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Insight Report: The Future Of Cyber Risk Insurance

abstract 3d illustration of laptop protected by chain and padlock

abstract 3d illustration of laptop protected by chain and padlock

The report analyzes the growth potential of the insurance market, as organizations are realizing the importance of protecting their from damage caused by cyber attacks.

The increasing frequency of security breaches, in conjunction with structures that are ever more reliant on technology, has augmented demand for cyber insurance. The cyber insurance market is rapidly emerging as a separate class of insurance, due to rising demand for cover for specific cyber risks, which are not covered under traditional insurance policies such as commercial general liability (CGL) and professional indemnity policies.

Insurers should start building capabilities to offer cyber-insurance products and gain early-mover advantage, as the cyber insurance market is still in its early stages of development. French insurer Axa is recruiting computer experts and engineers to build a centralized cyber team as a strategy to differentiate itself in the cyber insurance market.

The report also discusses in detail the risks and challenges faced by the insurance industry in the development of insurance. The cyber risk insurance industry is in its initial stages of development, but its rapid growth presents challenges for insurers with respect to the insurability of cyber incidents and the use of relevant pricing models. A lack of standardization among cyber risk insurance products, and uncertainty around policy wording are creating ambiguity for buyers.

Key Topics Covered:

  • Insights into key trends regarding market size, growth opportunities, premium pricing and claims payout
  • Analysis of insurability of cyber risks faced by businesses and organizations, due to the dynamic nature of cyber risks.
  • Assessment of insurance as a tool in mitigating cyber risk. It also analyzes the role of insurance as a strategic tool in organizations’ cyber risk management.
  • Analysis of market opportunities and challenges faced by in marketing and selling cyber risk insurance products.
  • Detailed analysis of cyber risks faced by , and the impact and costs of data breaches.

Benefits of this Report:

  • Develop an insight into the cost and components of data breaches. Analyze the reasons for increasing cyber security incidents.
  • Understand the current developments in cyber insurance in terms of product offerings and cover provided by insurers.
  • Gain an understanding of the different factors considered while charging for cyber risk insurance.
  • Build insights into risks and challenges in the development of cyber risk insurance.
  • Understand how an evolving regulatory landscape in relation to data protection and privacy laws can impact the cyber risk insurance market.

Companies Mentioned:

  • Marsh
  • Aon
  • Wells Fargo
  • Lockton
  • Willis
  • United Health
  • Kaiser Foundation
  • Wellpoint
  • Aetna
  • Humana
  • National Financial Partners
  • Brown & Brown
  • Arthur J. Gallagher

Report Structure:

1 Executive Summary

2 Global Trends in the Cyber Insurance Market

3 Cyber Risk and its Impact on Businesses

4 Role of Insurance in Mitigating Cyber Risk

5 Laws and Regulations Impacting Cyber Insurance

6 Risk and Challenges in Cyber Insurance Market

7 The Way Forward for Cyber Insurance

8 Appendix

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Source: businesswire

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