Cyber Insurance Market Poised To Gain A Huge Momentum By 2030

The global cyber insurance market is expected to gain a huge momentum by the end of next decade. The cyber insurance market is driven by growing incidences of ransomware and malicious attacks. The developed economies are major victim to ransomware attacks wherein attackers demand bigger sum of money. Moreover, cyber insurance offers security from the attack as well as safeguards the interest of stakeholders. Hence, the high adoption of cyber insurance is bolstering the global market growth in the following years.

In news:

In January 2020, Cowbell Cyber, AI powered start-up based in California unveiled Cowbell Prime 100 that encourages insurance agents to provide customized cyber policies upto five million dollars. Cowbell Prime assures for transaction of information between reinsurers, agents and policyholders provided the common goal of understanding cyber risks and mitigating cyber loss. As the cyber insurance sector is gaining a huge momentum it is undergoing through complexities such as scope of exposures, coverage and real-cost benefits. Therefore, to counter this, Cowbell Prime 100 eliminates unnecessary paper work and assures the small and medium businesses with full transparency.

The AI platform from Cowbell involves a compilation of risk rating factors that evaluates the cyber risk in real-time followed by network security, security compliance and other best practices. The entire process takes less than five minutes and agents can immediately prepare a quote and deliver the same to their customers.

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Major Acquisitions in 2019:

A significant cyber security acquisition deal between Symantec Enterprise Security Business and Broadcom took place in 2019. Broadcom acquired Symantec’s enterprise security worth USD 10.7 billion. The purpose of this acquisition is to enlarge Broadcom’s software infrastructure by acquiring major stake in enterprise security of Symantec. 

In another instance, acquisition between VMware and Carbon Black demonstrates structural changes wherein VMware has grown a full-fledged security provider while Carbon Black will have a pivotal role in VMware’s security offerings. 

A France-based company Sentryo got acquired by Cisco that offers asset and cybersecurity solutions for industrial systems. The major highlight of this acquisition is to enlarge market demand for remote terminal units and programmable logic controllers that do not have any security mechanisms to resist hacking attack. Hence, Cisco now demonstrates the capability to assist their customers with more security features.

In mid-2019, Canon and McAfee got engaged in a strategic partnership to facilitate their businesses with protection against malware and hackers operating supported by multi-function devices. Both, Canon and McAfee operate as device-to-cloud cybersecurity organisations and the coalition empowers McAfee to assimilate control platform as an added security feature on Canon’s platform that boosts endpoint security.

Regional Outlook:

Asia Pacific is a growing market for cyber insurance attributing to the growing landscape of cyber insurance followed by growing investments for data security. In addition, the cyber insurance industry in regional markets is witnessing optimal conditions thanks to digitalization and development of start-up culture. Moreover, the organizations are now focussing on scaling IT resources in line with compliance and regulatory framework.

Some of the key players mentioned in the cyber insurance market are AXA Group, American International Group Inc., The Travelers Companies Inc., and Beazley Insurance Co Inc.