The integration of Artificial Intelligence (AI) in cyber insurance and security marks a paradigm shift in protection against cyber threats. AI augments traditional security measures by offering predictive analytics, threat detection, and automated response mechanisms. This not only fortifies digital defenses but also fosters a more dynamic and adaptive security ecosystem capable of tackling sophisticated cyber challenges. See why a global IT-enabled services giant chose to collaborate with us for an in-depth AI market intelligence of the UK cyber insurance market.
Delve further into how we helped the client gain valuable information about the market landscape, including key players and their products, to inform their strategic decision-making.
Objective and challenges
The ITes firm engaged Netscribes to conduct a comprehensive study on the cyber insurance and security market in the UK. The aim was to assess the potential market size and analyze prevailing trends, drivers, and challenges in this segment.
The primary objective of this study was to gain insights into the adoption of Artificial Intelligence (AI) in the market. In addition, the study aimed to identify major players and their respective offerings, analyze their product positioning and value propositions, and provide a detailed assessment of the competitive landscape.
Approach and solution
- Netscribes, as a strategic research partner, conducted extensive secondary research for this study
- To gather comprehensive and diverse data, we utilized a variety of secondary sources, including press releases, annual reports, company websites, case studies, industry and government publications, and news publications
- Our goal was to provide a detailed understanding of the cyber insurance line of business, including projections, trends, challenges, and initiatives by insurers. We also examined how vendors and startups were positioning or deploying their AI tools for cyber security and cyber insurance purposes, to provide a holistic view of the market
Results delivered
The final report provided comprehensive insights into the UK cyber insurance market. It covered the following topics:
Market sizing
- Cyber insurance adoption among businesses operating in the UK, with a specific focus on the level of adoption in relation to business size, turnover, and sector
- The need for purpose-built, comprehensive policies among small, medium, and large businesses
- Prevailing threat perception among businesses and its consequences on policy coverage, across the entire asset spectrum
- Market drivers and challenges and the consequent initiatives executed by key insurers
Adoption of Artificial Intelligence
- Details on AI products/tools of key vendors for both cyber security and cyber insurance including product positioning, value propositions, and proposed benefits
- A detailed analysis of the UK cyber insurance market, covering key aspects such as market sizing, threat perception, and the adoption of AI tools
Benefit
Our study provided the client with a comprehensive understanding of the cyber insurance and security market in the UK. We identified and analyzed the current market trends, and collated specific details on key products such as IBM Watson, Wipro Holmes, Infosys Mana, and Accenture myWizard, among others.
