Finland Cyber (Liability) Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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).

Market Snapshot

Market Summary
Study Period: 2018-2027
Base Year: 2021
CAGR: 2 %

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Market Overview

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.

Scope of the Report

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

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Key Market Trends

Finland Offers Expertise in Cybersecurity Software, Hardware, Digital Services and Partnerships

Finland is a safe, secure, and transparent society. It is one of the global leaders in cybersecurity. It is one of the leading countries in data privacy and threat prevention solutions and identity management. It is known for many fundamental cybersecurity technologies essential to cyber and information security.

Finland’s strong tech expertise, high education level and vibrant startup scene contribute to an attitude of innovation, putting us at the forefront of digitalization, communication technologies and smart & clean technologies. The Finnish cybersecurity scene is outlined by the National Cybersecurity Strategy. Customers of Finnish cybersecurity companies cover business verticals, ranging from the energy sector and heavy manufacturing industry to the telecom sector and municipal infrastructure. Solutions reach from software and hardware products to digital services and partnerships. Cybersecurity also provides a central supporting role in public and private healthcare and governmental bodies. Research and comprehensive education foster methods and technology to tackle security challenges in organizations.

Finnish cybersecurity innovations are rooted in the strong company ecosystem and ICT-oriented society. Some of the top technology companies in Finland that offers cybersecurity solutions are F-Secure, Cyberwatch, Flashtech, Solita, Granite GRC, Cybersec etc.

EU

Finland’s Cyber Security Strategy

Finland’s national cybersecurity strategy aims to respond to cyber threats, strengthen the overall security of society and ensure the smooth functioning of the cyber domain in all circumstances. The Strategy presents ten objectives that, when implemented, provide Finland with the capability nationally to control the intentional and unintentional adverse effects of the cyber domain as well as to respond to and recover from them. One of the objectives is that Finland shall strengthen its national cybersecurity by participating actively and effectively in international discussions and cooperation on cybersecurity. The Foreign Ministry coordinates this international activity. The Security Committee monitors the implementation of Finland’s Cyber Security Strategy.

The strategy also aims to support the development of accessible and reliable digital services and business development. To solve international cybersecurity challenges, Finland plays an active role in the European Union and key international organisations (UN, OECD, OSCE, Council of Europe, the framework of NATO partnership programmes).

In 2020, roughly 12 thousand information security violations and threat notifications were processed by the National Cyber Security Centre in Finland. This was a major increase of over 100 percent from the previous year, when roughly 4.5 thousand cases were handled. Most notifications processed by the national authorities during 2020 concerned online scams (4,912) and phishing (3,771). Other common types of information security violations and threats included spam, malware, and data breaches.

Violations

Competitive Landscape

Cyber-insurance companies not only provide compensation but also quick help through data security experts. Some of the major players in the Finland Cyber (Liability) insurance market are AIG, AXA, Aon plc, OP Insurance, Allianz, LocalTapiola, Dual Finland, If Insurance, and others.

Recent Development

August 2019, Finland’s National Bureau of Investigations (NBI) has joined forces with the National Cyber Security Centre (NCSC) to investigate a series of significant cyber-attacks against state-run public services websites in the country. They aim to increase expertise and capability to defend Finland’s critical IT infrastructure.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Government Regulations

    6. 4.6 COVID-19 Impact on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Packaged

      2. 5.1.2 Standalone

    2. 5.2 By Application Type

      1. 5.2.1 Banking & Financial Services

      2. 5.2.2 IT & Telecom

      3. 5.2.3 Healthcare

      4. 5.2.4 Retail

      5. 5.2.5 Others

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 AXA

      2. 6.2.2 Allianz

      3. 6.2.3 AIG

      4. 6.2.4 Aon plc

      5. 6.2.5 OP Insurance

      6. 6.2.6 LocalTapiola

      7. 6.2.7 If Insurance

      8. 6.2.8 Dual Finland*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

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Frequently Asked Questions

The Finland Cyber (Liability) Insurance Market market is studied from 2018 - 2027.

The Finland Cyber (Liability) Insurance Market is growing at a CAGR of 2% over the next 5 years.

AIG, AXA, OP Insurance, Allianz, LocalTapiola are the major companies operating in Finland Cyber (Liability) Insurance Market .

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