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Cybersecurity in Insurance - Thematic Research

Publisher GlobalData
Published Jun 28, 2022
Length 75 Pages
SKU # GBDT17363744

Description

Cybersecurity in Insurance - Thematic Research

Summary

This report provides in-depth analysis of trends in the cybersecurity market that will shape the insurance industry over the coming years.

The rise in complex ransomware attacks, ongoing supply chain threats, and the Russia/Ukraine conflict have all accelerated the need for robust cybersecurity defenses across sectors. Meanwhile, the COVID-19 pandemic accelerated the need for cyber insurance, but insurers are yet to translate this into improved penetration rates. With the cost of cyber insurance rising to reflect increased cyber risk, policy uptake fell between 2019 and 2021 as many SMEs sought to cut costs.

Scope

Cybersecurity revenues in the insurance sector will grow from $6.4 billion in 2020 to $10.6 billion in 2025 according to GlobalData forecasts.
COVID-19 led to more customers accessing their accounts digitally and insurers selling through digital channels, increasing the sector’s cyber risk. In 2021, leading financial institutions AXA, Tokio Marine, CNA Financial, and Banco Pichincha were hit by cyberattacks.
AXA’s decision to stop writing cyber policies that reimbursed ransom attacks may encourage other insurers to follow suit and rethink their risk exposure, forcing businesses to strengthen their cybersecurity frameworks in case of a ransom attack.

Reasons to Buy
  • Position yourself for success by understanding the ways in which cybersecurity - one of the biggest themes of the decade - should be deployed within the insurance sector to mitigate the challenges of rapid digitalization.
  • Source the leading and specialist vendors of cybersecurity technologies for the insurance sector. Discover what each vendor offers and who some of their existing clients are.
  • Quickly identify attractive investment targets in the insurance industry by understanding which companies are most likely to be winners in the future based on our thematic scorecard.
  • Gain a competitive advantage in the insurance industry by understanding the value of cybersecurity solutions for each segment of the insurance value chain.

Table of Contents

75 Pages
  • Executive Summary
    • Key players in the cybersecurity value chain
    • Cybersecurity hardware
    • Cybersecurity software
    • Cybersecurity services
    • Insurers have been targets of cyberattacks
    • Insurers provide increasingly risky cyber insurance
    • All businesses recognize the need for cybersecurity
    • Figure 18: Thematic impact assessment
    • How does the Russia-Ukraine war accelerate the need for increased cybersecurity?
    • How does COVID-19 accelerate the need for increased cybersecurity?
    • How does the digitalization among younger generations accelerate the need for increased cybersecurity?
    • How does ESG accelerate the need for increased cybersecurity?
    • How does insurtech accelerate the need for increased cybersecurity?
    • LCT Africa's biometric device streamlines health insurance claims and prevents fraud
    • Aflac used Infoblox to secure its migration to the cloud
    • Prudential used Darktrace's AI-based system to improve risk detection
    • Old Mutual used Check Point Software to improve visibility around network security
    • Munich Re's HSB launched cyber insurance cover for the farming sector
    • Cowbell Cyber launched a marketplace to connect SMEs with cybersecurity services
    • Hiscox launched a cyber training interface to mitigate cyber risk
    • Market size and growth forecasts
    • Mergers and acquisitions
    • Patent trends
    • Company filings trends
    • Hiring trends
    • Social media trends
    • Cybersecurity timeline
    • Leading cybersecurity adopters in insurance
    • Leading cybersecurity vendors
    • Specialist cybersecurity vendors in insurance
    • Life insurance sector scorecard
    • Non-life insurance sector scorecard
    • Glossary
    • GlobalData reports
    • Figure 36: Our five-step approach for generating a sector scorecard
  • About GlobalData
  • Contact Us

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