Global Cyber Insurance Market Size, Share, Growth & Trends Analysis Report By Type (First-Party Coverage and Third-Party Coverage) By End User (Financial Institutes, Retail, Healthcare, Professional and Business Services, Manufacturing, Information Techno

Introduction
Cyber insurance is designed to protect against the potentially devastating effects of cybercrimes such as malware, distributed denial-of-service (DDoS) attacks, ransomware, or any other method used to protect a network and sensitive data. Cybersecurity insurance products are tailored to help a company mitigate specific risks. These expenses include data loss and restoration, legal fees, extortion, and regulatory fines. Sharing a vast amount of data due to the increasing popularity of digitalization is mainly responsible for cybercrime through a different form of attack. Emerging technologies banking, healthcare, retail, information technology, and automotive sectors is offering automation and ease of working.

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However, these technologies are potent factors for the growing vulnerability of cyber exploitation. Rising usage of connected devices across the globe and the emergence of the Internet of Things (IoT) is mainly driving the growth of the cyber insurance market. The cyber insurance market is fragmented into types and end-users. On the basis of type, the market is divided into first-party coverage and third-party coverage. First-party coverage includes losses and damage to the business and third-party coverage is for losses clients incur in a cyber event. Furthermore, first-party coverage includes business interruption, computer fraud, property damage, and identity theft.

Third party coverage includes advertising & personal injury, the transmission of virus or malicious content, errors & omissions caused due to failure of network security. Application segmented is further divided into financial institutes, retail, healthcare, professional and business types, manufacturing, information technology, and types and others. With the continuously developing technology, techniques of cyber-attacks also evolved and several other industries such as manufacturing, construction, energy, education, and utilities which poised the demand of the cyber insurance market. Among these industries, the healthcare industry has the highest penetration of cyber liability insurance policies as huge third-party data available with them.

Other industries where a surge in demand is witnessed is information technology, and education, healthcare, retail. Companies are also increasingly crafting multipronged responses to cyber threats. Industries such as financial institutions and information technology were early adopters of the cyber insurance policies. Providers of the insurance have launched several products to protect against major insurable cyber exposures like hacking attacks, identity theft, disclosure of sensitive information and business interruption.

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