Global First Party Coverage Cyber Insurance Market – Industry Trends and Forecast to 2028

Market Analysis and Insights : Global First Party Coverage Cyber Insurance Market

First party coverage cyber insurance market is expected to reach USD 34,093.95 million by 2028 witnessing market growth at a rate of 20.10% in the forecast period of 2021 to 2028. Data Bridge Market Research report on first party coverage cyber insurance market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth.

Cyber Insurance is also referred to as cyber risk insurance, and is intended to help the company mitigate risk exposure by neutralising the costs of recovery from a violation of cybersecurity. Data infringement is the most common danger that is insured. Cyber insurance provides compensation for data breach-related litigation, such as technical failures and omissions.

Increase in the frequency and sophistication of cyber threats such as information leakage, identity theft, and ransomware, monetary losses, high rate of recovery of financial losses, surge in mandatory cybersecurity regulations and legislations to boost demand for insurance protection, surging levels of investment in cyber security services by various organizations, offsetting the cyber risk are some of the major as well as vital factors which will likely to augment the growth of the first party coverage cyber insurance market in the projected timeframe of 2021-2028. On the other hand, exclusion of cyber insurance cover from property and casualty (P&C) insurance along with increasing adoption of artificial intelligence and blockchain technology for risk analytics which will further contribute by generating massive opportunities that will lead to the growth of the first party coverage cyber insurance market in the above mentioned projected timeframe.

Increasing concern regarding data privacy, high cost of cyber insurance along with lack of awareness related to cyber insurance and reluctance in choosing cyber insurance over cybersecurity solutions which will likely to act as market restraints factor for the growth of the first party coverage cyber insurance in the above mentioned projected timeframe. Lack of understanding, technical knowledge, and absence of historical cyber data for effective underwriting along with lack of cyber security experts which will become the biggest and foremost challenge for the growth of the market.

This first party coverage cyber insurance market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on first party coverage cyber insurance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Global First Party Coverage Cyber Insurance Market Scope and Market Size

First party coverage cyber insurance market is segmented on the basis of component, insurance coverage, insurance type, organization size, coverage type and end user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

• First party coverage cyber insurance market on the basis of component has been segmented as solutions, and services. Solutions have been further segmented into cyber insurance analytics platforms, disaster recovery and business continuity, and cybersecurity solutions. Cybersecurity solutions have been further sub segmented into cyber risk and vulnerability assessment, and cybersecurity resilience. Services have been further segmented into risk mitigating solutions, and incident response services. Risk mitigating solutions have been further sub segmented into advisory services, security software, hardware solutions, and training of personnels. Incident response services have been further sub segmented into crisis management, forensic, customer notification, credit and ID monitoring, and legal.
• Based on insurance coverage, the first party coverage cyber insurance market has been segmented into data breach, and cyber liability. Data breach has been further segmented into data loss, denial of service and downtime, ransomware attacks, and other providers. Cyber liability has been further segmented into type, and source/target. Type segment has been further sub segmented into data protection and privacy costs, non-compliance penalty, brand and related intellectual property protection, and other cyber liability type. Source/target segment has been further sub segmented into internal, and external.
• On the basis of insurance type, the first party coverage cyber insurance market has been segmented into packaged, and standalone.
• On the basis of organization size, the first party coverage cyber insurance market has been segmented into large enterprises, small and medium-sized enterprises.
• First party coverage cyber insurance has also been segmented on the basis of end user into technology providers, and insurance providers. Technology providers have been further segmented into insurance companies; third-party administrators, brokers, and consultancies; and government agencies. Insurance providers have been further segmented into financial services; IT and ITES; healthcare and life sciences; retail and e-commerce; telecom; travel, tourism, and hospitality; and other insurance providers. Healthcare and life sciences have been further sub segmented into medical, and dental. Retail and e-commerce has been further sub segmented into online retailers, malls, and supermarkets.
• Based on coverage type, the first party coverage cyber insurance market has been segmented into theft and fraud, computer program and electronic restoration, extortion, forensic investigation, and business interruption.

First Party Coverage Cyber Insurance Market Country Level Analysis

First party coverage cyber insurance market is analysed and market size, volume information is provided by country, component, insurance coverage, insurance type, organization size, coverage type and end user as referenced above.

The countries covered in the first party coverage cyber insurance market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

North America will dominate the first party coverage cyber insurance market due to the growing awareness of cyber insurance among small and medium enterprises along with increasing prevalence of various market players in the region while Asia-Pacific region will expect to grow in the forecast period of 2021-2028 due to the increasing development of security infrastructure along with adoption of machine learning (ML), internet of things (IoT), big data analytics, and artificial intelligence (AI).

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and First Party Coverage Cyber Insurance Market Share Analysis

First party coverage cyber insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to first party coverage cyber insurance market.  

The major players covered in the first party coverage cyber insurance market report are BitSight Technologies.; TAG CYBER AND REDSEAL; SecurityScorecard; Cyber Indemnity Solutions Ltd; Cisco; UpGuard, Inc.; Microsoft; Check Point Software Technologies Ltd.; AttackIQ.; SentinelOne; Symantec Corporation.; Accenture.; Kenna Security.; FireEye, Inc.; CyberArk Software Ltd.; Foundershield LLC; Chubb; AXA XL; American International Group, Inc.; The Travelers Indemnity Company.; among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

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