Page 113 - Cyber Defense eMagazine Annual RSA Edition for 2024

Challenges and Opportunities

However, despite the exponential growth in cyber-space global markets, there remain challenges in rating
cyber risk for underwriting purposes. Like underwriting, cyber risk has unique challenges that are different
from traditional or other kinds of policies such as assessment pricing claims processing issues. The
evaluation of these risks has also been difficult leading to many security companies using complicated
terms like premiums based on a variety of underlying measures than just one factor (Cox et al., 2015).
Additionally, most cyber liability policies have complex coverage terms and policyholders as well as
insurers must scrutinize them before getting into any contract.

According to Market Research Future’s latest research report Global Cyber Insurance Market Size was
valued at USD 8.2 billion in 2022. The Cyber Insurance market industry is projected to grow from USD
10.37874 Billion in 2023 to USD 68.35824012 billion by 2032, exhibiting a compound annual growth rate
(CAGR) of 26.57% during the forecast period (2023 - 2032).

Future Outlook and Conclusion

To conclude this section, the cyber insurance market is highly important in addressing the complex nature
of cyber threats among businesses. By providing financial cover for monitory losses resulting from
technological misfortunes organizations lower their exposure to dangers thus safeguarding their
operations. These attacks keep on becoming more complicated with time hence there will be a need for
more cyber insurance, thus causing growth and innovation in the insurance industry. Also, it is expected
that going forward, this market will see insurers delivering enhanced products and services while
insurance companies will cooperate better with regulators and cybersecurity firms to foster global
resilience against this vice. Thus, research about markets will continue to be vital when deciding on
strategy including buying an insurance policy at last for the eventual growth of this industry.

About the Author
Divakar Kolhe is a highly skilled and experienced digital marketer who has
dedicated his career to driving online success for businesses. With a strong
passion for data-driven strategies and a deep understanding of consumer
behavior, Divakar has become an invaluable asset in the field of digital
marketing.

Divakar Kolhe - [email protected]

Reference - Market Research Future

Website: https://www.marketresearchfuture.com

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