UAE Cyber Insurance

UAE Cyber Insurance Market Research Report: Forecast (2021-2026)

By Component (Solution (Cyber Insurance Analytics Platform, Disaster Recovery & Business Continuity, Cybersecurity Solutions), Service (Consulting/Advisory, Security Awareness Training, Other Services Read more

  • ICT & Electronics
  • Jan 2022
  • 132
  • IT77018

Market Definition

Cybercrimes & cyberattacks are becoming a significant concern of businesses irrespective of their sizes & locations. Due to this, many organizations are actively adopting cyber insurance policies to protect themselves against cyber incidents. The cyber insurance industry has evolved substantially with the growing number of cyber threats that require a high amount of focus & time.

This evolution has been driven primarily by the volatile nature of cyber risks. Cyber insurance covers business liabilities involving sensitive customer information for data breaches. It protects an organization’s data & finances from any cyberattacks & threats. Through cyber insurance, businesses can reduce the chances of massive disruption during attacks & their aftermath.

Market insights

The UAE Cyber Insurance Market is anticipated to grow at a CAGR of around 25.6% during the forecast period, i.e., 2021-26. The growth of the market is driven primarily by the snowballing number of cyberattacks among organizations, resulting in massive financial losses, coupled with the mounting need to protect crucial data from threats like ransomware & malware.

Besides, the increasing adoption of advanced technologies like the IoT, AI, etc., is another critical aspect projected to offer lucrative growth opportunities to the market during 2021-26. Additionally, technological advancements like next-generation security solutions & integrated security solutions and the surging number of businesses transferring their core data to the cloud also propel the need for cyber insurance to protect them from data loss in the coming years. 

Furthermore, rapid digitalization within businesses has resulted in various challenges related to the management of privacy & digital security. Managing online risks is becoming one of the most important parts of any business to protect their data from digital frauds, cybercrimes, & data thefts. Cyber insurance provides financial protection to policyholders against any cyber incident. It involves first-party coverage from losses suffered due to hacking, extortion, breaches, data destruction, and denial-of-service attacks. However, high costs associated with cyber insurance might hinder the market growth during 2021-26.

Report Coverage Details
Study Period Historical Data: 2016-19
Base Year: 2020
Forecast Period: 2021-26
CAGR 25.6%
Key Companies Profiled Lloyd, Berkshire Hathaway, AXA, Allianz, Assicurazioni Generali, Munich Re, Cyence, PolicyGenius, Safeshare
Unit Denominations USD Million/Billion

 

Impact of Covid-19 on the UAE Cyber Insurance Market

In 2020, the Covid-19 pandemic adversely impacted several businesses across the UAE. To follow lockdown measures & social distancing protocols, many organizations adopted Work-from-Home policies amidst the crisis. These remote working arrangements resulted in numerous vulnerabilities within organizations' security, owing to increased risks of cyber-attacks since the maximum number of employees have used unprotected networks. Hence, the growing adoption of virtual working space amidst the pandemic significantly propelled the need for cyber insurance.

During the pandemic, many schools & other communities shifted their operations online. Thus, the rise in the adoption of online communication platforms for conferencing & delivering classes has surged risks of cyberattacks & hacking. With the mounting adoption of BYOD devices, work from home trend, and increasing internet penetration across the corners of the UAE, individuals gradually inclined toward using digital technologies, which, in turn, fueled the requirement for cyber insurance policies for protection against the aftermath of cyber-attacks. Cyber insurance policy allows businesses to ensure their continuity & maintain their security from cybercrimes & malicious threats.

  1. Introduction
    1. Market Segmentation
    2. Product Definition
    3. Research Process
    4. Assumptions
  2. Preface
  3. Executive Summary
  4. Impact of COVID-19 on the UAE Cyber Insurance Market
  5. UAE Cyber Insurance Market Trends & Insights
  6. UAE Cyber Insurance Market Dynamics
    1. Growth Drivers
    2. Challenges
    3. Impact Analysis
  7. UAE Cyber Insurance Market Hotspot & Opportunities
  8. UAE Cyber Insurance Market Key Strategic Imperatives for Success & Growth
  9. UAE Cyber Insurance Market Analysis, 2021-2026F
    1. Market Size & Analysis
      1. Quantity Sold
      2. Market Revenues
    2. Market Share & Analysis
      1. By Component
        1. Solution
          1. Cyber Insurance Analytics Platform
          2. Disaster Recovery and Business Continuity
          3. Cybersecurity Solutions
        2. Service
          1. Consulting/Advisory
          2. Security Awareness Training
          3. Other Services
      2. By Coverage
        1. First Party
          1. Theft and Fraud
          2. Computer Program and Electronic Restoration
          3. Extortion
          4. Forensic Investigation
          5. Business Interruption
        2. Third Party
          1. Crisis Management
          2. Credit Monitoring
          3. Regulatory Response
          4. Privacy and Security Liability
          5. Network Security Liability
          6. Media and Communication Liability
      3. By Insurance Type
        1. Packed
        2. Standalone
      4. By Organization Size
        1. Large Enterprises
        2. Small & Medium Sized Enterprise
      5. By End-User
        1. BFSI
        2. IT & Telecom
        3. Defence
        4. Energy & Power
        5. Retail
        6. Healthcare
        7. Others
      6. By Country
        1. Dubai
        2. Abu Dhabi
        3. Sharjah
        4. Rest of UAE
      7. By Company
        1. Market Shares, By Revenue
        2. Strategic Factorial Indexing
        3. Competitor Placement in MarkNtel Quadrant
  10. Dubai Cyber Insurance Market Outlook, 2021-2026F
    1. Market Size & Analysis
      1. Quantity Sold
      2. Market Revenues
    2. Market Share & Analysis
      1. By Component
      2. By Coverage
      3. By Insurance Type
      4. Organization Size
      5. End-User
  11. Abu Dhabi Cyber Insurance Market Outlook, 2021-2026F
    1. Market Size & Analysis
      1. Quantity Sold
      2. Market Revenues
    2. Market Share & Analysis
      1. By Component
      2. By Coverage
      3. By Insurance Type
      4. Organization Size
      5. End-User
  12. Sharjah Cyber Insurance Market Outlook, 2021-2026F
    1. Market Size & Analysis
      1. Quantity Sold
      2. Market Revenues
    2. Market Share & Analysis
      1. By Component
      2. By Coverage
      3. By Insurance Type
      4. Organization Size
      5. End-User
  13. Competition Outlook
    1. Competition Matrix
      1. Product Portfolio
      2. Target Markets
      3. Target End Users
      4. Manufacturing Units
      5. Research & Development
      6. Strategic Alliances
      7. Strategic Initiatives
    2. Company Profiles (Business Description, Product Offering, Business Segments, Financials, Strategic Alliances or Partnerships, Future Plans)
      1. Lloyd
      2. Berkshire Hathaway
      3. AXA
      4. Allianz
      5. Assicurazioni Generali
      6. Munich Re
      7. Cyence
      8. PolicyGenius
      9. Safeshare
  14. Disclaimer
UAE Cyber Insurance Market Segmentation
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