services, and Others (Utilities, Energy, Manufacturing, Construction, and Transportation).

Some of the key players involved in the Cyber Insurance Market are as follows:

  • Zurich Insurance Co. Ltd

  • XL Group Ltd.

  • Berkshire Hathaway

  • Munich Re Group

  • Lockton Companies, Inc.

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