CYBER SECURITY INSURANCE MARKET ANALYSIS

Cyber Security Insurance Market, By Insurance Type (Standalone and Tailored), By Coverage Type (First-party and Liability Coverage), By Enterprise Size (SMEs and Large Enterprise), By End user (Healthcare, Retail, BFSI, IT & Telecom, Manufacturing, and Others), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)

Published In : Apr 2024
Code : CMI5068
Pages :175
Formats :
Excel and PDF
Industry : Information and Communication Technology

Market Challenges: Challenges in Cyber Risk Assessment and Insurance Underwriting

Many organizations still do not understand the full scope of cyber risks and are not adequately assessing their exposure. Additionally, the threat landscape is constantly evolving as cybercriminals employ more sophisticated tactics. It can also be difficult to accurately model and price policies given the complexity of factors involved. Legacy systems used by insurers may not be robust enough to handle today's risks. Regulatory frameworks are struggling to keep pace with new laws and standards needing to be addressed. All of these elements make underwriting policies and ensuring proper coverage a major challenge.

Market Opportunities: Rising Demand for Cyber Risk Insurance and Opportunities for Innovative Insurers

As the issues of cyber risk become more mainstream, demand for insurance will likely increase significantly. Innovative insurers that develop specialized expertise in emerging threats and develop superior analytical tools will be in the best position to service this growth.