Cyber Security Insurance: A Lucrative Market That Insurance Agents Should Not Miss Out On

**!!!NEWSFLASH!!!**    

!!!Georgia hit by a massive cyber-attack affecting more than 2000 websites!!!        

Fact or Fiction?     

As bitter as this sounds, it is the truth.     

Forget about the small companies, or even the big ones for this matter. There are states out there who are becoming easy prey of cyber-attackers by the day.     

Now that you’ve got the picture of the on-going happenings around you – Are you thinking about who could be the next victim?     

Well, you guessed it right.     

It can be your clients!      

If you don’t want your clients to end up in that line, Cyber Security Insurance is the niche market for you to pitch to your clients.      

 Let’s get started, shall we?    

Know what is on the rise? Cyber Security Insurance!

In the wake of technology advancement, businesses are taking full advantage of it in every way possible. However, cyber-attacks are also increasing in number.     

Having said this, let’s now focus first on the latter half.   

Cyber-attacks.   

Does it do the companies any good? Definitely not!    

For this, take the case of Uber for instance.   

Popular ride-hailing app Uber had 57 million user accounts, and 600,000 drivers account breached back in 2016. For this, Uber tried to “resolve” the case of hacking on its own. 

Long story short – To this day, the cyber-attack continues to cost Uber fortune for the damage has only begun!   

Just like Uber, imagine several other companies.  

Companies who feel threatened to see their business get struck by cyber-attacks. Multiply it by ten times after that.  

The prime fact pointed out here is – companies of every kind, be it big or small, are looking out for Cyber Security Insurance with the sole motive of securing their business from any possible cyber-threats.    

This very motive right here makes up to be every reason as to why insurance agents should choose to specialize in this niche.    

Why?   

Because at the end of the day, your clients are concerned about the ultimate reason – to protect their business!     

This Is The Niche Market You Should Look Into!   

In basic terms, Cyber Security Insurance helps to prevent losses related to security breaches and data hacks. And there’s so much more to Cyber Security Insurance that makes it a potential market for insurance agents. And here are the reasons why.    

First off, let’s talk about the market’s growth in terms of its size. According to a survey by Grand View Research, the Cyber Security Insurance market was worth the value of USD 4.3 billion in 2018.     

There’s more to it.    

As per the data by Allied Market Research, its market size is expected to grow by to $14 billion by 2022. Now that’s a huge profit coming out from a single niche.  

In terms of geography as well, the market’s growth is luring than ever!    

The fact that this market’s demand is more in the US is what makes this blog an interesting read even more. As per the data by Allied Market Research, the US strongly dominates the cyber insurance market share, followed by Europe.   

Learn how you can flourish as an agent after one call!

Schedule a call right now and learn how you can ease your work, sell more, and increase your profits!

Cyber Insurance: Be in it To Win It 

Today’s market scenario is like a feeding frenzy – the minute you have way too much information, you are at risk then and there, period.

Meaning, the more the data businesses have today, the more the cases of data breaches are increasing.   

Because of this, all types of industries, such as financial services, the IT department are in high demand for it.   

Meaning, this niche is not just flourishing for no reason. It even has all the prospective clients that you need.   

What you’ve always wished for – your potential clients were right under your nose all this time!  

But it’s never too late to get yourself involved in something that can do you right, so hurry up!  

Reach one step closer to your clients.  

All you need to do is take up this niche market!   

Cyber Insurance: A Growing Market Is Waiting for You

In the event of frequent data breaches, a LOT of clients are calling out for this insurance. For this, let’s get a bit fact-oriented on this matter.

According to AmTrustFinancial, cyber-attacks have appeared to be the number one emerging risks.

In consideration to this, what you need to understand is – with the rise in cyber threats, the premium value of Cyber Security Insurance has increased simultaneously. As per the InsuranceJournal, insurers collectively wrote $1.35 billion premiums, which was a 35 percent jump from 2015.

The data of this niche market speaks for itself – Cyber Security Insurance is booming, and it shows no sign of stopping!  

How has the increase in data breaches led to the rise in demand for Cyber Security Insurance?  

The market trends and the data on this niche market are clear evidence to us on how this niche has become one of the fastest-growing segments.

Therefore, as an insurance agent, if there’s one key factor that you need to take away from this, it is –

The Cyber Security Insurance market has skyrocketed, and so should you! 

Do you think Cyber Security Insurance is the right niche market for the insurance agents? Comment below and let us know.

Learn how you can flourish as an agent after one call!

Schedule a call right now and learn how you can ease your work, sell more, and increase your profits!