08 August 2017
Visiongain has launched a new pharma report Cyber Insurance Market Report : Forecasts, Segmentation and Analysis By Company Size (Small, Medium and Large), By Industry Vertical (BFSI, Healthcare, Retail, IT Services & Others) & By Region Plus Analysis of Leading Companies
Presently, the cyber insurance market is at a naïve stage, and so its services and products are still being defined. Basically, a cyber-insurance plan is an insurance plan that is used for protecting businesses from risks related to internet and networking activities. First party and third party losses are the two major categories of losses covered in this insurance policy. First party losses can be referred to the direct losses incurred due to the malicious activities in the firm. Whereas, the third party losses are referred to the cost suffered by the company, related to the third party (partners or customers). Further, as the application of technology continues to become prevalent, the demand for cyber insurance and the number of insurance providers is also expected to increase. Just like general insurance, procurement procedure of cyber insurance involves three main stages: employing a policy by an underwriter, submitting claims and renewing the policy.
The lead Visiongain report analyst for this report commented; “The cyber insurance is a rapidly growing sector in the commercial market, and is quickly becoming critical to the financial well-being of the organizations. Although, cyber insurance existed since the last 90’s, it is now that they have started gaining significant momentum from the small and medium enterprises. Whereas, earlier only large and high-end companies were purchasing these services. However, escalating incidents of data breaches is the ultimate reason that the cyber insurance has gained so much of popularity in past few years..”
The Cyber Insurance market is highly competitive with many different players entering the market. The report discusses selected leading companies in the market. Notable companies in the global Cyber Insurance market include American International Group, Inc., The Chubb Corporation, Zurich Insurance Co. Ltd., XL Group Ltd., Berkshire Hathaway Inc., Allianz Group, Munich Re, Lloyd’s of London, Lockton Companies, Aon Plc.
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