Global
Cyber
Liability
Insurance
Market
Is
Expected To Flourish At A CAGR Of 11.1% Over The
Forecast Period
“Cyber Liability Insurance Market: Global Demand Analysis &
Opportunity Outlook 2023”
Cyber liability insurance is introduced to cover business liability from data breach
and other cyber threats. Cyber insurance helps to protect the business in the
event of a data breach or other cyber threat. The business environment is
changing across the globe on account of rising number of startups and increasing
penetration of internet services. The advancement in web services and
improvement in software systems are shifting the business towards digitization.
Rapid adoption of web integrated services and introduction of business process
automation in large and small enterprises are consecutively increasing the risk of
cyber breach and threats. Small companies are providing web services to their
customers which have high risk of cyber threat due to absence of security
structures in the business. Cyber liability insurance ensures the security of
customer’s personal information as well as the confidential details of the
company. Small and medium enterprises are adopting these services to minimize
the risk of cyber threats.
Global Cyber Liability Insurance Market is expected to flourish at a CAGR of
11.1% over the forecast period. Moreover, the global cyber liability insurance
market was held at a valuation of USD 2.2 Billion in 2015. Increasing cyber-
attacks in retail, wholesale, healthcare, financial services and other industries are
believed to the dynamic factor behind the growth of cyber liability insurance
market during the forecast period.