Standalone cyber insurance solutions allow companies to immediately compensate the first and third parties for the losses incurred due to a data breach. These policies reimburse the costs that an insured will incur when responding to a data breach or a cyberattack. This may include information technology (IT) forensic costs, data restoration costs, credit-monitoring costs, public-relation expenses, and cyber extortion costs (such as ransom payments to hackers).
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When enterprise is taken into consideration, the cyber insurance market is bifurcated into small and medium enterprises (SMEs) and large enterprises. Between these, the large enterprises category is predicted to dominate the market in the upcoming years. This is because of the growing adoption of cyber insurance solutions by large businesses for minimizing the risks associated with various cyberattacks. Moreover, cyber-attackers usually prefer large enterprises to hack, as these companies store large volumes of confidential data.
Geographically, the cyber insurance market will demonstrate the fastest growth in Asia-Pacific (APAC) in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This is attributed to the increasing cybersecurity challenges such as cloud security vulnerabilities and attacks on blockchain systems, in the regional countries such as China and India. Additionally, these countries are rapidly implementing policies for improving cybersecurity, which is subsequently fueling the market expansion in the region.
Thus, the demand for cyber insurance solutions will rise tremendously in the coming years, primarily because of the growing incidence of cyberattacks and data breaches and the increasing implementation of policies that mandate the incorporation of cybersecurity technologies by the governments of several countries.
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