Market Size of Finland Cyber (Liability) Insurance Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2020 - 2022 |
CAGR | 2.00 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Finland Cyber (Liability) Insurance Market Analysis
Finland Cyber-insurance is a type of insurance intended specifically for small businesses to assist them to prepare for cyber dangers and changing regulations. Financial damages suffered by businesses because of data system break-ins, denial of service attacks, computer viruses, and malicious software, for example, are covered by the insurance. The insurance also covers the costs of recovering the files, the duty to notify customers under the General Data Protection Regulation, and the employment of a public relations firm if a reputational risk exists. Expert services to limit the damage and restore normalcy are also included in the insurance. To be granted cyber-insurance, the company must have up-to-date virus protection, a firewall and daily back-ups.
Cyber risks are on the rise, and businesses of all sizes must be increasingly cautious when handling client data. Whether dealing with the company's website, a denial-of-service attack that paralyses your reservation system, a computer virus, or client data falling into the wrong hands, quick response is critical when attempting to minimise damages. If a company suffers from a data system break-in or harmful software, Finland Cyber-insurance not only provides reimbursement but also prompt assistance from data security experts. It is a supplement to a business's property and general liability policies. A corporation must have up-to-date virus protection, a firewall, and daily backups to be given cyber-insurance.
The insurance covers the investigation of the reasons for the computer break-in and the costs of software recovery. The insurance also covers the use of a communications agency in connection with a coverable loss event in the face of the potential risk to reputation, and the costs arising from the customer's information obligation according to the EU Data Protection Regulation. Cyber Insurance also covers financial loss to another party as a result of a data security breach that is not connected to bodily injury or material damage. Data or systems owned by another party are often at risk in connection with a computer break-in. Data such as this includes, for example, customer data, which may be lost or fall into the wrong hands.
Finland cyber-insurance can only be granted and remains effective if the policyholder has at least property and general liability insurance; if the latter is terminated, the insurance company has the right to terminate cyber-insurance.
A flourishing company ecosystem, combined with a stable and ICT -oriented society, supportive legislation and strong support for data privacy, makes Finland the ideal country for cyber and information security businesses and supports cyber insurance companies.
Finland Cyber (Liability) Insurance Industry Segmentation
The study defines the key stakeholders in the Finland Cyber (Liability) insurance market and provides detailed industry and investment analysis along with market forecasts, drivers, and restraints. Also included are insights into growth opportunities for the ecosystem participants and profiles of key companies operating in this space. Finland Cyber (Liability) Insurance Market is segmented by Product Type (Packaged and Standalone) and by Application type (Banking & Financial Services, IT & Telecom, Healthcare, Retail, and Others).
By Product Type | |
Packaged | |
Standalone |
By Application Type | |
Banking & Financial Services | |
IT & Telecom | |
Healthcare | |
Retail | |
Others |
Finland Cyber (Liability) Insurance Market Size Summary
The Finland Cyber (Liability) Insurance Market is designed to help small businesses mitigate the risks associated with cyber threats and evolving regulations. This insurance covers financial damages from incidents such as data breaches, denial-of-service attacks, and malware infections. It also includes costs for data recovery, customer notification under GDPR, and public relations efforts to manage reputational risks. To qualify for this insurance, businesses must maintain up-to-date virus protection, firewalls, and daily backups. The insurance serves as an extension of a company's property and general liability policies, providing both financial reimbursement and immediate assistance from data security experts in the event of a cyber incident.
Finland's robust cybersecurity landscape, supported by a stable, ICT-oriented society and strong data privacy laws, makes it an ideal environment for cyber insurance companies. The country is a global leader in cybersecurity and data privacy, with a vibrant startup scene and strong tech expertise driving innovation. Finnish cybersecurity firms offer a range of solutions across various sectors, including energy, manufacturing, and telecommunications. The National Cybersecurity Strategy outlines Finland's objectives to enhance national security and participate in international cybersecurity discussions. Major players in the cyber insurance market include AIG, AXA, OP Insurance, and Allianz, among others, who provide both compensation and expert support to businesses facing cyber threats.
Finland Cyber (Liability) Insurance Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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1.5 Government Regulations
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1.6 COVID-19 Impact on the Market
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Packaged
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2.1.2 Standalone
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2.2 By Application Type
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2.2.1 Banking & Financial Services
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2.2.2 IT & Telecom
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2.2.3 Healthcare
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2.2.4 Retail
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2.2.5 Others
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Finland Cyber (Liability) Insurance Market Size FAQs
What is the current Finland Cyber (Liability) Insurance Market size?
The Finland Cyber (Liability) Insurance Market is projected to register a CAGR of 2% during the forecast period (2024-2029)
Who are the key players in Finland Cyber (Liability) Insurance Market?
AIG, AXA, OP Insurance, Allianz and LocalTapiola are the major companies operating in the Finland Cyber (Liability) Insurance Market.