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Cyber Insurance Market

Cyber Insurance Market Size, Share & Trends Analysis Report

Cyber Insurance Market Size, Share & Trends Analysis Report By Component (Solution, Services), By Insurance Type (Packaged, Stand-Alone), By Organization Size (Small And Medium Enterprises, Large Enterprises), By End-Use Industry (BFSI, Healthcare, IT And Telecom, Retail), Based On Region, And Segment Forecasts, 2022 - 2029

Published
Report ID : BMRC 314
Number of pages : 300
Published Date : Nov 2022
Category : Technology And Media
Delivery Timeline : 48 hrs

Cyber Insurance Market is valued at USD 111.77 Billion in 2022 and is expected to reach USD 581.28 Billion by 2029 with a CAGR of 26.56% over the forecast period.

Scope of Global Cyber Insurance Market Report

Cyber-insurance is nothing, but a specialty appearances insurance product projected to defend businesses, and individuals delivering facilities for such businesses, from Internet-based hazards, and further usually from risks involving to information governance liability, information technology infrastructure, information privacy, and events associated thereto. It normally involves damages from network security breaches, indemnification from lawsuits associated to data breaches, loss of privacy, and others. Cyber insurance shields businesses against digital risks, such as malicious hacks, data breaches, malware, distributed denial-of-service (DDoS), and ransomware.

It also recommends economic analysis for sensitive customer data, comprising health records and credit card, social security, account, and driver's license numbers. It alerts customers regarding cybersecurity cases, rebuilds their characters, recovers cooperated data, and repairs harmed computer systems. Currently, many insurers all-inclusive are proposing personalized plans depending on business obligations. These plans cover up legal fees and payments for physical injury and income loss. In the Early stage of the 1990s, emphasis on the extensive merits of cyber-insurance, or protocols derived from digital cash to facilitate risk reorganization in dispersed systems.

During the COVID-19 pandemic crisis, several governments and regulatory authorities support both public and private organizations to adopt new practices for driving remotely and keeping social distancing. With the widespread use of WFH, internet access around the corners of the globe is inclined towards the use of digital technologies and this is creating a positive impact on cyber insurance market globally.

The global cyber insurance market is segmented on the basis on component, insurance type, organization size, end-use industry, and region & country level. Based on component, the cyber insurance market is classified into solution and services. Based on insurance type, the market is categorized into packaged and stand-alone. Based on organization size, the cyber insurance market is categorized into small and medium enterprises and large enterprises. Based on end-use industry, the cyber insurance market is divided as BFSI, healthcare, IT and telecom, retail, and other.

The regions covered in Cyber Insurance Market report are North America, Europe, Asia-Pacific, and Rest of the World. Based on country level, the market of in Cyber Insurance is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.

Key Players for Global Cyber Insurance Market

Global Cyber Insurance Market reports cover prominent players like

  • Allianz
  • American International Group
  • Aon plc
  • AXA
  • Berkshire Hathway Inc.
  • Lloyd’s of London Ltd.
  • Lockton Companies, Inc.
  • Munich Re
  • The Chubb Corporation
  • Zurich
  • others

Global Cyber Insurance Market Segmentation

By Component

  • Solution
  • Services

By Insurance Type

  • Packaged
  • Stand-alone

By Organization Size

  • Small and Medium Enterprises
  • Large Enterprises

By End-Use Industry

  • BFSI
  • Healthcare
  • IT and Telecom
  • Retail
  • Others

News

Datastream Cyber Insurance Launched Global Partner Program

On June 3rd, 2021: Datastream Cyber Insurance announced a step-change in the cyber insurance sector with the launch of its Global Partner Program for MSPs. The program has been designed to reduce the risk and impact of cybersecurity events for small and medium sized businesses across the US and make the process of integrating insurance into a cyber risk program far simpler and more efficient. It also gives those at the forefront of the battle against cyber criminality, the MSP, MSSP and VAR  community, a dedicated resource in the cyber insurance space so they can complete the protection their clients need.

Global Cyber Insurance Market Dynamics

The escalating number of cyber-attacks in several sectors is one of the prominent factors significantly driving the growth of the cyber insurance market throughout the world. Several sectors including banking, healthcare, retail, financial institutions, and others have headed to the data security and reputational loss concerns. For instance; in February 2018, the Central Bank of Russia circulated that a band of hackers controlled to obtain around $6 million from a regional bank through their SWIFT system. Also, according to the Federal Bureau of Investigation, cyberattacks have risen by 300% in 2020. There will be almost 3.5 million open cybersecurity jobs waiting to be filled in 2021, with around 500,000 open positions in the United States. The increasing cyber-attacks are responsible to lead the demand for cyber insurance worldwide.

Cyber insurance protects against these cyber-attacks and lessens the losses. In addition, the surge in mandatory cybersecurity guidelines and legislation regarding cybersecurity are also supplementing the market growth. For example; the Californian assembly launched a bill to create cybersecurity insurance mandatory to procedure regulated and secure personal data for all state contractors in February 2020.

However, escalating cybersecurity insurance costs may hamper the cyber insurance market growth. In spite of that, the firms are broadening cyber liability to supply chains, delivering new opportunities for cyber insurance suppliers to innovate the insurance products in the market which may offer more opportunities for the further growth of the market.

Global Cyber Insurance Market Regional Analysis

On a geographic basis, North America is expected to dominate the growth of the cyber insurance market owing to various factors such as the expansion of the retail industry, innovations, and developments in cyber insurance in this region. For instance; Cynet, in its lately distributed State of Breach Protection 2020 Report, has revealed that around 25% of security alerts are left unattended each day in the United States. Also, according to the ITRC’s latest anticipated, the average number of data breaches increased to 1473 breaches in 2019 faced by the United States. These various innovations and developments in the cyber insurance sector are resulting in the demand for cyber insurance. 

The Asia Pacific is projected to become the fastest-growing market for cyber insurance owing to the rising use of electronic devices for storing data. Cyber insurance helps to protect computer systems or data against injuries caused by electronic threats. The ever-increasing adoption of electronic devices is responsible to improve the demand for cyber insurance in this region. For instance; China is the world’s largest producer, consumer, and exporter of consumer electronics devices for storing data. China is considered as the world’s biggest producer of mobile phones, computers, and televisions, respectively producing over 90 percent, 90 percent, and 70 percent of these devices in 2018. As a number of usages of electronic devices for storing data increases, the demand for cyber insurance for protection is rising eventually.

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Sweden
  • Netherland
  • Turkey
  • Switzerland
  • Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • Philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest Of APAC

Latin America

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest Of MEA
Report Analysis Details
Historical data 2015 - 2022
Forecast Period 2022 - 2029
Market Size in 2022: USD 111.77 Billion 
Base year considered 2021
Forecast Period CAGR %: 26.56%
Market Size Expected in 2029: USD 581.28 Billion
Tables, Charts & Figures: 175
Pages 300
Key Players/Companies Allianz, American International Group, Inc., Aon plc, AXA, Berkshire Hathway Inc., Lloyd’s of London Ltd., Lockton Companies, Inc., Munich Re, The Chubb Corporation, Zurich & Others.
Segments Covered By Component, By Insurance Type, By Organization Size, By End-Use Industry
Regional Analysis North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
SUMMARY
VishalSawant
Vishal Sawant
Business Development
vishal@brandessenceresearch.com
+91 8830 254 358
Segmentation
Segments

By Component:

  • Solution
  • Services

By Insurance Type:

  • Packaged
  • Stand-alone

By Organization Size:

  • Small and Medium Enterprises
  • Large Enterprises

By End-Use Industry:

  • BFSI
  • Healthcare
  • IT and Telecom
  • Retail
  • Others
Country
Regions and Country

North America

  • U.S.
    U.S.
  • Canada
    Canada

Europe

  • Germany
    Germany
  • France
    France
  • U.K.
    U.K.
  • Italy
    Italy
  • Spain
    Spain
  • Sweden
    Sweden
  • Netherlands
    Netherlands
  • Turkey
    Turkey
  • Switzerland
    Switzerland
  • Belgium
    Belgium
  • Rest of Europe

Asia-Pacific

  • South Korea
    South Korea
  • Japan
    Japan
  • China
    China
  • India
    India
  • Australia
    Australia
  • Philippines
    Philippines
  • Singapore
    Singapore
  • Malaysia
    Malaysia
  • Thailand
    Thailand
  • Indonesia
    Indonesia
  • Rest of APAC

Latin America

  • Mexico
    Mexico
  • Colombia
    Colombia
  • Brazil
    Brazil
  • Argentina
    Argentina
  • Peru
    Peru
  • Rest of South America

Middle East and Africa

  • Saudi Arabia
    Saudi Arabia
  • UAE
    UAE
  • Egypt
    Egypt
  • South Africa
    South Africa
  • Rest of MEA
Company
Key Players
  • Allianz
  • American International Group, Inc.
  • Aon plc
  • AXA
  • Berkshire Hathway Inc.
  • Lloyd’s of London Ltd.
  • Lockton Companies, Inc.
  • Munich Re
  • The Chubb Corporation
  • Zurich
  • others

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