中国网络安全保险市场的发展机遇与挑战, Cyber insurance market in China
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The information technology revolution in China has moved firmly into the era of the digital economy. Guided by China's Big Data and internet powerhouse strategy, the country's internet infrastructure has improved significantly, the number of internet users has grown rapidly, and so has internet accessibility. China's digital economy generated revenues of RMB 31.3 trillion (USD 4.7 trillion) in 2018, a nominal year-on-year increase of 20.9%, and equivalent to 34.8% of national gross domestic product. With the rapid development, digital cooperation across companies, industries, online and offline channels, and different business formats is growing, and new online business models based on innovative scenarios and enhanced consumer experience are emerging. These are being incorporated into an all-encompassing economic ecosystem with various resources and channels.
With this progress, the nature and potential threat of cyber risk is continuously evolving, and becoming ever more complicated. Today, cyber risk is one of the leading risk concerns for all countries of the world. In China, cyber risk has been designated as a strategic issue for national security. The Cybersecurity Law of the People's Republic of China took effective 1 June 2017, marking the establishment of a national cybersecurity regulation framework. The regulatory mechanisms will continue improving over the next several years.
With limited market information publicly available, it is difficult to estimate the size of the cyber insurance market in China. For this reason, Swiss Re has undertaken an in-depth research project to understand current developments in the cyber insurance market in China, key market features, and customer needs and pain points. The study also analyses the main issues affecting industry development and the challenges facing insurers. Drawing on international experience, developments in the legal environment and projections of economic growth, we estimate the current and future market size. As a cautionary note, we note that a market does not normally develop in linear fashion and likewise, that the growth of the cyber insurance market in China is subject to many external factors.
We hope this report provides some valuable insights that will contribute to the continued development of the cyber insurance market in China.