NEW YORK, May 26, 2018 (GLOBE NEWSWIRE) — Over the past few years, cyber analysts have been tracking the rapid increase in criminalization of the internet. Individual cyber criminals are uniting into international criminal groups to strengthen the impact of their attacks and activities against sensitive and critical business data. The growing threat landscape has thus led to increase in awareness and interest in cyber insurance, globally and thereby driving the growth of the cyber insurance market.
Data protection and privacy is one of the key cyber risks faced by the emerging economies due to ample generation of online and offline data. With cyber security related legislations becoming tougher globally, more notifications of, and significant higher fine for data breaches are driving the growth in demand for cyber insurance across all sized enterprises. Legislations have already become much stronger and tougher in the U.S., Singapore, Hong Kong, and Australia, while European Union (EU) is also looking to agree to Pan-European data protection rules and regulations. Thus, mandatory legalizations regarding cyber security is driving the growth of the cyber insurance market all over the world.
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A major factor restraining the growth of the market is the continuous evolution of new technologies that undermine exposers’ predictability. As the underline exposers to cyber risk continuously shift with rapidly increasing data-oriented industries, insurers are facing difficulties in adapting to a particular type of threat. This factor makes risk management and policy formation an ongoing predicament. Moreover, with ongoing development of new technologies and digitization of various industries, globally, insurers are finding it difficult to frame a broader category of cyber risk and coverage plans. The factor is posing a challenge to the seamless growth of global cyber insurance market.
Competitors in the cyber insurance market are investing in new product launches to cater to the larger market and expand their offerings globally. For instance, in May 2017, Lockton launched its new office in Aberdeen, Scotland. The company is expanding its regional footprints to help the growing list of clients at north of the border. Further, the new office would complement Lockton’s global energy team based in London, which counts a number of Aberdeen-based companies amongst its clients.
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Some of the major players operating in the cyber insurance market industry are Chubb Limited, American International Group Inc., XL Group Ltd, Zurich Insurance Group AG, Allianz Global Corporate & Specialty SE, Munich Re Group and Berkshire Hathaway Inc.
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