Report ID: SQMIG45E2248
Report ID:
SQMIG45E2248 |
Region:
Global |
Published Date: May, 2024
Pages:
197
|
Tables:
92 |
Figures:
69
Due to the substantial presence of large international corporations across a variety of industries, including technology, finance, healthcare, and retail, the North American cyber insurance industry is positioned to dominate the worldwide scene. As these industries are more vulnerable to cyberattacks, comprehensive insurance plans are required. US businesses are making significant investments in cybersecurity safeguards, such as insurance, to guard against monetary losses, data breaches, and interruptions to business operations. The necessity to continuously monitor and investigate cyber threats in order to ensure compliance with laws like the CCPA and GDPR is another driving force behind this spending. As a result, North America continues to have a dominant position in the cyber insurance market thanks to a combination of governmental pressure, the high cost of data breaches, and the proactive stance of multinational firms.
The second-largest market share is held by the cyber insurance industry in Europe. Numerous data breaches have raised awareness among top organizations and gotten legislators in the European Union to promote the importance of cyber insurance. Because of the rising frequency of cyberattacks in 2020 and the broad integration of digital technology in daily operations, the United Kingdom is anticipated to hold a sizable part of the regional market. Additionally, the UK cyber insurance industry was increasing at the quickest rate in the European region, while the German cyber insurance market held the greatest market share.
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Report ID: SQMIG45E2248