Cybersecurity Insurance Market

Cybersecurity Insurance Market Size, Share, Growth Analysis, By Region:(North America, United States (US)) - Industry Forecast 2024-2031

Report ID: UCMIG40D2033 | Region: Global | Published Date: Upcoming |
Pages: 165 | Tables: 55 | Figures: 60

Cybersecurity Insurance Market Insights

Market Overview:

At a predicted CAGR of 11.4% over the forecast period, the market for cybersecurity insurance is expected to increase in size from USD 10.3 billion in 2023 to USD 17.6 billion by 2028. the different main factors include Increased cybersecurity laws and regulations, a high rate of financial loss recovery, and an increase in the frequency and sophistication of cyber threats all work together to increase demand for insurance protection.

Cybersecurity Insurance Market, Forecast & Y-O-Y Growth Rate, 2020 - 2028
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This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.

Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.

The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Other Diversified Financial Services by segment aggregation, the contribution of the Other Diversified Financial Services in Diversified Financials and vendor share.

To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.

Segmentation Analysis:

The Cybersecurity Insurance Market is segmented by Region:. We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future.

Cybersecurity Insurance Market Basis Point Share Analysis, 2021 Vs. 2028
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  • Based on Region: the market is segmented as, North America, United States (US), Canada, Europe, United Kingdom (UK), Germany, France, Italy, Spain, Rest of Europe, Asia Pacific, China, Japan, India, Australia and New Zealand, Southeast Asia, Rest of Asia Pacific, Middle East and Africa, UAE, KSA, South Africa, Rest of Middle East and Africa, Latin America, Brazil, Mexico, Rest of Latin America, KEY MARKET PLAYERS, BitSight, Prevalent, RedSeal, SecurityScorecard, Cyber Indemnity Solutions, Cisco, UpGuard, Microsoft, Check Point, AttackIQ, SentinelOne, Broadcom, Accenture, Cylance, Trellix, CyberArk, CYE, SecurIT360, Founder Shield, Allianz, AIG, Aon, Arthur J. Gallagher & Co, Travelers Insurance, AXA XL, AXIS Capital, Beazley, Chubb, CNA Financial, Fairfax Financial, Liberty Mutual, Lloyd’s of London, Lockton, Munich Re Group, At-Bay, Cybernance, Coalition, Resilience, Kovrr, Sayata Labs, Zeguro, Ivanti, SafeBreach, Cronus Cyber Technologies

Regional Analysis:

Cybersecurity Insurance Market is being analyzed by North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) regions. Key countries including the U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, and South Africa among others were analyzed considering various micro and macro trends.

Cybersecurity Insurance Market Attractiveness Analysis, By Region 2020-2028
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Cybersecurity Insurance Market : Risk Analysis

SkyQuest's expert analysts have conducted a risk analysis to understand the impact of external extremities on Cybersecurity Insurance Market. We analyzed how geopolitical influence, natural disasters, climate change, legal scenario, economic impact, trade & economic policies, social & ethnic concerns, and demographic changes might affect Cybersecurity Insurance Market's supply chain, distribution, and total revenue growth.

Competitive landscaping:

To understand the competitive landscape, we are analyzing key Cybersecurity Insurance Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the Cybersecurity Insurance Market.

To validate our hypothesis and validate our findings on the market ecosystem, we are also conducting a detailed porter's five forces analysis. Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry each force is analyzed by various parameters governing those forces.

Key Players Covered in the Report:

  • curity insurance market size is projected to grow from USD 10.3 billion in 2023 to USD 17.6 billion by 2028, at a CAGR of 11.4% during the forecast period. As digital transformation advances, the expanded use of digital technologies and emerging tech increases the vulnerability to cyber threats. Cybersecurity insurance assists organizations in managing and mitigating these risks.
  • Cybersecurity Insurance Market Dynamics
  • Driver: Increase in frequency and sophistication of cyber threats
  • Instances of massive cyberattacks are on the rise globally, causing substantial financial losses for individuals, enterprises, and governments. Cybercriminals target various IT infrastructure, aiming for political, financial, reputational, or radical interests. Ransomwares like WannaCry, Petya, NotPetya, and BadRabbit have affected organizations extensively. For instance, the SamSam ransomware attack disrupted municipal services in Atlanta, demanding a ransom of around USD 50,000. Cyber threats hamper business productivity and necessitate safeguarding critical IT infrastructure and data. Enterprises are increasingly investing in cybersecurity products and services to mitigate the risk of data breaches. As cyberattacks become more sophisticated, organizations worldwide turn to cybersecurity insurance to counteract the financial impact of swarm cyberattack losses.
  • Restraint: Lack of awareness related to cybersecurity insurance and reluctance in choosing cybersecurity insurance over cybersecurity solutions
  • With the increasing awareness of security risks and the rise in cyberattacks, governments and organizations are increasing their cybersecurity expenditure. However, many enterprises neglect cybersecurity insurance, which can help combat financial losses. The annual cost of cybercrime is estimated to reach USD 1.5 trillion, with only a small fraction covered by insurance companies. The lack of clarity and awareness about cybersecurity insurance hinders market growth, with some enterprises mistaking it for Errors and Omissions insurance. Enterprises globally should realize that the financial damage from a security incident can surpass the initial investment in cybersecurity insurance.
  • Opportunity: Exclusion of cybersecurity insurance cover from Property and Casualty (P&C) insurance
  • With the rise in social media usage and IoT, the risks of cyberattacks are growing massively. In the past, casualty policies only insured against third-party damage to only tangible computer property. However, with the proliferation of digital devices and advancements in new technologies, casualty insurers have realized that the rise of cyber exposures has also soared. The regulatory pressure from the EU GDPR and the Prudential Regulatory Authority (PRA) is also persuading insurers to manage cyber risks with a dedicated cybersecurity insurance policy. Insurers and regulators are concentrating on developing standalone cybersecurity insurance policies for better clarity and eliminating the ‘silent cyber’ claims. Hence, insurers are looking forward to adopting the usage of exclusive cybersecurity insurance policies to prevent unintended exposure from unclear cyber cover.
  • Challenge: Data privacy concerns
  • Data privacy concerns about how critical enterprise data or personal information to be used or misused is a barrier to adopting cybersecurity insurance. The global spread of COVID-19 has generated many questions about data protection, privacy, security, and compliance. Due to COVID-19, companies and organizations are reviewing their privacy policies to ensure the appropriate disclosure of Personally Identifiable Information (PII) to government agencies and cyber insurers to ensure data privacy. Some enterprises hesitate to reveal reliable information related to environmental risk exposures, making it burdensome for insurers to guide effective cybersecurity insurance policies. Insureds are reluctant to share information with insurers due to the fear of disclosure risks. Enterprises are wary of revealing cyber incident data as they feel that the exposed data could further intensify attacks and expose it to regulatory fines or legal fees.
  • Cybersecurity insurance Market Ecosystem
  • Prominent companies in this market include well-established, financially stable providers of cybersecurity insurance solutions and services. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include CyberCube, BitSight Technologies, and SecurityScorecard.
  • By insurance coverage, the cyber liability segment expected to hold a larger market size during the forecast period
  • Cyber risk insurance or cyber liability insurance helps organizations recover from the financial costs associated with data breaches, viruses, and other cyber-attacks. This insurance covers expenses incurred by the organization itself (first-party claims) and expenses arising from claims made by external parties (third-party claims). The policy reimburses various costs such as investigation expenses, business losses, legal proceedings, extortion, privacy issues, and notifications. Due to the increasing sophistication of cyber-attacks and stricter regulations, businesses are encouraged to adopt cybersecurity insurance solutions proactively. By offering both first-party and third-party coverage, cyber liability insurance policies can help insurers mitigate the negative consequences of a security breach, which could otherwise lead to significant business losses. Key vendors in the cybersecurity insurance market include Allianz Group, AIG, Chubb, Aon, Zurich, AXA, and Berkshire Hathaway, among others.
  • By solution, cybersecurity insurance analytics platform is expected to register higher CAGR during forecast period
  • Analytics platforms for cybersecurity insurance provide valuable insights into security risks and targeted attacks, offering actionable intelligence. These platforms cater to insurance brokers, insurers, reinsurance brokers, and reinsurers, providing them with a comprehensive view of enterprise risk profiles. CyberCube, a leading cyber risk analytics platform, has partnered with major insurance industry players, including Aon, Chubb, Hiscox, CNA, Woodruff Sawyer, and Munich RE. These collaborations empower insurance companies with data-driven risk assessment solutions. In 2019, CyberCube collaborated with Aon to deliver their insurance clients an effective cybersecurity insurance analytics platform for improved risk management and exposure measurement. The growing impact of cyber threats has led insurance companies to adopt data risk and analytics platforms more extensively. Arceo.ai, for example, offers a range of tools to assist brokers and underwriters in covering cyber risks. Verisk, a data analytics provider, introduced the Cyber Underwriting Report in 2020, utilizing AI modeling and ML capabilities to help insurers underwrite cyber policies based on data from 100,000 cyberattacks. Other companies such as Corax, and Cytegic also provide AI-based risk management solutions to insurance providers.
  • Based on region, North America is expected to hold the largest market size during the forecast
  • North America dominates the global cybersecurity insurance market, with the US and Canada leading the way. This region benefits from advanced infrastructure and widespread adoption of cyber technology. It is expected to hold the largest market share in terms of size. The US, in particular, presents significant opportunities for cybersecurity insurance solution providers due to strict regulations and a diverse range of industries. Cyberattacks have a substantial financial impact on enterprises of all sizes, including critical industries. According to a report by Emsisoft featured in The New York Times, 205,280 organizations in North America fell victim to ransomware attacks in 2019. With the increasing frequency of attacks and the rise of Bring Your Own Device (BYOD), especially in the context of the COVID-19 pandemic, US and Canadian enterprises are recognizing the importance of securing their data and mitigating financial losses through cybersecurity insurance policies.
  • Recent Developments:
  • In May 2022, Microsoft developed Defender to support security systems of SMEs and reduce cyber risk. The solution provides end-point security, which includes Endpoint Detection and Response (EDR).
  • In April 2022, AttackIQ entered into partnership with Vectra, an AI based threat detection and response platform. This integration enabled customers to use AttackIQ’s PCAP and Vectra AI Platform to check efficacy.
  • In November 2021, BitSight and Marsh McLennan collaborated to improve cybersecurity performance and efficiency of the organization and help to reduce cyber risk. The Cyber Risk Analytics Center offered by Marsh McLenna leverage the capabilities of BitSight rating, data which help client to monitor their cyber security system performance.
  • KEY MARKET SEGMENTS
  • Based on offering:
  • Solution
  • Cybersecurity insurance analytics platform
  • Disaster recovery and business continuity
  • Cybersecurity solution
  • Cyber risk and vulnerability assessment
  • Cybersecurity resilience
  • Service
  • Consulting/ Advisory
  • Security awareness training
  • Others (infrastructure services, implementation, and support and maintenance)
  • Based on insurance coverage:
  • Data breach
  • Data loss
  • Denial of service and down-time
  • Ransomware attacks
  • Others (third party data, business disruption, and social engineering)
  • Cyber liability
  • Type
  • Data protection and privacy costs
  • Non-compliance penalty
  • Brand and related intellectual property protection
  • Others (human error, systems failure, controls framework, Inadequate IT security measures, and non-security related IT)
  • Source/ Target
  • Internal
  • External
  • Compliance Requirements:
  • Healthcare Compliance
  • Financial Services Compliance
  • GDPR Compliance
  • Data Privacy Compliance
  • Other Compliances
  • Based on the insurance type:
  • Packaged
  • Stand-alone
  • Based on the end user:
  • Technology provider
  • Insurance companies
  • Third-party administrators, brokers, and consultancies
  • Government agencies
  • Insurance provider
  • Financial services
  • IT and ITES
  • Healthcare and life science
  • Retail and ecommerce
  • Telecom
  • Travel, tourism, and hospitality
  • Others (Education, Manufacturing, Energy and Utilities, and Government)
  • By Region:
  • North America
  • United States (US)
  • Canada
  • Europe
  • United Kingdom (UK)
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • Australia and New Zealand
  • Southeast Asia
  • Rest of Asia Pacific
  • Middle East and Africa
  • UAE
  • KSA
  • South Africa
  • Rest of Middle East and Africa
  • Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
  • KEY MARKET PLAYERS
  • BitSight
  • Prevalent
  • RedSeal
  • SecurityScorecard
  • Cyber Indemnity Solutions
  • Cisco
  • UpGuard
  • Microsoft
  • Check Point
  • AttackIQ
  • SentinelOne
  • Broadcom
  • Accenture
  • Cylance
  • Trellix
  • CyberArk
  • CYE
  • SecurIT360
  • Founder Shield
  • Allianz
  • AIG
  • Aon
  • Arthur J. Gallagher & Co
  • Travelers Insurance
  • AXA XL
  • AXIS Capital
  • Beazley
  • Chubb
  • CNA Financial
  • Fairfax Financial
  • Liberty Mutual
  • Lloyd’s of London
  • Lockton
  • Munich Re Group
  • At-Bay
  • Cybernance
  • Coalition
  • Resilience
  • Kovrr
  • Sayata Labs
  • Zeguro
  • Ivanti
  • SafeBreach
  • Cronus Cyber Technologies

SkyQuest's Expertise:

The Cybersecurity Insurance Market is being analyzed by SkyQuest's analysts with the help of 20+ scheduled Primary interviews from both the demand and supply sides. We have already invested more than 250 hours on this report and are still refining our date to provide authenticated data to your readers and clients. Exhaustive primary and secondary research is conducted to collect information on the market, peer market, and parent market.

Our cross-industry experts and revenue-impact consultants at SkyQuest enable our clients to convert market intelligence into actionable, quantifiable results through personalized engagement.

Scope Of Report

Report Attribute Details
The base year for estimation 2021
Historical data 2016 – 2022
Forecast period 2022 – 2028
Report coverage Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis
Segments covered
  • By Region: - North America, United States (US), Canada, Europe, United Kingdom (UK), Germany, France, Italy, Spain, Rest of Europe, Asia Pacific, China, Japan, India, Australia and New Zealand, Southeast Asia, Rest of Asia Pacific, Middle East and Africa, UAE, KSA, South Africa, Rest of Middle East and Africa, Latin America, Brazil, Mexico, Rest of Latin America, KEY MARKET PLAYERS, BitSight, Prevalent, RedSeal, SecurityScorecard, Cyber Indemnity Solutions, Cisco, UpGuard, Microsoft, Check Point, AttackIQ, SentinelOne, Broadcom, Accenture, Cylance, Trellix, CyberArk, CYE, SecurIT360, Founder Shield, Allianz, AIG, Aon, Arthur J. Gallagher & Co, Travelers Insurance, AXA XL, AXIS Capital, Beazley, Chubb, CNA Financial, Fairfax Financial, Liberty Mutual, Lloyd’s of London, Lockton, Munich Re Group, At-Bay, Cybernance, Coalition, Resilience, Kovrr, Sayata Labs, Zeguro, Ivanti, SafeBreach, Cronus Cyber Technologies
Regional scope North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
Country scope U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, South Africa
Key companies profiled
  • curity insurance market size is projected to grow from USD 10.3 billion in 2023 to USD 17.6 billion by 2028, at a CAGR of 11.4% during the forecast period. As digital transformation advances, the expanded use of digital technologies and emerging tech increases the vulnerability to cyber threats. Cybersecurity insurance assists organizations in managing and mitigating these risks.
  • Cybersecurity Insurance Market Dynamics
  • Driver: Increase in frequency and sophistication of cyber threats
  • Instances of massive cyberattacks are on the rise globally, causing substantial financial losses for individuals, enterprises, and governments. Cybercriminals target various IT infrastructure, aiming for political, financial, reputational, or radical interests. Ransomwares like WannaCry, Petya, NotPetya, and BadRabbit have affected organizations extensively. For instance, the SamSam ransomware attack disrupted municipal services in Atlanta, demanding a ransom of around USD 50,000. Cyber threats hamper business productivity and necessitate safeguarding critical IT infrastructure and data. Enterprises are increasingly investing in cybersecurity products and services to mitigate the risk of data breaches. As cyberattacks become more sophisticated, organizations worldwide turn to cybersecurity insurance to counteract the financial impact of swarm cyberattack losses.
  • Restraint: Lack of awareness related to cybersecurity insurance and reluctance in choosing cybersecurity insurance over cybersecurity solutions
  • With the increasing awareness of security risks and the rise in cyberattacks, governments and organizations are increasing their cybersecurity expenditure. However, many enterprises neglect cybersecurity insurance, which can help combat financial losses. The annual cost of cybercrime is estimated to reach USD 1.5 trillion, with only a small fraction covered by insurance companies. The lack of clarity and awareness about cybersecurity insurance hinders market growth, with some enterprises mistaking it for Errors and Omissions insurance. Enterprises globally should realize that the financial damage from a security incident can surpass the initial investment in cybersecurity insurance.
  • Opportunity: Exclusion of cybersecurity insurance cover from Property and Casualty (P&C) insurance
  • With the rise in social media usage and IoT, the risks of cyberattacks are growing massively. In the past, casualty policies only insured against third-party damage to only tangible computer property. However, with the proliferation of digital devices and advancements in new technologies, casualty insurers have realized that the rise of cyber exposures has also soared. The regulatory pressure from the EU GDPR and the Prudential Regulatory Authority (PRA) is also persuading insurers to manage cyber risks with a dedicated cybersecurity insurance policy. Insurers and regulators are concentrating on developing standalone cybersecurity insurance policies for better clarity and eliminating the ‘silent cyber’ claims. Hence, insurers are looking forward to adopting the usage of exclusive cybersecurity insurance policies to prevent unintended exposure from unclear cyber cover.
  • Challenge: Data privacy concerns
  • Data privacy concerns about how critical enterprise data or personal information to be used or misused is a barrier to adopting cybersecurity insurance. The global spread of COVID-19 has generated many questions about data protection, privacy, security, and compliance. Due to COVID-19, companies and organizations are reviewing their privacy policies to ensure the appropriate disclosure of Personally Identifiable Information (PII) to government agencies and cyber insurers to ensure data privacy. Some enterprises hesitate to reveal reliable information related to environmental risk exposures, making it burdensome for insurers to guide effective cybersecurity insurance policies. Insureds are reluctant to share information with insurers due to the fear of disclosure risks. Enterprises are wary of revealing cyber incident data as they feel that the exposed data could further intensify attacks and expose it to regulatory fines or legal fees.
  • Cybersecurity insurance Market Ecosystem
  • Prominent companies in this market include well-established, financially stable providers of cybersecurity insurance solutions and services. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include CyberCube, BitSight Technologies, and SecurityScorecard.
  • By insurance coverage, the cyber liability segment expected to hold a larger market size during the forecast period
  • Cyber risk insurance or cyber liability insurance helps organizations recover from the financial costs associated with data breaches, viruses, and other cyber-attacks. This insurance covers expenses incurred by the organization itself (first-party claims) and expenses arising from claims made by external parties (third-party claims). The policy reimburses various costs such as investigation expenses, business losses, legal proceedings, extortion, privacy issues, and notifications. Due to the increasing sophistication of cyber-attacks and stricter regulations, businesses are encouraged to adopt cybersecurity insurance solutions proactively. By offering both first-party and third-party coverage, cyber liability insurance policies can help insurers mitigate the negative consequences of a security breach, which could otherwise lead to significant business losses. Key vendors in the cybersecurity insurance market include Allianz Group, AIG, Chubb, Aon, Zurich, AXA, and Berkshire Hathaway, among others.
  • By solution, cybersecurity insurance analytics platform is expected to register higher CAGR during forecast period
  • Analytics platforms for cybersecurity insurance provide valuable insights into security risks and targeted attacks, offering actionable intelligence. These platforms cater to insurance brokers, insurers, reinsurance brokers, and reinsurers, providing them with a comprehensive view of enterprise risk profiles. CyberCube, a leading cyber risk analytics platform, has partnered with major insurance industry players, including Aon, Chubb, Hiscox, CNA, Woodruff Sawyer, and Munich RE. These collaborations empower insurance companies with data-driven risk assessment solutions. In 2019, CyberCube collaborated with Aon to deliver their insurance clients an effective cybersecurity insurance analytics platform for improved risk management and exposure measurement. The growing impact of cyber threats has led insurance companies to adopt data risk and analytics platforms more extensively. Arceo.ai, for example, offers a range of tools to assist brokers and underwriters in covering cyber risks. Verisk, a data analytics provider, introduced the Cyber Underwriting Report in 2020, utilizing AI modeling and ML capabilities to help insurers underwrite cyber policies based on data from 100,000 cyberattacks. Other companies such as Corax, and Cytegic also provide AI-based risk management solutions to insurance providers.
  • Based on region, North America is expected to hold the largest market size during the forecast
  • North America dominates the global cybersecurity insurance market, with the US and Canada leading the way. This region benefits from advanced infrastructure and widespread adoption of cyber technology. It is expected to hold the largest market share in terms of size. The US, in particular, presents significant opportunities for cybersecurity insurance solution providers due to strict regulations and a diverse range of industries. Cyberattacks have a substantial financial impact on enterprises of all sizes, including critical industries. According to a report by Emsisoft featured in The New York Times, 205,280 organizations in North America fell victim to ransomware attacks in 2019. With the increasing frequency of attacks and the rise of Bring Your Own Device (BYOD), especially in the context of the COVID-19 pandemic, US and Canadian enterprises are recognizing the importance of securing their data and mitigating financial losses through cybersecurity insurance policies.
  • Recent Developments:
  • In May 2022, Microsoft developed Defender to support security systems of SMEs and reduce cyber risk. The solution provides end-point security, which includes Endpoint Detection and Response (EDR).
  • In April 2022, AttackIQ entered into partnership with Vectra, an AI based threat detection and response platform. This integration enabled customers to use AttackIQ’s PCAP and Vectra AI Platform to check efficacy.
  • In November 2021, BitSight and Marsh McLennan collaborated to improve cybersecurity performance and efficiency of the organization and help to reduce cyber risk. The Cyber Risk Analytics Center offered by Marsh McLenna leverage the capabilities of BitSight rating, data which help client to monitor their cyber security system performance.
  • KEY MARKET SEGMENTS
  • Based on offering:
  • Solution
  • Cybersecurity insurance analytics platform
  • Disaster recovery and business continuity
  • Cybersecurity solution
  • Cyber risk and vulnerability assessment
  • Cybersecurity resilience
  • Service
  • Consulting/ Advisory
  • Security awareness training
  • Others (infrastructure services, implementation, and support and maintenance)
  • Based on insurance coverage:
  • Data breach
  • Data loss
  • Denial of service and down-time
  • Ransomware attacks
  • Others (third party data, business disruption, and social engineering)
  • Cyber liability
  • Type
  • Data protection and privacy costs
  • Non-compliance penalty
  • Brand and related intellectual property protection
  • Others (human error, systems failure, controls framework, Inadequate IT security measures, and non-security related IT)
  • Source/ Target
  • Internal
  • External
  • Compliance Requirements:
  • Healthcare Compliance
  • Financial Services Compliance
  • GDPR Compliance
  • Data Privacy Compliance
  • Other Compliances
  • Based on the insurance type:
  • Packaged
  • Stand-alone
  • Based on the end user:
  • Technology provider
  • Insurance companies
  • Third-party administrators, brokers, and consultancies
  • Government agencies
  • Insurance provider
  • Financial services
  • IT and ITES
  • Healthcare and life science
  • Retail and ecommerce
  • Telecom
  • Travel, tourism, and hospitality
  • Others (Education, Manufacturing, Energy and Utilities, and Government)
  • By Region:
  • North America
  • United States (US)
  • Canada
  • Europe
  • United Kingdom (UK)
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • Australia and New Zealand
  • Southeast Asia
  • Rest of Asia Pacific
  • Middle East and Africa
  • UAE
  • KSA
  • South Africa
  • Rest of Middle East and Africa
  • Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
  • KEY MARKET PLAYERS
  • BitSight
  • Prevalent
  • RedSeal
  • SecurityScorecard
  • Cyber Indemnity Solutions
  • Cisco
  • UpGuard
  • Microsoft
  • Check Point
  • AttackIQ
  • SentinelOne
  • Broadcom
  • Accenture
  • Cylance
  • Trellix
  • CyberArk
  • CYE
  • SecurIT360
  • Founder Shield
  • Allianz
  • AIG
  • Aon
  • Arthur J. Gallagher & Co
  • Travelers Insurance
  • AXA XL
  • AXIS Capital
  • Beazley
  • Chubb
  • CNA Financial
  • Fairfax Financial
  • Liberty Mutual
  • Lloyd’s of London
  • Lockton
  • Munich Re Group
  • At-Bay
  • Cybernance
  • Coalition
  • Resilience
  • Kovrr
  • Sayata Labs
  • Zeguro
  • Ivanti
  • SafeBreach
  • Cronus Cyber Technologies
Customization scope Free report customization (15% Free customization) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options Reap the benefits of customized purchase options to fit your specific research requirements.

Objectives of the Study

  • To forecast the market size, in terms of value, for various segments with respect to five main regions, namely, North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA)
  • To provide detailed information regarding the major factors influencing the growth of the Market (drivers, restraints, opportunities, and challenges)
  • To strategically analyze the micro markets with respect to the individual growth trends, future prospects, and contribution to the total market
  • To provide a detailed overview of the value chain and analyze market trends with the Porter's five forces analysis
  • To analyze the opportunities in the market for various stakeholders by identifying the high-growth Segments
  • To identify the key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
  • To analyze competitive development such as joint ventures, mergers and acquisitions, new product launches and development, and research and development in the market

What does this Report Deliver?

  • Market Estimation for 20+ Countries
  • Historical data coverage: 2016 to 2022
  • Growth projections: 2022 to 2028
  • SkyQuest's premium market insights: Innovation matrix, IP analysis, Production Analysis, Value chain analysis, Technological trends, and Trade analysis
  • Customization on Segments, Regions, and Company Profiles
  • 100+ tables, 150+ Figures, 10+ matrix
  • Global and Country Market Trends
  • Comprehensive Mapping of Industry Parameters
  • Attractive Investment Proposition
  • Competitive Strategies Adopted by Leading Market Participants
  • Market drivers, restraints, opportunities, and its impact on the market
  • Regulatory scenario, regional dynamics, and insights of leading countries in each region
  • Segment trends analysis, opportunity, and growth
  • Opportunity analysis by region and country
  • Porter's five force analysis to know the market's condition
  • Pricing analysis
  • Parent market analysis
  • Product portfolio benchmarking

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Cybersecurity Insurance Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Cybersecurity Insurance Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)
  • curity insurance market size is projected to grow from USD 10.3 billion in 2023 to USD 17.6 billion by 2028, at a CAGR of 11.4% during the forecast period. As digital transformation advances, the expanded use of digital technologies and emerging tech increases the vulnerability to cyber threats. Cybersecurity insurance assists organizations in managing and mitigating these risks.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cybersecurity Insurance Market Dynamics
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Driver: Increase in frequency and sophistication of cyber threats
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Instances of massive cyberattacks are on the rise globally, causing substantial financial losses for individuals, enterprises, and governments. Cybercriminals target various IT infrastructure, aiming for political, financial, reputational, or radical interests. Ransomwares like WannaCry, Petya, NotPetya, and BadRabbit have affected organizations extensively. For instance, the SamSam ransomware attack disrupted municipal services in Atlanta, demanding a ransom of around USD 50,000. Cyber threats hamper business productivity and necessitate safeguarding critical IT infrastructure and data. Enterprises are increasingly investing in cybersecurity products and services to mitigate the risk of data breaches. As cyberattacks become more sophisticated, organizations worldwide turn to cybersecurity insurance to counteract the financial impact of swarm cyberattack losses.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Restraint: Lack of awareness related to cybersecurity insurance and reluctance in choosing cybersecurity insurance over cybersecurity solutions
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • With the increasing awareness of security risks and the rise in cyberattacks, governments and organizations are increasing their cybersecurity expenditure. However, many enterprises neglect cybersecurity insurance, which can help combat financial losses. The annual cost of cybercrime is estimated to reach USD 1.5 trillion, with only a small fraction covered by insurance companies. The lack of clarity and awareness about cybersecurity insurance hinders market growth, with some enterprises mistaking it for Errors and Omissions insurance. Enterprises globally should realize that the financial damage from a security incident can surpass the initial investment in cybersecurity insurance.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Opportunity: Exclusion of cybersecurity insurance cover from Property and Casualty (P&C) insurance
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • With the rise in social media usage and IoT, the risks of cyberattacks are growing massively. In the past, casualty policies only insured against third-party damage to only tangible computer property. However, with the proliferation of digital devices and advancements in new technologies, casualty insurers have realized that the rise of cyber exposures has also soared. The regulatory pressure from the EU GDPR and the Prudential Regulatory Authority (PRA) is also persuading insurers to manage cyber risks with a dedicated cybersecurity insurance policy. Insurers and regulators are concentrating on developing standalone cybersecurity insurance policies for better clarity and eliminating the ‘silent cyber’ claims. Hence, insurers are looking forward to adopting the usage of exclusive cybersecurity insurance policies to prevent unintended exposure from unclear cyber cover.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Challenge: Data privacy concerns
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Data privacy concerns about how critical enterprise data or personal information to be used or misused is a barrier to adopting cybersecurity insurance. The global spread of COVID-19 has generated many questions about data protection, privacy, security, and compliance. Due to COVID-19, companies and organizations are reviewing their privacy policies to ensure the appropriate disclosure of Personally Identifiable Information (PII) to government agencies and cyber insurers to ensure data privacy. Some enterprises hesitate to reveal reliable information related to environmental risk exposures, making it burdensome for insurers to guide effective cybersecurity insurance policies. Insureds are reluctant to share information with insurers due to the fear of disclosure risks. Enterprises are wary of revealing cyber incident data as they feel that the exposed data could further intensify attacks and expose it to regulatory fines or legal fees.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cybersecurity insurance Market Ecosystem
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Prominent companies in this market include well-established, financially stable providers of cybersecurity insurance solutions and services. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include CyberCube, BitSight Technologies, and SecurityScorecard.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By insurance coverage, the cyber liability segment expected to hold a larger market size during the forecast period
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cyber risk insurance or cyber liability insurance helps organizations recover from the financial costs associated with data breaches, viruses, and other cyber-attacks. This insurance covers expenses incurred by the organization itself (first-party claims) and expenses arising from claims made by external parties (third-party claims). The policy reimburses various costs such as investigation expenses, business losses, legal proceedings, extortion, privacy issues, and notifications. Due to the increasing sophistication of cyber-attacks and stricter regulations, businesses are encouraged to adopt cybersecurity insurance solutions proactively. By offering both first-party and third-party coverage, cyber liability insurance policies can help insurers mitigate the negative consequences of a security breach, which could otherwise lead to significant business losses. Key vendors in the cybersecurity insurance market include Allianz Group, AIG, Chubb, Aon, Zurich, AXA, and Berkshire Hathaway, among others.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By solution, cybersecurity insurance analytics platform is expected to register higher CAGR during forecast period
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Analytics platforms for cybersecurity insurance provide valuable insights into security risks and targeted attacks, offering actionable intelligence. These platforms cater to insurance brokers, insurers, reinsurance brokers, and reinsurers, providing them with a comprehensive view of enterprise risk profiles. CyberCube, a leading cyber risk analytics platform, has partnered with major insurance industry players, including Aon, Chubb, Hiscox, CNA, Woodruff Sawyer, and Munich RE. These collaborations empower insurance companies with data-driven risk assessment solutions. In 2019, CyberCube collaborated with Aon to deliver their insurance clients an effective cybersecurity insurance analytics platform for improved risk management and exposure measurement. The growing impact of cyber threats has led insurance companies to adopt data risk and analytics platforms more extensively. Arceo.ai, for example, offers a range of tools to assist brokers and underwriters in covering cyber risks. Verisk, a data analytics provider, introduced the Cyber Underwriting Report in 2020, utilizing AI modeling and ML capabilities to help insurers underwrite cyber policies based on data from 100,000 cyberattacks. Other companies such as Corax, and Cytegic also provide AI-based risk management solutions to insurance providers.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Based on region, North America is expected to hold the largest market size during the forecast
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • North America dominates the global cybersecurity insurance market, with the US and Canada leading the way. This region benefits from advanced infrastructure and widespread adoption of cyber technology. It is expected to hold the largest market share in terms of size. The US, in particular, presents significant opportunities for cybersecurity insurance solution providers due to strict regulations and a diverse range of industries. Cyberattacks have a substantial financial impact on enterprises of all sizes, including critical industries. According to a report by Emsisoft featured in The New York Times, 205,280 organizations in North America fell victim to ransomware attacks in 2019. With the increasing frequency of attacks and the rise of Bring Your Own Device (BYOD), especially in the context of the COVID-19 pandemic, US and Canadian enterprises are recognizing the importance of securing their data and mitigating financial losses through cybersecurity insurance policies.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Recent Developments:
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • In May 2022, Microsoft developed Defender to support security systems of SMEs and reduce cyber risk. The solution provides end-point security, which includes Endpoint Detection and Response (EDR).
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • In April 2022, AttackIQ entered into partnership with Vectra, an AI based threat detection and response platform. This integration enabled customers to use AttackIQ’s PCAP and Vectra AI Platform to check efficacy.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • In November 2021, BitSight and Marsh McLennan collaborated to improve cybersecurity performance and efficiency of the organization and help to reduce cyber risk. The Cyber Risk Analytics Center offered by Marsh McLenna leverage the capabilities of BitSight rating, data which help client to monitor their cyber security system performance.
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET SEGMENTS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Based on offering:
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Solution
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cybersecurity insurance analytics platform
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Disaster recovery and business continuity
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cybersecurity solution
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cyber risk and vulnerability assessment
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cybersecurity resilience
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Service
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Consulting/ Advisory
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Security awareness training
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Others (infrastructure services, implementation, and support and maintenance)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Based on insurance coverage:
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Data breach
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Data loss
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Denial of service and down-time
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Ransomware attacks
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Others (third party data, business disruption, and social engineering)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cyber liability
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Type
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Data protection and privacy costs
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Non-compliance penalty
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Brand and related intellectual property protection
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Others (human error, systems failure, controls framework, Inadequate IT security measures, and non-security related IT)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Source/ Target
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Internal
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • External
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Compliance Requirements:
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Healthcare Compliance
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Financial Services Compliance
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • GDPR Compliance
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Data Privacy Compliance
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Other Compliances
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Based on the insurance type:
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Packaged
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Stand-alone
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Based on the end user:
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Technology provider
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Insurance companies
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Third-party administrators, brokers, and consultancies
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Government agencies
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Insurance provider
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Financial services
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • IT and ITES
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Healthcare and life science
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Retail and ecommerce
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Telecom
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Travel, tourism, and hospitality
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Others (Education, Manufacturing, Energy and Utilities, and Government)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • By Region:
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • North America
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • United States (US)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Canada
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Europe
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • United Kingdom (UK)
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Germany
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • France
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Italy
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Spain
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Rest of Europe
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Asia Pacific
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • China
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Japan
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • India
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Australia and New Zealand
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Southeast Asia
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Rest of Asia Pacific
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Middle East and Africa
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • UAE
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KSA
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • South Africa
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Rest of Middle East and Africa
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Latin America
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Brazil
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Mexico
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Rest of Latin America
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • KEY MARKET PLAYERS
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • BitSight
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Prevalent
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • RedSeal
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • SecurityScorecard
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cyber Indemnity Solutions
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cisco
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • UpGuard
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Microsoft
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Check Point
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • AttackIQ
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • SentinelOne
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Broadcom
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Accenture
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cylance
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Trellix
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • CyberArk
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • CYE
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • SecurIT360
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Founder Shield
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Allianz
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • AIG
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
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    • Exhibit Key Developments
  • Aon
    • Exhibit Company Overview
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    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Arthur J. Gallagher & Co
    • Exhibit Company Overview
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    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Travelers Insurance
    • Exhibit Company Overview
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    • Exhibit Financial Updates
    • Exhibit Key Developments
  • AXA XL
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • AXIS Capital
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Beazley
    • Exhibit Company Overview
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  • Chubb
    • Exhibit Company Overview
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    • Exhibit Financial Updates
    • Exhibit Key Developments
  • CNA Financial
    • Exhibit Company Overview
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    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Fairfax Financial
    • Exhibit Company Overview
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  • Liberty Mutual
    • Exhibit Company Overview
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  • Lloyd’s of London
    • Exhibit Company Overview
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  • Lockton
    • Exhibit Company Overview
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  • Munich Re Group
    • Exhibit Company Overview
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    • Exhibit Financial Updates
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  • At-Bay
    • Exhibit Company Overview
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    • Exhibit Financial Updates
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  • Cybernance
    • Exhibit Company Overview
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  • Coalition
    • Exhibit Company Overview
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  • Resilience
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Kovrr
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Sayata Labs
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Zeguro
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Ivanti
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • SafeBreach
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments
  • Cronus Cyber Technologies
    • Exhibit Company Overview
    • Exhibit Business Segment Overview
    • Exhibit Financial Updates
    • Exhibit Key Developments

Methodology

For the Cybersecurity Insurance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cybersecurity Insurance Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cybersecurity Insurance Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Cybersecurity Insurance Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

The global market for Cybersecurity Insurance was estimated to be valued at US$ XX Mn in 2021.

The global Cybersecurity Insurance Market is estimated to grow at a CAGR of XX% by 2028.

The global Cybersecurity Insurance Market is segmented on the basis of Region:.

Based on region, the global Cybersecurity Insurance Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

The key players operating in the global Cybersecurity Insurance Market are curity insurance market size is projected to grow from USD 10.3 billion in 2023 to USD 17.6 billion by 2028, at a CAGR of 11.4% during the forecast period. As digital transformation advances, the expanded use of digital technologies and emerging tech increases the vulnerability to cyber threats. Cybersecurity insurance assists organizations in managing and mitigating these risks. , Cybersecurity Insurance Market Dynamics , Driver: Increase in frequency and sophistication of cyber threats , Instances of massive cyberattacks are on the rise globally, causing substantial financial losses for individuals, enterprises, and governments. Cybercriminals target various IT infrastructure, aiming for political, financial, reputational, or radical interests. Ransomwares like WannaCry, Petya, NotPetya, and BadRabbit have affected organizations extensively. For instance, the SamSam ransomware attack disrupted municipal services in Atlanta, demanding a ransom of around USD 50,000. Cyber threats hamper business productivity and necessitate safeguarding critical IT infrastructure and data. Enterprises are increasingly investing in cybersecurity products and services to mitigate the risk of data breaches. As cyberattacks become more sophisticated, organizations worldwide turn to cybersecurity insurance to counteract the financial impact of swarm cyberattack losses. , Restraint: Lack of awareness related to cybersecurity insurance and reluctance in choosing cybersecurity insurance over cybersecurity solutions , With the increasing awareness of security risks and the rise in cyberattacks, governments and organizations are increasing their cybersecurity expenditure. However, many enterprises neglect cybersecurity insurance, which can help combat financial losses. The annual cost of cybercrime is estimated to reach USD 1.5 trillion, with only a small fraction covered by insurance companies. The lack of clarity and awareness about cybersecurity insurance hinders market growth, with some enterprises mistaking it for Errors and Omissions insurance. Enterprises globally should realize that the financial damage from a security incident can surpass the initial investment in cybersecurity insurance. , Opportunity: Exclusion of cybersecurity insurance cover from Property and Casualty (P&C) insurance , With the rise in social media usage and IoT, the risks of cyberattacks are growing massively. In the past, casualty policies only insured against third-party damage to only tangible computer property. However, with the proliferation of digital devices and advancements in new technologies, casualty insurers have realized that the rise of cyber exposures has also soared. The regulatory pressure from the EU GDPR and the Prudential Regulatory Authority (PRA) is also persuading insurers to manage cyber risks with a dedicated cybersecurity insurance policy. Insurers and regulators are concentrating on developing standalone cybersecurity insurance policies for better clarity and eliminating the ‘silent cyber’ claims. Hence, insurers are looking forward to adopting the usage of exclusive cybersecurity insurance policies to prevent unintended exposure from unclear cyber cover. , Challenge: Data privacy concerns , Data privacy concerns about how critical enterprise data or personal information to be used or misused is a barrier to adopting cybersecurity insurance. The global spread of COVID-19 has generated many questions about data protection, privacy, security, and compliance. Due to COVID-19, companies and organizations are reviewing their privacy policies to ensure the appropriate disclosure of Personally Identifiable Information (PII) to government agencies and cyber insurers to ensure data privacy. Some enterprises hesitate to reveal reliable information related to environmental risk exposures, making it burdensome for insurers to guide effective cybersecurity insurance policies. Insureds are reluctant to share information with insurers due to the fear of disclosure risks. Enterprises are wary of revealing cyber incident data as they feel that the exposed data could further intensify attacks and expose it to regulatory fines or legal fees. , Cybersecurity insurance Market Ecosystem , Prominent companies in this market include well-established, financially stable providers of cybersecurity insurance solutions and services. These companies have been operating in the market for several years and possess a diversified product portfolio, state-of-the-art technologies, and strong global sales and marketing networks. Prominent companies in this market include CyberCube, BitSight Technologies, and SecurityScorecard. , By insurance coverage, the cyber liability segment expected to hold a larger market size during the forecast period , Cyber risk insurance or cyber liability insurance helps organizations recover from the financial costs associated with data breaches, viruses, and other cyber-attacks. This insurance covers expenses incurred by the organization itself (first-party claims) and expenses arising from claims made by external parties (third-party claims). The policy reimburses various costs such as investigation expenses, business losses, legal proceedings, extortion, privacy issues, and notifications. Due to the increasing sophistication of cyber-attacks and stricter regulations, businesses are encouraged to adopt cybersecurity insurance solutions proactively. By offering both first-party and third-party coverage, cyber liability insurance policies can help insurers mitigate the negative consequences of a security breach, which could otherwise lead to significant business losses. Key vendors in the cybersecurity insurance market include Allianz Group, AIG, Chubb, Aon, Zurich, AXA, and Berkshire Hathaway, among others. , By solution, cybersecurity insurance analytics platform is expected to register higher CAGR during forecast period , Analytics platforms for cybersecurity insurance provide valuable insights into security risks and targeted attacks, offering actionable intelligence. These platforms cater to insurance brokers, insurers, reinsurance brokers, and reinsurers, providing them with a comprehensive view of enterprise risk profiles. CyberCube, a leading cyber risk analytics platform, has partnered with major insurance industry players, including Aon, Chubb, Hiscox, CNA, Woodruff Sawyer, and Munich RE. These collaborations empower insurance companies with data-driven risk assessment solutions. In 2019, CyberCube collaborated with Aon to deliver their insurance clients an effective cybersecurity insurance analytics platform for improved risk management and exposure measurement. The growing impact of cyber threats has led insurance companies to adopt data risk and analytics platforms more extensively. Arceo.ai, for example, offers a range of tools to assist brokers and underwriters in covering cyber risks. Verisk, a data analytics provider, introduced the Cyber Underwriting Report in 2020, utilizing AI modeling and ML capabilities to help insurers underwrite cyber policies based on data from 100,000 cyberattacks. Other companies such as Corax, and Cytegic also provide AI-based risk management solutions to insurance providers. , Based on region, North America is expected to hold the largest market size during the forecast , North America dominates the global cybersecurity insurance market, with the US and Canada leading the way. This region benefits from advanced infrastructure and widespread adoption of cyber technology. It is expected to hold the largest market share in terms of size. The US, in particular, presents significant opportunities for cybersecurity insurance solution providers due to strict regulations and a diverse range of industries. Cyberattacks have a substantial financial impact on enterprises of all sizes, including critical industries. According to a report by Emsisoft featured in The New York Times, 205,280 organizations in North America fell victim to ransomware attacks in 2019. With the increasing frequency of attacks and the rise of Bring Your Own Device (BYOD), especially in the context of the COVID-19 pandemic, US and Canadian enterprises are recognizing the importance of securing their data and mitigating financial losses through cybersecurity insurance policies. , Recent Developments: , In May 2022, Microsoft developed Defender to support security systems of SMEs and reduce cyber risk. The solution provides end-point security, which includes Endpoint Detection and Response (EDR). , In April 2022, AttackIQ entered into partnership with Vectra, an AI based threat detection and response platform. This integration enabled customers to use AttackIQ’s PCAP and Vectra AI Platform to check efficacy. , In November 2021, BitSight and Marsh McLennan collaborated to improve cybersecurity performance and efficiency of the organization and help to reduce cyber risk. The Cyber Risk Analytics Center offered by Marsh McLenna leverage the capabilities of BitSight rating, data which help client to monitor their cyber security system performance. , KEY MARKET SEGMENTS , Based on offering: , Solution , Cybersecurity insurance analytics platform , Disaster recovery and business continuity , Cybersecurity solution , Cyber risk and vulnerability assessment , Cybersecurity resilience , Service , Consulting/ Advisory , Security awareness training , Others (infrastructure services, implementation, and support and maintenance) , Based on insurance coverage: , Data breach , Data loss , Denial of service and down-time , Ransomware attacks , Others (third party data, business disruption, and social engineering) , Cyber liability , Type , Data protection and privacy costs , Non-compliance penalty , Brand and related intellectual property protection , Others (human error, systems failure, controls framework, Inadequate IT security measures, and non-security related IT) , Source/ Target , Internal , External , Compliance Requirements: , Healthcare Compliance , Financial Services Compliance , GDPR Compliance , Data Privacy Compliance , Other Compliances , Based on the insurance type: , Packaged , Stand-alone , Based on the end user: , Technology provider , Insurance companies , Third-party administrators, brokers, and consultancies , Government agencies , Insurance provider , Financial services , IT and ITES , Healthcare and life science , Retail and ecommerce , Telecom , Travel, tourism, and hospitality , Others (Education, Manufacturing, Energy and Utilities, and Government) , By Region: , North America , United States (US) , Canada , Europe , United Kingdom (UK) , Germany , France , Italy , Spain , Rest of Europe , Asia Pacific , China , Japan , India , Australia and New Zealand , Southeast Asia , Rest of Asia Pacific , Middle East and Africa , UAE , KSA , South Africa , Rest of Middle East and Africa , Latin America , Brazil , Mexico , Rest of Latin America , KEY MARKET PLAYERS , BitSight , Prevalent , RedSeal , SecurityScorecard , Cyber Indemnity Solutions , Cisco , UpGuard , Microsoft , Check Point , AttackIQ , SentinelOne , Broadcom , Accenture , Cylance , Trellix , CyberArk , CYE , SecurIT360 , Founder Shield , Allianz , AIG , Aon , Arthur J. Gallagher & Co , Travelers Insurance , AXA XL , AXIS Capital , Beazley , Chubb , CNA Financial , Fairfax Financial , Liberty Mutual , Lloyd’s of London , Lockton , Munich Re Group , At-Bay , Cybernance , Coalition , Resilience , Kovrr , Sayata Labs , Zeguro , Ivanti , SafeBreach , Cronus Cyber Technologies.

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