Cyber Insurance - Thematic Research

Cyber Insurance - Thematic Research

Summary

The continued digitization of everyday life has created an environment in which cyber threats are increasing in both number and severity. The continued development of cyber risks has created the need for an insurance product to protect both businesses and individuals.

However, the development of cyber insurance products is still in its infancy, with products typically being designed for large corporations rather than SMEs. As a result, the next five years will see the cyber insurance market experience considerable growth, with providers looking to cater for the wider market.

With cyber threats ranging significantly in complexity, the insurance industry will undoubtedly look towards partnerships in order to gain detailed knowledge of both the risks their policies must cover and the responses they must undertake should their customers fall victim to a cyberattack.

This report provides an in-depth analysis of the cyber insurance market. It looks at market size as well as claims, contextual and economic factors, regulation, and opportunities. It provides a thorough overview of the market along with analysis of how the development of cyber insurance will impact the insurance value chain.

Scope

- Large liability insurers stand to benefit the most from the growing demand for cyber insurance. Leveraging their knowledge of liability products and reputation in the market will allow them to become leading players.
- Cyber security providers will experience a considerable increase in demand for their expert knowledge, not only to assist businesses post-claim but also in the assessment of a company’s exposure to cyber risks due to the lack of available historical data.

Reasons to buy

- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Be prepared for how regulation will impact the cyber insurance market over the next few years.