The global demand for Cybersecurity Insurance Market is presumed to reach the market size of nearly USD 39.69 MN by 2028 from USD 10.7 MN in 2021 with a CAGR of 20.6% under the study period 2022 - 2028.
Cybersecurity insurance is becoming more of a must-have for businesses. Cybersecurity insurance covers a business's cyber liabilities post attacks, including fine charges, compliances, hardware and software repairs, third-party compensation, and others.
The usage of social media platforms is rising leading to an easy access to personal information via the internet which have prompted cybercriminals to commit crimes involving the sale of personal information such as credit card numbers, IDs, medical records, and more on the dark web. As a result, it has contributed to an increase in the market's demand for cybersecurity insurance. Moreover, regulations for cyber insurance are expected to grow in the coming years, as a growing number of regulatory bodies will require a higher standard of information to gather and report on cybercrimes. SMEs are majorly adopting cybersecurity insurance solutions and services to secure from cyberattacks due to the growing instances of fraud. Furthermore, with effective government regulations and technological advancements, cybersecurity insurance is witnessing high growth opportunities in this region. The major factors fueling the market include the growing sophistication of cyber-attacks amplifying the fear of financial losses and the increasing need for compliance with various upcoming regulations. However, the higher cost of cybersecurity insurance is one of the major factors hampering the growth of the cybersecurity insurance market.
The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of cybersecurity insurance. The growth and trends of cybersecurity insurance industry provide a holistic approach to this study.
This section of the cybersecurity insurance market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Insurance Coverage
- Cybersecurity Insurance Solutions (Cybersecurity Insurance Analytics Platform, Disaster Recovery And Business Continuity, Other Cybersecurity Solution)
- Cybersecurity Insurance Services (Consulting/ Advisory, Security Awareness Training, Others (Infrastructure Services, Implementation, And Support And Maintenance)
By Insurance Type
- Cybersecurity Insurance For Data Breach
- Cybersecurity Insurance For Data Loss (Denial Of Service And Down-Time, Ransomware Attacks, Others (Third Party Data, Business Disruption, And Social Engineering)
- Cybersecurity Liability (Type, Source/Target)
By Organization Size
- Packaged Cybersecurity Insurance
- Stand-Alone Cybersecurity Insurance
By End User
- Cybersecurity Insurance For Large Enterprises
- Cybersecurity Insurance For SMEs
- Cybersecurity Insurance For Technology Providers
- Cybersecurity Insurance For Insurance Providers
This section covers the regional outlook, which accentuates current and future demand for the Cybersecurity Insurance market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Cybersecurity Insurance Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the cybersecurity insurance market include BitSight, Prevalent, RedSeal, SecurityScorecard, Cyber Indemnity Solutions, Allianz, AIG, Aon, Arthur J. Gallagher & Co, Travelers Insurance, AXA XL, Axis. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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