The Cyber Insurance Market is estimated to surpass $22.4 Billion by 2026 growing at an estimated CAGR of more than 25.6% during the forecast period 2021 to 2026. Rising need for high security in case of online transactions, social media, and applications are increasing the security needs of the companies at a rapid rate. Cyber-attacks can cause severe financial and other losses to an organization or an individual. Cyber insurance policy/cyber liability insurance/cyber risk insurance allows an organization’s liability for any kind of sensitive data breach, cyber extortion, and network interruption. The market will be driven by the growing awareness against cyber risks and cyberattacks in many organisations.
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Key Takeaways
•Stand alone is growing at the highest CAGR of 31.1% in the forecast period 2021-2026. These cyber insurance policies compensate the insured client or customer for the credit monitoring costs, IT forensic costs, data restoration costs, and public relations expenses, which might be incurred due to a data breach.
•Large enterprises are the more-significant users of cyber insurance compared to SMEs as they deploy cloud, artificial intelligence (AI), internet of things (IoT), big data, and machine learning (ML) technologies in their operations.
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Insurance
Stand alone is growing at the highest CAGR of 31.1% in the forecast period 2021-2026. These policies help companies in eliminating the risk of silent exposures and make the market more resilient. Many cyber insurance companies are seeing a shift of policy buyers from endorsement to standalone policies as they help eliminate the risk of silent exposures and makes the market more resilient. This type of policies typically offers liability coverage for losses related to data breaches.
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Cyber Insurance Market Segment Analysis - By
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