Description :
Cyber insurance market is set to grow as an outcome of an increase in data breach incidences in past 2-3 years . These attacks escalate in intensity and frequency , and pose a threat to individuals , organizations , and countries . Cyber-attacks have adverse impact on businesses such as declining customer base , disruption of business , regulatory fines , legal penalties & attorney fees , loss of intellectual property , and reputational damage .
In the year 2014 , there was increased number of cybercrimes with similar repercussions . Business houses such as Home Depot , Sony Entertainment , and Target had experienced data breaches that required them to pay billions of USD to cover the cost of damage . Similarly , financial institutions such as JP Morgan Chase , were also affected more severely , and had to pay huge amount to cover losses . To cater to the same , the stakeholders within the cyber insurance industry use approaches to educate consumers about the losses incurred due to cyber-attacks and stratagems to cope with them . For instance , Cyber liability insurance , which is available since last ten years , tends to protect business data from such cyber-attacks .
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Cyber insurance industry provides insurance products to mitigate risks and associated cost incurred due to cyber-attacks . BFSI , healthcare , and retail sector are the most targeted sectors , witnessing increase in incidences of information and identity theft , scams , and frauds . However , in the recent years , other industries such as manufacturing , construction , sports & gaming , entertainment , and education have also come under threat from cyberattacks .
Cyber insurance market growth is aided by a numerous factors . The prime factors include increase in awareness regarding cyber risks and mandatory legislations regarding cyber security in major countries , such as U . S ., UK , South Korea , and Australia . In addition , rise in awareness regarding business interruption ( BI ) risks and related insurance products is also expected to drive the cyber insurance market . However , as this industry is complex and changes regularly , lack of standardized policies and evolving perils are projected to limit the market growth .
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Cyber insurance market has a huge potential ; however , it is largely an untapped market . Looking at spate of cyber-attacks , companies look forward to extend cyber liability to their supply chains as well , thus providing new opportunities for cyber liability insurance providers within the cyber insurance industry to innovate their insurance products .
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