The COVID-19 crisis is having a positive effect on the demand for cyber insurance, as the pandemic has shifted countries’ focus to healthcare and economic stability, thus opening the doors for cyber-criminals to hack servers and steal vital information. Malware spams, phishing attacks, and ransomware attacks have increased since the outbreak, many of which have targeted the World Health Organization (WHO). Therefore, in order to protect themselves against intellectual property and financial damage by such attacks, companies of all sizes are opting for cyber insurance.
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With the growing awareness on insurance, surging number of cyber-attacks, and increasing government regulations, the profile of cyber risk management firms is becoming better. This factor is set to prove instrumental in driving the cyber insurance market at a 26.3% CAGR between 2020 and 2030, thereby leading to the increase in the industry size from $5,573.2 million in 2019 to $70,671.9 million by 2030. In 2019, standalone insurance, based on product type, was more popular, as this product allows companies to instantly compensate themselves as well as their customers for any financial loss arising out of a cyber-attack.
Standalone cyber insurance policies compensate the insured client or customer for the credit monitoring costs, IT forensic costs, data restoration costs, and public relations expenses, which might be incurred due to a data breach. Moreover, such policies also offer cover for the direct losses due to phishing, social engineering frauds, cyber frauds, spoofing, and phreaking, as well as companies’ legal liabilities to third parties. Large enterprises are the more-significant users of cyber insurance compared to small- and medium-sized enterprises (SMEs), as such companies are rapidly deploying the cloud, artificial intelligence (AI), internet of things (IoT), big data, and machine learning (ML) technologies in their operations.
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This is leading to the creation of huge volumes of data, which includes sensitive information, including customers’ personal details. This is why such companies are regularly targeted by cyber-criminals, with the intention of getting access to a vast amount of data at once. Owing to the high risk of cyber-attacks and their high spending power, large enterprises are quickly adopting cyber insurance. Owing to the existence of several major cyber insurance companies, including Chubb Group Holdings Inc., American International Group Inc., and Lockton Incorporated, North America is currently the largest contributor to the market.
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