Market Segmentation
By Enterprise Size
• Large Enterprise
• Small and Medium Enterprise (SME)
By Service
• Insurance
• Claim Service
• Risk Consulting
By Industry
• Banking Financial Services and Insurance (BFSI)
• Healthcare
• Retail & Manufacturing
• IT Services
• Others (Include: Transportation & Logistics, Government, Energy & utilities)
Global cyber insurance market size forecasted to reach $16,970 million by 2023, it will grow over 20% CAGR during 2017-2023, P&S Intelligence
Loss of brand reputation from cyber-attacks has been cited as a primary reason by most of the industry leaders for the mainstream adoption of cyber insurance programs in their operations. Since the persistent threat of cyber-crime continues to rise globally, the trend of intrusion of unauthorized access entities into critical data and illegitimate access to private and confidential business information also rises. This has led to huge loss of enterprise value, which is expected to continue over a period of time. Thus, with this loss getting huge day by day, the adoption of cyber insurance is predicted to escalate in the years to come.
