The UAE Cyber Insurance Market is expecting around 25.6% CAGR during 2023-28, says MarkNtel Advisors in their research report. The rapid digitalization of businesses and mounting adoption of advanced technologies like Big Data, Cloud Computing, IoT, and Artificial Intelligence are the most prominent factors driving the market. Besides, the increasing internet connectivity and rising usage of mobile technologies among organizations have fueled the workload of already strained IT teams, which, in turn, is propelling them to adopt cyber insurance policies to protect their critical data from any attacks. Moreover, the increasing number of cases related to the unauthorized accessing & stealing of crucial data, including employees’ personal information, financial records, intellectual properties, etc., is also projected to boost the cyber insurance market during 2023-28.
Cyber insurance has started gaining momentum across the UAE due to the increasing number of hacking & data security threats, especially amidst the Covid-19 pandemic. It was primarily due to an upsurge increase in work-from-home policies and the burgeoning adoption of online platforms across businesses, schools, & other communities. It resulted in increased risks of data breaches & hacking and, in turn, fueled the demand for cyber insurance, further states the research report, “UAE Cyber Insurance Market Analysis, 2023.”
Key Questions Answered in the Study
With Large Volume of Sensitive Customer Data, BFSI Industry Captures the Largest Share of the UAE Cyber Insurance Market
Of all sectors, the BFSI industry is most vulnerable to numerous cyberattacks, cyber frauds, & data breaches since it deals with a large volume of sensitive customer data. Hence, the security of this highly critical data is crucial, which is why the BFSI sector dominates the market.
On the other hand, the adoption of cyber insurance is astronomically increasing in the healthcare sector. It owes to rapid digitalization and mounting use of telehealth & telemedicine, leading to an extensive volume of patient data, which gets exposed to both external & internal threats. Therefore, the burgeoning threats of cyberattacks are likely to boost the demand for cyber insurance in the healthcare sector in the years to come.
Dubai Dominates the UAE Cyber Insurance Market
Of all countries in the UAE, Dubai dominates the Cyber Insurance Market, principally due to the rapidly increasing number of organizations generating & storing substantial amounts of critical data in the cloud, coupled with increased risks of cyberattacks & data loss. Also, the burgeoning usage of mobile applications and online banking across Dubai is another crucial aspect projected to fuel the need for cyber insurance.
Moreover, the Covid-19 pandemic in 2020 has exposed a barrage of cyber security vulnerabilities in Dubai, and hackers are taking advantage of the uptake in digital adoption. Hence, these factors are likely to boost the adoption of cyber insurance in Dubai, thereby contributing to the overall market growth, reveals MarkNtel Advisors in their research report, “UAE Cyber Insurance Market Analysis, 2023.”
According to MarkNtel Advisors, the leading industry players in the UAE Cyber Insurance Market include Lloyd, Berkshire Hathaway, AXA, Allianz, Assicurazioni Generali, Munich Re, Cyence, PolicyGenius, & Safeshare.