The global cyber insurance market attained a size of $3,416.4 million in 2016, as per P&S Intelligence, which also said that the market will grow at a CAGR of more than 20.0% in the coming years. Currently, large enterprises are the major buyers of cyber insurance as they have ample budgets, which is also why such companies will be the most significant users of insurance schemes in the future. However, the purchase of cyber insurance by small and medium enterprises (SMEs) is expected to be faster than large firms, primarily due to the toughening of the laws regarding cyber security.

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At a time when the amount of data generated online is growing by leaps and bounds, as is the cyber risk, governments of several countries are making it mandatory for companies to buy insurance. Following in the footsteps of Hong Kong, the U.S., Australia, and Singapore, the European Union is also mulling the formulation of data protection laws applicable throughout the continent.

Apart from their IT infrastructure, companies are also trying to protect their supply chain. As a smooth supply chain is often the key to success for organizations, any breach in related data can prove catastrophic by resulting in loss of consumer confidence, financial penalties, drop in stock price, and legal expenditure. This is why large, mid-size, and small firms are availing themselves of supply chain risk management services provided by cyber insurers.

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This is because companies in this industry deal with the most sensitive data of all — money — not only theirs, but also of customers. So, any breach or theft in data could have unimaginable consequences, which is why BFSI will continue being the largest user of cyber insurance in the coming years. Talking of the growth in demand for such services, that expected from the retail & manufacturing and pharmaceutical sectors is noteworthy.

The former sector has a dire need to protect the supply chain, whereas the latter is aiming to keep patients’ data related to their disease, medication, and insurance claims secure. Geographically, North America is currently the largest cyber insurance market, and it will continue being so in the near future, owing to the well-developed IT infrastructure, presence of large data-driven firms, and increasing risk of cyber-attacks.