According to P&S Intelligence, the cyber insurance industry may reach up to $70,672 million by the year 2030. Before moving deeply into the main points of the cyber insurance market allow us to have a brief look at cybersecurity.
HISTORY OF CYBERSECURITY
The historical backdrop of cybersecurity begins during the 1970s. Straight away words, as an example, ransomware, spyware, infections, worms, and rationale bombs didn’t exist. Because of the damaging rise of cybercrime, those terms are now appearing in new features on a daily basis. Cybersecurity is presently a requirement for every association. Cybercrime is extended to cost the world trillions of dollars in the coming years.
CYBER INSURANCE INDUSTRY BY THE YEAR 2030
In spite of the fact that insurance can never prevent cybercrime from occurring, it can shield the casualties from monetary misfortunes or loss of money due to malicious attacks, ransomware, and distributed denial of service (DDoS) assaults. It isn’t simply singular clients and organizations that have woken up to the issue of cybercrime, yet additionally, governments, which are presently executing exacting laws ordering individuals to have a powerful cyber insurance and cybersecurity plan set up.
Usually, cyber attackers or intruders commit cybercrime for the sake of money, finances and to steal the sensitive information of the multinational insurance companies. So, these insurance companies are the best fit for cyber insurance. With the advancement in technology, the financial information of the customers is digitized and available online, which has made it simpler for the attackers to steal it. For example, the Cosmos Co-usable Bank Ltd. of India lost $133.5 million (INR 94 crore) in a malware assault in August 2018. For practically comparable reasons, the medical care area will encounter the most elevated CAGR in the business during the figure time frame.
In the medical and health industry, the medical information about patients and their health records are digitized along with innovative medical devices. In this way, intruders steal the information and misuse it for illegal purposes. It becomes more critical and leads to massive deaths when cybercriminals get away to the main IT infrastructure of the hospital and disturb the whole medical operation. Moreover, attackers initially try to reach the electronic health record of the patient and once they reach electronic health record system of the patient, they are free to commit a crime.
Currently, North America is the region where you will find the most cyber insurance service providers. That is why it is well known for its cyber insurance market. Few cyber insurance service providers in North America are:
· Chubb Group Holdings Incorporation
· American International Group Incorporation
· Lockton Incorporated
Besides, the national government has severe strategies with respect to cyber insurance, which instigates clients to put it all on the line. During the conjecture time frame, Asia-Pacific (APAC) is anticipated to observe the quickest development on the lookout, similarly, as with the quick advancement in technology, the rate of cyberattacks is expanding in Western Asia.
As you know that the information and data on the internet and cloud is increasing day by day, so it is providing the front end for the cybercriminals and attackers to attack wherever they want. In addition, the rate of cyberattacks is increasing every year and people are bearing billions of loses. That is why it is important to have your cyber insurance subscription.
Cyber Insurance Industry report division
Division by Policy
· Malicious Applications
· Insecure Wi-Fi
· Lack of End to End Encryption
· Lost or stolen device
· Bring-Your-Own-Device (BYOD) Risks
· Malware
· Phishing
· Man in the Middle attack
· Denial of Service attack
· SQL Injection
Division by Product Type
· Integrated
· Standalone
Division by Enterprise
· Large scale enterprises
· SMEs (Small and Medium Enterprises)
Division by Service
· Insurance
· Claims
· Risk Consultation
CONCLUSION
P&S Intelligence is a supplier of statistical surveying and counselling administrations taking into account the market data needs of expanding ventures over the world. Giving the plinth of market knowledge, P&S as an ambitious examination and counselling organization, trusts in giving careful scene investigations on the ever-changing business sector situation, to engage organizations to settle on educated choices and base their business procedures with keenness.
