Latest News

Cyber Insurance Market Surge: 25.70% CAGR by 2031 Due to SME Data Breaches | SkyQuest Technology

Published

4 months ago

July 23, 2024

WESTFORD, Mass., July 23, 2024 /PRNewswire/ — According to SkyQuest, the global Cyber Insurance Market size was valued at USD 12.94 billion in 2022 and is poised to grow from USD 16.21 billion in 2023 to USD 100.62 billion by 2031, growing at a CAGR of 25.70% in the forecast period (2024-2031).

Cyber insurance is not just transforming in different ways, but also triggering unmatched changes in the investment of cybersecurity in medium and small-sized businesses. On a wider scale, small enterprises are the common victims of being stacked by ransomware and most other forms of cyberattacks or are currently under target as a commencement to reach high-valued results. Hence, the rising number of cyber-attacks on these enterprises along with larger businesses is mounting the demand for effective solutions.

Healthcare, BFSI, education, and retail industries are presently the most vulnerable sectors due to large quantities of consumer data. Moreover, rising digitalization, digital payment, electronic medical records, and online shopping will further upsurge breaches in these sectors.

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Cyber Insurance Market Overview:

Report Coverage	Details
Market Revenue in 2023	USD 16.21 Billion Advertisement
Estimated Value by 2031	USD 100.62 Billion
Growth Rate	Poised to grow at a CAGR of 25.70%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Advertisement
Segments Covered	Coverage Type, Enterprise Size, End User, and Region
Geographies Covered	North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Increased Penetration of E-commerce and Growth of Online Shopping
Key Market Drivers	Growing Number of Attacks and Maturity of Cyber Threats Advertisement

Segments covered in Cyber Insurance Market are as follows:

Coverage Type
- First-party, Insurance companies, Third-party, Liability Coverage, Others

Enterprise Size
- Large Enterprise, Small and Medium Enterprises (SME)

End-User
- BFSI, IT & Telecom, Healthcare, Retail and E-commerce, Others

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First Party Segment Drives the Market Due to Increasing Hacking Activities, Extortion, and Online Thefts

The first party coverage domain is dominating the market share since it entails cases where the prey is directly engaged in the incident. It offers financial support to companies to alleviate the impact of cyberattacks. The rising cases of extortion, hacking activities, online theft, and data destruction are projected to considerably support the growth of the first party segment.

Conversely, the liability and third-party segments are projected to be the fastest growing. Liability coverage is customized to certain needs of companies with more advantages like coverage of data breaches, business interruption, forensic help in safety against cyberattacks, and coverage afar usual liability rules. The framework and adoption of such specific policies are helping the market progress with ore number of adoptions soon.

Growing Need for High-Quality Risk Management Solutions to Help Lead the Large Enterprise Domain

The large enterprise segment is anticipated to grow considerably over the forecast period on the back of huge data generation. This ultimately increases the cases of massive data attacks. Hence, the bigger companies are actively spending on optimal and high-quality risk management services that promise top-class safety of the company data as well as of the customer.

Moreover, the SME sub-segment is anticipated to be the fastest growing throughout the estimated period. Small and medium sized businesses are the new vulnerable targets of hackers. Owing to this, small and medium businesses are aiming to invest rigorously in better cybersecurity insurance services. Delivery of quality insurance will support the cyber insurance market flourish over the coming years.

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https://www.skyquestt.com/report/cyber-insurance-market

BFSI Segment Leads on the Back of Massive Data Generation, Demanding Superior Security Services

The BFSI domain is anticipated to register for a majority share of the market owing to increasing consumer preference for digitalization, internet banking, social media use, and mobile applications, leading to increasing cyber risks. Owing to the huge generation of data in the finance industry, hackers can easily hack their systems and misuse their data. This is projected to surge the demand for superior risk management solutions by the industry, impelling the cyber insurance market growth.

The healthcare sector is expected to be the fastest-growing segment owing to rising demand for insurance policies due to increased data breaches in the industry. In the past years, the healthcare segment reported more than 4500 data breach cases comprising 500+ records till 2021 from 2009.

Internet of Things, AI, Operational Technology to be Opportunistic for the Market

Future cyber breaches will significantly increase supported by major advancements in technologies, such as AI like ChatGPT, developing landscape of information technology, operational technology, and the internet of things. These converging technologies, all together offer abundant opportunities for all and emerging businesses, governments, and society, and with this cyberattacks will also increase with more sophistication. Here, the human aspect will remain a hindrance to cybersecurity. Hence, social engineering & business email compromise abbreviated as BEC and phishing are projected to remain positive and effective attack routes.

Related Report:

Cyber Security Market

Cloud Security Market

Endpoint Security Market

IOT Security Market

Zero Trust Security Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

Contact:

Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: [email protected]
Visit Our Website: https://www.skyquestt.com/

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Latest News

COCA Celebrates Q2 2024 with Record-Breaking Milestones and New Launches

Published

4 months ago

August 7, 2024

CISION (PR Newswire)

HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.

Launch of Physical Cards

COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.

Wallet Growth Milestone

The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.

Transaction Volume Surge

In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.

Integration with Revolut

COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.

Award Recognition

COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.

New Strategic Partnerships

COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.

Welcoming Pavel Matveev

COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.

Season 2 Point System Launch

Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.

NFT Giveaway

In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.

For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.

Website: coca.xyz

COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.

About COCA

COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.

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Latest News

Stake and Earn with KuCoin’s Innovative GemPool Platform

Published

4 months ago

August 7, 2024

CISION (PR Newswire)

VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.

GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.

Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.

For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

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Latest News

Trust Wallet Launches Gamified Education Platform and Loyalty Program to Enhance and Reward Web3 Learning

Published

4 months ago

August 7, 2024

CISION (PR Newswire)

DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.

Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.

In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.

On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”

Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”

Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests

About Trust Wallet

Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.