New Market Research Report: Insight Report: The Future of Cyber Risk Insurance

From: Fast Market Research, Inc.
Published: Sun Oct 18 2015

Timetric's 'Insight Report: The Future of Cyber Risk Insurance' provides a detailed study on the state of the cyber insurance market globally. It provides:

* Insights into key trends regarding market size, growth opportunities, premium pricing and claims payout
* Analysis of insurability of cyber risks faced by businesses and organizations, due to the dynamic nature of cyber risks.
* Assessment of insurance as a tool in mitigating cyber risk. It also analyzes the role of insurance as a strategic tool in organizations' cyber risk management.
* Analysis of market opportunities and challenges faced by insurance companies in marketing and selling cyber risk insurance products.
* Detailed analysis of cyber risks faced by insurance companies, and the impact and costs of data breaches.

Full Report Details at

Report Highlights

* Transferring risk in exchange of a premium makes commercial sense for businesses and organizations. As part of cyber risk insurance, several insurers provide value-added services such as access to a specialist lawyer, IT forensics experts and crisis management in the event of a data breach. This further makes cyber-insurance products more attractive, and also increases the value of the product to customers.
* Businesses are increasingly purchasing standalone cyber risk insurance policies to cover the specific cyber risks. Standalone cyber risk insurance policies fulfill the limitation of traditional policies by providing insurance cover for specific risks in a cyber environment. It includes the cost of security or data breach such as notification expenses, regulatory fines and penalties, investigation and restoration cost.
* Insurers are collaborating with cyber security experts to provide robust cyber risk management to the businesses and organizations. An ideal form of cyber risk management requires a balance between IT security measures and transfer of risk as an insurance solution for cyber risk. Insurers' core competency lies in pricing and underwriting risk, while cyber security experts specialize in using technology to deal with cyber vulnerabilities.
* The cyber insurance market has the ability to offer solutions that cover a broad range of cyber risks; however, there are certain caveats. Risks faced by the firms tend to be unique to the industry in which they operate, and this requires the policy to be accordingly customized. The degree of cyber exposure, the scale of the organization and the type of data collected are key determinants of cyber insurance policy terms and pricing.

Report Scope

* The report discusses in detail how cyber risk insurance provides significant growth opportunities for commercial lines of insurance.
* It analyzes growth in cyber incidents, and different types of cyber risk, and their impact on businesses and organizations.

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