According to Markntel Advisors Report, UAE Cyber Insurance Market is expected to grow at a significant growth rate, and the analysis period is 2023-2028, considering the base year as 2022.Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
Cyber insurance is a specialty insurance product that covers business liabilities for internet-based risks involving sensitive customer information and helps organizations reduce the chances of business disruption during attacks their aftermath. As cybercrimes are becoming a significant concern of businesses irrespective of their sizes locations, many organizations worldwide are deploying adequate cyber insurance policies to protect themselves against such incidents. With the growing number of cyber threats that are volatile in nature and require a high amount of focus time, the cyber insurance industry is witnessing profitable prospects across different countries worldwide, especially in the UAE.
Global UAE Cyber Insurance Market Research Report Summary:
The UAE Cyber Insurance Market is anticipated to grow at a CAGR of around 25.6% during the forecast period, i.e., 2023-28.
Time Period Captured in the Report:
- Historical Years: 2018-21
- Base Years: 2022
- Forecast Years: 2023-28
Who are the Key Players Operating in the UAE Cyber Insurance Market?
The top companies of the UAE Cyber Insurance Market ruling the industry are:
Lloyd, Berkshire Hathaway, AXA, Allianz, Assicurazioni Generali, Munich Re, Cyence, PolicyGenius, Safeshare
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What is Included in UAE Cyber Insurance Market Segmentation?
The UAE Cyber Insurance Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- 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
- By Country
- Dubai
- Abu Dhabi
- Sharjah
- Rest of UAE
Explore the Complete UAE Cyber Insurance Market Analysis Report – https://www.marknteladvisors.com/research-library/uae-cyber-insurance-market.html
UAE Cyber Insurance Market Dynamics:
Key Driver: Increasing Instances of Cyberattacks Data Breaches in the UAE
The rapid digitalization in businesses across the UAE has resulted in an astronomical surge in the incidences of data breaches cybercrimes. Many sectors like BFSI, retail, and healthcare are becoming the most attractive target for attackers due to the large volume of sensitive customer data within these sectors. Additionally, the increasing adoption of online shopping, mobile banking, Electronic Medical Records (EMRs) is another crucial aspect that proliferates the risk of data breaches in these industries. Hence, the increasing number of cybercrimes is likely to propel the demand for cyber insurance in the year to come.
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.
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