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Rise in cyberthreats propelling insurance fraud detection solutions

The increased volume of cyberthreats affecting organizations worldwide is expected to propel the growth of the insurance fraud detection market, according to new findings published by Research and Markets.

A cyberattack is defined as a dangerous and intentional attempt by an individual or organization to gain access to another person’s or organization’s data. Insurance companies are an excellent target for cyber-attacks since they have access to a large amount of personal policyholder data. Compared to other industries, which hold mainly sensitive financial data, insurers typically also collect a large amount of protected personal sensitive information.

The global insurance fraud detection market, found the reaerch, is expected to grow from $4.24 billion in 2021 to $5.19 billion in 2022 at a compound annual growth rate (CAGR) of 22.6%. The insurance fraud detection market is expected to grow to $12.01 billion in 2026 at a CAGR of 23.3%.

The insurance fraud detection market consists of sales of insurance fraud detection services by entities (organizations, sole traders, and partnerships) that help in the identification and prevention of fraudulent activities related to money or insurance.

Numerous software-based solutions are used to analyze historic patterns and incidents to predict future occurrences. Insurance fraud detection is generally used by organizations for fraud analytics, authentication, governance, risk, and compliance to safeguard databases and identify vulnerabilities.

The main deployment types of insurance fraud detection are on-premises and cloud. On-premises insurance fraud detection refers to software that is implemented and activated on computers on the premises of the individual or using the software, instead of at a distant facility such as a server farm or cloud.

The various components of insurance fraud detection include solutions, and services that are used by small and medium-sized enterprises (SMEs), and large enterprises. The applications of insurance fraud detection are claims fraud, identity theft, payment and billing fraud, and money laundering that are used across various end-users such as insurance companies, insurance intermediaries, agents and brokers, and other end-users.

Trends in cybersecurity are just one of the areas that will be examined in this unmissable media roundtable discussion:


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