The Europe Cybersecurity Insurance Market would witness market growth of 17.9% CAGR during the forecast period (2022-2028).
Business depends on internet media, cybercrime is a real problem. Security is always the top priority for every firm. Users may require cybersecurity insurance coverage to safeguard themselves against online crimes such as website hacking and data breaches. If a company is attacked, buying insurance is usually less expensive than paying for backup services and recovery operations out of pocket. In addition, while a typical company liability policy might not cover damages brought on by data breaches, the majority of cybersecurity plans do.
Computers are crucial to the completion of crucial business functions for many businesses, which is why they require cyber insurance. Business owners might have to rely on other insurance plans that aren't sufficient or pay significant damages out of pocket if they don't have cybersecurity insurance. Many firms purchase cybersecurity insurance so that any losses caused by security breaches will be compensated by a third party and their financial risk is minimized.
The Network and Information Systems (NIS) Security Directive, in effect since 2016, establishes minimum standards to guarantee improved protection of vital facilities in the European Union. The NIS Directive lays out fundamental guidelines for strategic cooperation and the development of a common minimum capacity for the Member States. It also instructs operators of vital services and digital service stakeholders to ensure sure they follow fundamental standards for security. Operators of both groups are required to take organizational and technical precautions for risk management, prevent and lessen the effects of security incidents, and inform occurrences that have a substantial impact on the sustainability of the important services they provide without excessive delay.
The Germany market dominated the Europe Cybersecurity Insurance Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,086.5 million by 2028. The UK market is anticipated to grow at a CAGR of 16.9% during (2022 - 2028). Additionally, The France market would display a CAGR of 18.8% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Cybersecurity Insurance Market will Hit $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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