The [FURL=https://www.industryarc.com/Report/19461/romania-cyber-insurance-market.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Romania Cyber Insurance Market[/FURL] size is estimated to surpass $584.1 million mark by 2026, growing at an estimated CAGR of more than 32.6% during the forecast period 2021 to 2026. Rising need for high security in case of online transactions, social media, and applications are increasing the security needs of the companies at a rapid rate. Cyber-attacks can cause severe financial and other losses to an organization or an individual. Cyber insurance policy/cyber liability insurance policies/cyber risk insurance allows an organization’s liability for any kind of sensitive data breach, cyber extortion, and network interruption. The market will be driven by the growing awareness against cyber risks and cyber-attacks in many organisations.Key Takeaways
Stand alone is growing at a highest CAGR of 35.1% in the forecast period 2021-2026. These cyber insurance policies compensate the insured client or customer for the credit monitoring costs, IT forensic costs, data restoration costs, investigative expenses, and post-incident public relations expenses, which might be incurred due to a data breach.
Large enterprises are the more-significant users of cyber insurance compared to SMEs due to the potential for denial of service attacks and other cyber-attacks as they deploy cloud, artificial intelligence (AI), internet of things (IoT), big data, and machine learning (ML) technologies in their operations .
Cyber insurance in healthcare sector is growing significantly owing to rapid increase in cyber-attacks, with the digitization of health records and increasing penetration of the internet.
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Romania Cyber Insurance Market Drivers
Growing number of Cyber Attacks
Growing number of cyber-attacks in several sectors such as banking, healthcare, retail, financial institutions, and others, has led to the data security and reputational loss concerns. This is especially prevalent in the BFSI sector where a number of banks have been the subject of various cyber-attacks.
Increased Adoption in Healthcare Sector
Cyber insurance in healthcare sector is growing significantly owing to rapid increase in cyber-attacks. Moreover with the digitization of health records and increasing penetration of the internet, critical medical information has become vulnerable to hacking and breaches. To mitigate these risks, cyber insurance products are increasingly available in the market, more commonly as standalone, comprehensive risk and cyber liability insurance policy products.
Romania Cyber Insurance Market top 10 companies are Chubb Limited, Team Insurance Broker, Zurich Insurance Group AG, Lockton Companies Inc., Munich Re Group, Allianz Group, Aon Plc, Arthur J. Gallagher & Co., AXA XL, Beazley Plc, The Travelers Companies Inc. and Axis Capital Holdings Limited
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