Please Wait.....
Report
Norway Cyber (Liability) Insurance Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 150 Pages I Mordor Intelligence
Norway is regarded as the market most lagging of the Nordic countries regarding organizations' adoption of cyber-insurance. At the same time, it's a technologically developed country, with an estimated loss from cybercrime at 0.64% of GDP, which is above the EU average.
Norwegian and international companies are increasingly dependent on available data and functioning networks to be able to carry out their activities. Managers and top executives can no longer afford to ignore cyber risk, which in its broadest form can be defined as any risk related to information technology.
Norway is one of the leading digital nations in the world. The digitalization of Norwegian society also represents a challenge. Digital infrastructure and systems are becoming increasingly complex, comprehensive, and integrated. Dependencies and vulnerabilities are progressively emerging across areas of responsibility, sectors, and nations, and it is generally expected that digital services should be accessible anywhere and all times. Successful digitalization also includes making sure that the solutions provided appropriately accommodate demands for the security and privacy of the individual, and that everyone can be confident that the digital services will function as they should.
Cyber insurance pricing generally increased in Norway, while insurers limited their appetite for these risks. Ransomware continued to be a primary concern, with insurers typically restricting coverage and limiting their exposure to these claims. More than ever, insurers are expected to display a sound cybersecurity strategy to be considered insurable and to receive the best available terms and conditions.
Norway Cyber (Liability) Insurance Market Trends
The General Data Protection Regulation (GDPR)
GDPR is an EU regulation, it will have direct applicability and direct effect in all EU member states. Norway, however, is not an EU member state but a member of the European Economic Area (EEA) and a different procedure, therefore, applies before the GDPR can become part of Norwegian law. Norway, in fact, already has some sector-specific data protection rules. The Personal Data Act and its regulations have 'inter alia' specific rules which limit an employer's access to its employees' e-mail and other electronic workspaces, rules on video surveillance, and rules on the processing of personal data by credit information services. In the health sector, Norway has several statutes which have data protection implications such as the Personal Health Data Filing System Act and the Health Research Act.
GDPR fines were found to be insurable in only two countries, Norway, and Finland, out of the 30 European countries. The EU's Privacy Regulation (GDPR) places greater demands on understanding the company's risk exposure in this area and will significantly increase the economic consequences of cyber-attacks for all companies.
Increase in Digitalization Leads to Rising Cybercrimes
96% of all Norwegian are online, more than 90% embrace new technology, and 6 of 10 feel capable of judging what is safe to do online. Still, cyber-crime costs Norway approximately NKR 19 billion annually. At the same time, 73.9% argue that the Internet will not be safer even if their personal computer is secure. It is found that most Norwegians accepts that their online activities may be monitored by the authorities. But less than half the population believe the Police can help them if they are subject to cybercrime, and 4 of 10 sees cyber activists play a role in the fight against cybercrime and cyberwar. 44% of the participants in this study say that they have refrained from using an online service after they have learned about threats or security incidents. This should influence digitalization policy.
Norway is the 5th most digitized country in the world and thus has the potential to gain 24MNOK2 per year because of a 10% increase in digitalization. At the same time, cybercrime costs Norwegian society large sums every year. Digitalization has the potential to create economic growth and welfare through national and global trade, and more efficient public services. However, this potential is nearly eliminated because of an increased level of cybercrime. When adding the fact that foreign powers are stealing Norwegian technology research and development, the very thing our future generation will base their economy on, it is important to safeguard and protect national ability to freely utilize the tremendous power that lies in digitalization.
Cybersecurity software is programs that monitor user behavior or know threat activities, and that enforce technical security controls on the behalf of the user. Most are familiar with anti-virus and firewalls, but numerous other programs can aid the user towards a more secure online experience. Hence, companies need to have cyber insurance in Norway.
Norway Cyber (Liability) Insurance Market Competitor Analysis
The report provides an analysis of major cyber liability insurance providers in the market. The players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the Norway cyber insurance market. For example, AGCS and Munich Re have jointly developed a commercial cyber risk insurance solution called "Cloud Protection +." Some of the major players in the Norway Cyber (Liability) Insurance market are Aon Plc., American International Group, Inc. (AIG), AXA XL, Allianz Group, Chubb Limited, NHO Insurance, Zurich Insurance Group, Cisco Insurance, Marsh and others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Government Regulations
4.6 COVID-19 Impact on the Market
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Packaged
5.1.2 Standalone
5.2 By Application Type
5.2.1 Banking & Financial Services
5.2.2 IT & Telecom
5.2.3 Healthcare
5.2.4 Retail
5.2.5 Others
6 COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Aon Plc.
6.2.2 American International Group, Inc. (AIG)
6.2.3 AXA XL
6.2.4 Allianz Group
6.2.5 Chubb Limited
6.2.6 NHO Insurance
6.2.7 Zurich Insurance Group
6.2.8 Cisco Insurance
6.2.9 Marsh*
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 DISCLAIMER
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security