Top Key Companies in Cybersecurity Insurance Market:
The major vendors covered in the cybersecurity insurance market include BitSight (US), Prevalent (US), RedSeal (US), SecurityScorecard (US), Cyber Indemnity Solutions (Australia), Cisco (US), UpGuard (US), Microsoft (US), Check Point (US), AttackIQ (US), SentinelOne (US), Broadcom (US), Accenture (Ireland), Cylance (US), Trellix (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). The insurance vendors covered in the cybersecurity insurance market are Allianz (Germany), AIG (US), Aon (UK), Arthur J. Gallagher & Co (US), Travelers Insurance (US), AXA XL (US), AXIS Capital (Bermuda), Beazley (UK), Chubb (Switzerland), CNA Financial (US), Fairfax Financial (Canada), Liberty Mutual (US), Lloyd’s of London (UK), Lockton (US), Munich Re Group (Germany), and Sompo International (Bermuda). The startup vendors covered in the cybersecurity insurance market are At-Bay (US), Cybernance (US), Coalition (US), Resilience (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), Ivanti (US), SafeBreach (US), and Cronus Cyber Technologies (Israel).
Recent Developments:
In May 2022, Microsoft developed Defender to support security systems of SMEs and reduce cyber risk. The solution provides end-point security, which includes Endpoint Detection and Response (EDR).
In April 2022, AttackIQ entered into partnership with Vectra, an AI based threat detection and response platform. This integration enabled customers to use AttackIQ’s PCAP and Vectra AI Platform to check efficacy.
In November 2021, BitSight and Marsh McLennan collaborated to improve cybersecurity performance and efficiency of the organization and help to reduce cyber risk. The Cyber Risk Analytics Center offered by Marsh McLenna leverage the capabilities of BitSight rating, data which help client to monitor their cyber security system performance.
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Cybersecurity Insurance Market Advantages:
Data breaches, ransomware attacks, and company email intrusion are all examples of cybersecurity mishaps that can result in major financial losses. Cybersecurity insurance covers these damages, including data recovery costs, legal fees, regulatory fines, and consumer notification costs. It assists organisations in reducing the financial impact of cyber events.
Businesses can shift some of the possible risks and liabilities connected with cyber threats to the insurance provider by purchasing cybersecurity insurance. This enables organisations to concentrate on their core business rather than continuously worrying about the financial consequences of a cyber assault.
Access to incident response services is included in many cybersecurity insurance policies. These services often entail a team of professionals that may assist the covered organisation in properly dealing with the consequences of a cyber catastrophe. They can help with breach investigations, containment, data recovery, and cleanup, allowing for a more timely and coordinated response.
Cybersecurity events can significantly harm a company’s brand, resulting in client distrust and lost commercial possibilities. Cybersecurity insurance may cover public relations and reputation management fees, assisting organisations in rebuilding their reputation following a breach.
Cybersecurity insurance companies frequently provide counsel and support to assist firms in meeting regulatory obligations and industry standards for data protection. Meeting these compliance criteria might be difficult, but insurance companies can aid in putting in place the appropriate security measures.
Cybersecurity insurance can also cover liabilities deriving from third-party claims. For example, if a data breach in one organization’s network impacts its clients or partners, the impacted parties may claim compensation. Cyber insurance can assist handle these risks.
Cybersecurity incidents can affect business operations, resulting in lost revenue and downtime. Cyber insurance may cover financial damages incurred as a result of business interruption, allowing the organisation to continue operations as smoothly as feasible.
Report Objectives
To determine and forecast the global Cybersecurity Insurance Market by offering (solutions, and services), insurance coverage, insurance type, compliance requirements, end user, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA).
To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Cybersecurity Insurance Market.
To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Cybersecurity Insurance Market.
To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Cybersecurity Insurance Market.
To profile the key market players; provide a comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market.
In the market, track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.
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