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crime

Market for personal information theft insurance looks set to boom in 2021

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By George Lloyd, grape Japan

Market research firm Kenneth Research has published a report that shines a light on growing demand for personal information theft prevention services, including insurance. The report highlights several key market dynamics, including growth drivers, market opportunities, challenges and threats in the privacy services market.

Worldwide, the privacy services market was worth $473 million in 2019. It is also expected to be worth $13 billion by the end of 2028.

Demand for privacy services from the corporate and consumer industries is being driven by the increase in cybercrime around the world. According to the Internet Crime Complaint Center (IC3), more than 467,000 cybercrime complaints were filed in 2019.

Personal information theft is driven by increasing use of online financial transactions. Hackers have become skilled at stealing electronic IDs. As the thieves get cannier, the security market gets bigger and inevitably it is the consumer who has to shoulder the increased cost.

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Photo: [email protected], CC0, via Wikimedia Commons

According to the United States’ FTC (Federal Trade Commission), there were more than 3.2 million cases of personal information theft in 2019. In addition, the Personal Information Theft Resource Center (PITRC) reported more than 577 data breaches in 2019, resulting in the publication of over 15 million records.

The personal information theft prevention service market is classified by type of theft (criminal, financial, credit card fraud, government personal information, personal information of employment, etc.), by service (surveillance service and personal information recovery / personal information theft insurance service) and is divided by end-user (company and consumer).

The global personal information anti-theft service market is categorized according to the type of theft, be it criminal, financial, credit card fraud, governmental, personal information, etc. Credit card fraud was worth $126 million in 2019, with the largest market share of 26%. Credit card fraud is projected to be worth $418 million by 2028.

Kenneth Research’s report also provides detailed regional analysis. It shows that North America holds the largest share of the anti-personal information theft services market.

Unsurprisingly, all of the industry leaders in the privacy services market are American. They include Equifax Inc, LexisNexis Risk Solutions, AllClear ID, Experian Information Solutions Inc, Fair Isaac Corporation, NortonLifeLock Inc, TransUnion LLC, IdentityForce Inc, and Identity IQ.

Kenneth Research’s report provides detailed analysis of all employees in these organization, key strategies, a key matrix that describes the company's financial position, and other notable factors, such as mergers and acquisitions.

The report also includes industry growth drivers, constraints, supply and demand risks, market appeal, year-over-year (YOY) growth comparisons, market share comparisons, BPS analysis, SWOT analysis, Porter's Five Forces model, and some prominent market analysis parameters.

Kenneth Research is a distributor of multi-client market research reports to help business professionals develop business plan strategies for future expansion. With the help of a large database of syndicated market research reports and a range of report customizations, the platform offers a wide range of opportunities for industry professionals to reach their ultimate goals. Kenneth Research serves industries at various levels, including consumer goods and food, healthcare, information and communications technology, energy and electricity, and chemistry.

You can find details of the survey report here.

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© grape Japan

©2021 GPlusMedia Inc.

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Just how does such an Insurance Policy work ?

You'd have to prove Identity theft, and how do you prove the damage that has been caused ?

Theft of Cash from your Bank account - then you're covered by the Bank. What about a post to social media that harms your reputation ?

Seems like another way to get money from you, and like other Insurances they will do their best to not pay up.

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