MarkNtel Advisors recently published a report, titled, ” UAE Cyber Insurance Market By Component (Solution (Cyber Insurance Analytics Platform, Disaster Recovery & Business Continuity, Cybersecurity Solutions), Service (Consulting/Advisory, Security Awareness Training, Other Services)), By Coverage (First Party (Theft and Fraud, Computer Program and Electronic Restoration, Extortion, Forensic Investigation, Business Interruption), Third Party (Crisis Management, Credit Monitoring, Regulatory Response,. As per as the report The UAE Cyber Insurance Market is anticipated to grow at a CAGR of around 25.6% during the forecast period, i.e., 2023-28.
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Growth Restraint: Expensive Premiums of Cyber Insurance Policies
With the burgeoning number of cybercrimes & data breaches, the need for adopting cyber insurance is growing astronomically across the UAE. However, the high costs of cyber insurance policies might hinder the growth of the market in the coming years. The premium prices of cyber insurance solutions are only affordable to large-sized enterprises since they can invest significant amounts for their data security. Also, large enterprises have to deal with an extensive volume of data that requires protection against any attack. As a result, the premium prices of cyber insurance make it difficult for small-sized businesses to afford these policies.
Leading Companies in UAE Cyber Insurance Market:
Lloyd, Berkshire Hathaway, AXA, Allianz, Assicurazioni Generali, Munich Re, Cyence, PolicyGenius, Safeshare.
UAE Cyber Insurance Market Segmentation:
By Component
-Solution
-Cyber Insurance Analytics Platform
-Disaster Recovery and Business Continuity
-Cybersecurity Solutions
Service
-Consulting/Advisory
-Security Awareness Training
-Other Services
By Coverage
-First Party
-Theft and Fraud
-Computer Program and Electronic Restoration
-Extortion
-Forensic Investigation
-Business Interruption
Third Party
-Crisis Management
-Credit Monitoring
-Regulatory Response
-Privacy and Security Liability
-Network Security Liability
-Media and Communication Liability
By Insurance Type
-Packed
-Standalone
By Organization Size
-Large Enterprises
-Small & Medium Sized Enterprise
By End-User
-BFSI
-IT & Telecom
-Defence
-Energy & Power
-Retail
-Healthcare
-Others
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By Country
-Dubai
-Abu Dhabi
-Sharjah
-Rest of UAE.
Key questions answered in the UAE Cyber Insurance Market are:
•What is UAE Cyber Insurance Market?
•What was the market size in 2022?
•What is the growth rate of the UAE Cyber Insurance Market?
•Which are the factors expected to drive the market growth?
•What are the different segments of the UAE Cyber Insurance Market?
•What segments are covered in the Market?
•Who are the key players in the UAE Cyber Insurance Market?
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