According to the research report titled ‘Global Cyber Insurance Market Size study, by Company Size (Large Companies, Small & Medium Sized Companies) by Industry Vertical (BFSI, IT & Telecom, Retail & E-commerce, Healthcare, Manufacturing, Government & Public Sector, Others) by Industry (Automotive, Power, Industrial, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global cyber insurance market is expected to account for USD 366.7 billion by the year 2027.
 

Increased pervasiveness of cyber-attacks, mounting number of legislations which promote data security, and high number of losses incurred during network security breaches are the key factors driving the growth of global cyber insurance market. 
 

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Cyber insurance basically offers coverage against cyberthreats for individuals as well as businesses. It incorporates damages from loss of privacy, network security breaches, and indemnification from lawsuits associated with data breaches.
 

Cyber Insurance also consist of an enterprise’s liability for information breach which typically involves vital customer information such as account numbers or credit card numbers. In addition to this, increasing number of startups offering cyber insurance services is stimulating the overall industry outlook.
 

On the contrary, lack of standardized regulations could potentially hamper global cyber insurance industry remuneration.
 

Based on regional analysis, North America currently accounts for the highest market share and is expected to continue with its dominance in the subsequent years, primarily due to high occurrence of cyber-attacks and widespread adoption of this technology.
 

Asia-Pacific, on the other hand, is set to register the highest compound annual growth rate during the forecast period, owing to rapid digitalization and increasing generation of digital data.
 

Zurich Insurance Group Ltd., Chubb Ltd., Munich Re Group, Lockton Companies Inc., Lloyd's of London Ltd., Berkshire Hathaway, Axa S.A., Aon plc, American International Group Inc., and Allianz SE are the key competitors in global cyber insurance market.