The Asia Pacific Cybersecurity Insurance Market would witness market growth of 20.7% CAGR during the forecast period (2022-2028).
Banks and financial institutions are purchasing cybersecurity insurance to protect their clients' data and avoid financial damages in light of the rise in security breaches. For instance, a significant security flaw at the cryptocurrency trading platform Bitmart in December 2021 led to the theft of roughly a million by hackers. The primary cause of the security breach, which compromised two of its hot wallets for the Ethereum and Binance smart chains, was a stolen private key.
Cyber insurance may be advantageous for any business that relies on technology to carry out its operations, which includes virtually all businesses, as well as for any company with an online presence or that transports or keeps electronic data. Intellectual property, sensitive financial information, and private personal information like customer or employee contact information are all potentially very valuable targets for cybercriminals who try to hack into the network and steal it.
The size of the company and the yearly revenue will both have an impact on how much cyber insurance coverage would cost. Other elements may include the sector in which the company operates, the nature of the data it regularly handles, and the network's general security. Due to the sensitivity of the domains in which they operate, industries like health and banking are likely to find that cyber insurance coverage is more expensive.
The Chinese government often called the People's Republic of China (PRC), engages in harmful cyber activity to further its national interests. Healthcare, defense industrial base, financial services, energy, government facilities, chemical, video gaming, critical manufacturing (including automotive and aerospace), communications, IT (including managed service providers), education, international trade, faith-based organizations, and law firms were all targeted by malicious cyber activities that have been linked to the Chinese government.
The China market dominated the Asia Pacific Cybersecurity Insurance Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,663.7 million by 2028. The Japan market is estimated to grow at a CAGR of 20% during (2022 - 2028). Additionally, The India market would experience a CAGR of 21.5% during (2022 - 2028).
Based on Component, the market is segmented into Solution (Analytics Platform, Disaster Recovery & Business Continuity, and Cybersecurity Solution) and Services. Based on Insurance Coverage, the market is segmented into Cyber Liability and Data Breach. Based on Insurance Type, the market is segmented into Packaged and Standalone. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on End User, the market is segmented into Technology Provider (Insurance Companies, Third-party Administrators, Brokers, & Consultancies, and Government Agencies) and Insurance Provider (Financial Services, Retail & Consumer Goods, Telecom & IT, Travel, Tourism, & Hospitality, Healthcare & Life Sciences, and Others). Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Cybersecurity Insurance Market is Projected to reach USD 32.6 Billion by 2028, at a CAGR of 18.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cisco Systems, Inc., Microsoft Corporation, Check Point Software Technologies Ltd., Accenture PLC, FireEye, Inc., SentinelOne, Inc., UpGuard, Inc., CYE (Cyesec Ltd.), BlackBerry Limited (CYLANCE), and BitSight Technologies, Inc.
By Component
By Insurance Coverage
By Insurance Type
By Organization Size
By End User
By Country
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