Global Cyber Security Insurance Market - Segmented by Size of Organization (Small Medium Enterprises (SMEs), Large Enterprises), by End-user Industry (Healthcare, Retail, BFSI), and Region - Growth, Trends, and Forecast (2018 - 2023) March 2018 - XL Catlin and RedSeal announced a dynamic approach to cyber insurance, which uses an objective measurement of a network’s resilience to help underwriters more thoroughly evaluate their clients’ risks over time, helps clients continue to improve their cyber security and potentially improve their insurance terms December 2017 - American International Group, Inc. announced a new cyber benchmarking model that quantifies and scores client cyber risk. The AIG model evaluates a client’s cyber security maturity against 10 common attack patterns across 11 commonly used technology devices
The cyber security insurance market is expected to reach USD 17.55 billion in 2023 from USD 4.52 billion in 2017, registering a CAGR of 25.4%, during the forecast period (2018 - 2023). The scope of the report is limited to the size of organization and its usage in various industry verticals. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, and Rest of the World.
Rise in cyber data breaches and increasing adoption of cloud-based services are a few factors driving the growth of cyber security insurance market, whereas, high costs is inhibiting its growth.
Rise in Cyber Data Breaches
In 2017, ransom-ware attacks such as NotPetya and WannaCry shook the entire world. The cyber data breaches are immensely impacting the consumers’ confidence, for instance, most of the cloud-based companies saw close to 46% dip in profit after a major data breach incident took place. Moreover, the global average cost of a data breach in 2017 was USD 3.6 million.
Equifax, one of the three largest credit agencies in the U.S., in 2017 suffered a breach that affected 143 million consumers. JPMorgan too witnessed one of the biggest bank breaches in history as hackers got access to the financial information of 3500 customers. Union bank of India was hacked in 2017 and USD 171 million was debited without bank’s authorization. All these incidents have led companies to buy cyber security insurances.
Asia-Pacific to Project the Fastest Growth
Asia-Pacific is a very lucrative market for cyber security insurance companies. The companies in this region are prone to cyber-attacks owing to poor protection against cyber-attacks. Though cyber security insurance market is at nascent stage in this region but it is growing rapidly. In India, the demand for cyber security insurance rose by more than 50% in 2017 as compared to that with 2016. Around 250 companies, including banks, bought cyber security insurance in 2017. As of now, the cyber security insurance premium is INR 200 crore, which is expected to increase to INR 400 crore in years to come. Moreover, there is huge demand of this market from telecom service providers as well.
Key Developments in The Market
Major Players - XL GROUP LTD, AMERICAN INTERNATIONAL GROUP, INC., ZURICH INSURANCE Co. LTD, AON PLC, ALLIANZ GLOBAL CORPORATE & SPECIALTY, MUNICH RE GROUP, AND LOCKTON COMPANIES, INC., amongst others.
Reasons To Purchase This Report To know, how various factors are driving the market with respect to the global market scenario To analyze various market perspectives, with the help of Porter’s five forces analysis To know, which of the regions is expected to witness the fastest growth rate during the forecast period To identify the latest developments, market shares, and strategies that are employed by the major market players 3-month analyst support, along with the Market Estimate sheet (in excel)
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- 1. Introduction
- 1.1 Key Deliverables of the Study
- 1.2 Study Assumptions
- 1.3 Market Definition
- 1.4 Key Findings of the Study
- 2. Research Approach and Methodology
- 3. Executive Summary
- 4. Market Dynamics
- 4.1 Market Overview
- 4.2 Factors Driving the Market
- 4.2.1 Costs Involved for Procurement and Maintenance of the CVD Equipment
- 4.2.2 Increasing Demand in End-user Industries
- 4.3 Factors Restraining the Market
- 4.3.1 Need for Highly Knowledgeble Personnel in Manufacturing and Surface Finishing
- 4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products or Services
- 4.4.5 Competitive Rivalry among Existing Competitors
- 5. CVD Services Market Segmentation
- 5.1 By Technology
- 5.1.1 Low Pressure CVD
- 5.1.2 Atmospheric Pressure CVD
- 5.1.3 Plasma Enhanced CVD
- 5.1.4 Metal Organic CVD
- 5.1.5 Others
- 5.2 By Application
- 5.2.1 Coating
- 5.2.2 Electronics
- 5.2.3 Catalysis
- 5.3 By Region
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 Latin America
- 5.3.5 Middle East & Africa
- 6. Competitive Intelligence - Company Profiles
- 6.1 Veeco Instruments Inc.
- 6.2 IHI Ionbond AG
- 6.3 Richter Precision, Inc.
- 6.4 ENDURA Coatings
- *List not exhaustive
- 7. Investment Analysis
- 8. Outlook of Global CVD Services Market