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
By Component (Solution (Cyber Insurance Analytics Platform, Disaster Recovery & 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, Defense, Energy & Power, Retail, Healthcare, Others), By Country (Dubai, Abu Dhabi, Sharjah, Rest of UAE), By Competitors (Lloyd, Berkshire Hathaway, AXA, Allianz, Assicurazioni Generali, Munich Re, Cyence, PolicyGenius, Safeshare)
ICT & Electronics
Cyber Insurance policy protects the data & finances of organizations from the fallout of cyberattacks and multiple fraud & hacking threats. With a cyber-insurance policy, one can minimize the possibility of business disruption amidst a cyber-incident and even its aftermath. Furthermore, it also has the potential to cover financial costs and provide recovery dealing by the attack.
According to MarkNtel Advisors' research report, “UAE Cyber Insurance Market Analysis, 2021,” the market is likely to grow at a CAGR of around 25.6% in the forecast period of 2021-26. It owes its massive growth to the propagation of the internet and the risks that come along while surfing online. Besides, cyber insurance enables organizations to take precautions regarding their finances & data against ransomware and other attacks that can compromise their integrity. Hence, the increasing number of cyber-attacks amplify the need for compliance with various upcoming regulations, thereby leading the UAE Cyber Insurance Market to attain robust growth in the forecast period.
The outbreak of the COVID-19 pandemic affected different markets across the world and led them to function with the new normal. Amidst the pandemic, numerous governments & administrative authorities made it compulsory for both public & private organizations to embrace new practices for working from home and maintaining social distancing to combat the spread of COVID-19. It has led to a massive rise of the IT sector, where industries of all types are using digital ways of doing business.
With the growing use of Bring Your Own Devices, WFH trend, and intensifying internet penetration, people are progressively inclined toward digital technologies and driving the need for cyber insurance measures to avoid any possibility of the aftermath of cyber-attacks. Hence, based on these factors, the UAE Cyber Insurance Market is enabling organizations with suitable solutions to ensure business continuity & maintain security postures from the threats of cybercrimes and hence, shall witness exponential growth in the years to come.
Cybersecurity Solutions to Witness the Fastest Market Growth
Based on Components, the UAE Cyber Solution bifurcates into Solution and Service. Here, Solution further segments into Cyber Insurance Analytics Platform, Disaster Recovery & Business Continuity, and Cybersecurity Solutions. Of all, Cybersecurity Solutions are more likely to witness the fastest growth in the forecast years. It owes to the rapidly growing popularity of IoT, BYOD, and connected devices. Besides, the increasing demand for identity & access management solutions across multiple end-user industries is further likely to drive the segment to attain massive growth at a robust pace in the forecast period of 2021-26.
BFSI Sector to Hold the Largest Share of UAE Cyber Insurance Market
Based on end-users, the UAE Cyber Insurance Market segments into BFSI, IT & Telecom, Defense, Energy & Power, Retail, Healthcare, and Others. Of them all, the BFSI sector dominated the cyber insurance industry in recent years and is likely to continue its dominance in the forecast period, too. It owes prominently to the rapidly growing incidences of data breaches in large volumes of data & employee information like card payments, bank account details, personal pieces of information digits, confidential information, company information, etc.
Besides, all these cases are inclining consumers toward focusing on getting cyber insurance to protect their data. Furthermore, several governments & public sectors are actively securing their data, resulting in a booming demand for the segment. Hence, the aspects cited above are very likely to lead the BFSI sector to continue its dominance in the forecast period as well, states MarkNtel Advisors in their research report, “UAE Cyber Insurance Market Analysis, 2021.”
Dubai Attains the Largest Market Share
The UAE Cyber Insurance Market is expanding widely but, of all the countries in the region, Dubai is more likely to attain the largest share in the forecast years. It is prominently due to the well-set & sustainable economies encouraging Dubai to invest exponentially in the Research & Development (R&D) activities and contribute toward developing numerous modern technologies in the regional market. Furthermore, the consistent participation and availability of leading market players are also very likely to drive the market growth in Dubai during the forecast period of 2021-26.
The prominent factors that are likely to drive the UAE Cyber Insurance Market in the forecast period are the active initiatives by advancing government regulatory bodies and law enforcement agencies to bring strong & compressed data security & protection. Numerous people got compelled to work from confined locations amidst the outbreak of the Covid-19 pandemic, where several policyholders, brokers, insurers, and agents realized the need for a cybersecurity insurance policy. Besides, the WFH trend is likely to continue for a while, thereby propelling the market in the forecast years. Additionally, the increasing digitization is another critical factor that shall fuel the regional market and lead it to attain significant growth in the coming years.
According to MarkNtel Advisors, the leading players in the UAE Cyber Insurance Market are Lloyd, Berkshire Hathaway, AXA, Allianz, Assicurazioni Generali, Munich Re, Cyence, PolicyGenius, Safeshare.
Key Questions Answered in the Market Research Report:
What are the overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the UAE Cyber Insurance Market?
What are the country-wise industry size, growth drivers, and challenges?
What are the key innovations, opportunities, current & future trends, and regulations in the UAE Cyber Insurance Market?
Who are the key competitors, their key strengths & weaknesses, and how do they perform in UAE Cyber Insurance Market based on the competitive benchmarking matrix?
What are the key results derived from the market surveys conducted during the UAE Cyber Insurance Market study?
A. UAE Cyber Insurance Market is likely to grow at a CAGR of around 25.6% in the forecast period of 2021-26.
A. Lloyd, Berkshire Hathaway, AXA, Allianz, Assicurazioni Generali, Munich Re, Cyence, PolicyGenius, Safeshare are a few leading players in the UAE Cyber Insurance Market.
A. The BFSI sector is likely to attain the highest CAGR during the forecast period and maintain its significant market share
A. Dubai continues to grow at the highest CAGR in the forecast period of 2021-26, thereby presenting immense opportunities for market players of the UAE Cyber Insurance Market.
A. The major factors driving the market include the rapidly growing cases of security breaches & cyberattacks, resulting in massive financial losses and several governments imposing stringent regulations toward adopting cyber insurance policies. Hence, with these aspects, the market shall propel exponentially and create lucrative opportunities in the forecast period.
A. With the growing trend of Work-From-Home and intensifying internet penetration amidst the pandemic, most people and organizations are progressively inclined toward digital technologies, thereby driving the need for cyber insurance to bypass any possibility of cyber-attacks. Hence, the UAE Cyber Insurance Market is enabling organizations with suitable solutions to ensure business continuity & maintain security postures from the threats of cybercrimes, thereby leading the market to attain growth post the Covid-19.
Impact of COVID-19 on the UAE Cyber Insurance Market