What is the global market size of Cybersecurity Insurance Market?

Global Cybersecurity Insurance Market size was valued at USD 12.30 billion in 2022 poised to grow from USD 15.41 billion in 2023 to USD 93.64 billion by 2031, growing at a CAGR of 19.3% in the forecast period (2024-2031).

Who are the key vendors in the Cybersecurity Insurance Market?

Prominent industry participants are making significant investments in R&D to broaden their product offerings, contributing to the further expansion of the Cyber Insurance market. The US-based Guy Carpenter and Company LLC, the Indian company Tata Consultancy Services Limited, and the US-based At-Bay Inc. are among the major participants in the cyber insurance market that are trying to boost demand by investing in R&D. A company called Spring Insure works hard to strike the ideal mix between properly managing complicated risks and accepting accountability for the capacity that is under its control. Their primary objective is to cultivate enduring connections with their clients, brokers, and insurance partners. 'Cisco Systems Inc. (US)', 'Beazley Group PLC (UK)', 'Guy Carpenter and Company LLC. (US)', 'Apple Inc. (US)', 'Tata Consultancy Services Limited (India)', 'Liberty Mutual (US)', 'Lockton Companies (US)', 'AXA SA (France)', 'At-Bay Inc. (US)', 'Lloyds Bank PLC (UK)', 'American International Group Inc. (US)', 'Chubb Limited (Switzerland)', 'Zurich Insurance Group (Switzerland)'

What is the key driver of Cybersecurity Insurance Market?

Massive cyberattacks are becoming more commonplace worldwide, costing people, businesses, and governments a great deal of money. Cybercriminals target a variety of IT infrastructures to achieve radical, financial, political, or reputational goals. Ransomware that has impacted a lot of organizations include WannaCry, Petya, NotPetya, and BadRabbit. Due to this, businesses are spending more money on cybersecurity services and goods to reduce the likelihood of data breaches.

What is the key market trend for Cybersecurity Insurance Market?

Rising Threats and Escalating Impact of Cyberattacks & Data Breaches on Global Industries: Worldwide, cyberattacks and data breaches are becoming increasingly commonplace for companies of all sizes. For example, ransomware assaults surged by 93% in 2020, impacting a substantial number of firms. Hackers target industries with huge amounts of stored consumer data, such retail, healthcare, and BFSI. The risk of data breaches has increased in industries including internet banking, mobile banking, online shopping, digital payments, and electronic medical records due to increased digitization in these fields.

Which region accounted for the largest share in Cybersecurity Insurance Market?

Due to the substantial presence of large international corporations across a variety of industries, including technology, finance, healthcare, and retail, the North American cyber insurance industry is positioned to dominate the worldwide scene. As these industries are more vulnerable to cyberattacks, comprehensive insurance plans are required. US businesses are making significant investments in cybersecurity safeguards, such as insurance, to guard against monetary losses, data breaches, and interruptions to business operations. The necessity to continuously monitor and investigate cyber threats in order to ensure compliance with laws like the CCPA and GDPR is another driving force behind this spending. As a result, North America continues to have a dominant position in the cyber insurance market thanks to a combination of governmental pressure, the high cost of data breaches, and the proactive stance of multinational firms.

Cybersecurity Insurance Market Updates

Cybersecurity Insurance Market News

In April 2024, AIG introduced a new policy on cybersecurity insurance for small and medium-sized enterprises (SMEs). The insurance plans are very affordable with a built-in package for proactive cyber security services, such as risk assessment and incident response planning. This project is aimed at even making cyber insurance available to the widest range of businesses.
In March 2024, Chubb launched an enhanced cybersecurity insurance product that integrates advanced artificial intelligence tools for real-time risk assessment and claims management. The product allows businesses to manage their cyber risk more effectively by providing timely data on potential vulnerabilities, thus enhancing risk mitigation strategies for policyholders.
In February 2024, Munich Re diversified its range of cybersecurity insurance offerings through collaborations with preeminent cybersecurity companies to insure specific policies against ransomware attacks. This collaboration will serve businesses better and offer them tailored protection so that they may decrease the greater threat of ransomware in the digital dimension.

FAQs

Cybersecurity Insurance Market size was valued at USD 10.93 Billion in 2023 and is poised to grow from USD 12.19 Billion in 2024 to USD 29.11 Billion by 2032, growing at a CAGR of 11.5% during the forecast period (2025-2032).

The global cyber security insurance market is now highly competitive, because of the growing demand for companies to develop specialised insurance products that meet increasing cyber risk. Companies actively compete for better offerings by providing increasingly sophisticated risk assessment tools and technology. The market features leading global players, such as Allianz, AIG, Munich Re, Chubb, and Zurich Insurance. Meanwhile, these organizations are leveraging partnerships with cyber firms and using insurtech innovations to enhance insurance coverage against any financial loss that might occur due to the cyber threat to maintain their competitive edge in this ever-expanding market. 'Bitsight (US) ', 'Prevalent (US) ', 'RedSeal (US) ', 'Security Scorecard (US) ', 'Cyber Indemnity Solutions (UK) ', 'Microsoft (US) ', 'Check Point (Israel) ', 'AttackIQ (US) ', 'SentinelOne (US) ', 'CyberArk (Israel) ', 'CYE (Israel) ', 'SecurIT360 (US) ', 'Founder Shield (US) ', 'Chubb (Switzerland) ', 'AIG (US) ', 'Travelers (US) ', 'Beazley (UK) ', 'Allianz (Germany) ', 'Aon (UK) ', 'Arthur J. Gallagher (US) ', 'Axis Capital (Bermuda) ', 'CNA (US) ', 'Fairfax (Canada) ', 'Liberty Mutual Holding (US) ', 'Lloyd’s of London (UK) ', 'Lockton (US) ', 'Munich Re (Germany) ', 'Sompo International (Bermuda) ', 'At-Bay (US) ', 'Coalition (US) ', 'Resilience (US) ', 'Kovrr (Israel) ', 'Sayata Labs (Israel) ', 'Zeguro (US) ', 'SafeBreach (US) ', 'Cronus Cyber Technologies (Israel)'

Digitalization brought into new territories, such as finance, healthcare and retail, has led to increased cyber exposure for businesses within these sectors. The more an organization uses interconnected devices and cloud solutions, the more its need will be for comprehensive cybersecurity insurance to meet and enhance the market's growth in terms of protection against potential cyber threats.

Rise in Cyber Insurance for SMEs: The introduction of cyber threats has pushed SMEs toward increasingly more adoption of cybersecurity insurance. According to these studies, growing awareness regarding cyber risks, soaring attack frequencies, and cheap customized policies allow SMEs to protect assets and meet standards driving this trend.

North America dominates the global cybersecurity insurance market due to its advanced digital infrastructure and high adoption of technology across industries. The region suffers from an extraordinarily high incidence of cyber-attacks, compelling businesses to devote their resources to reducing risk via the use of insurance. Regulatory frameworks like GDPR and state-specific laws mandate strict data protection, increasing demand for tailored policies. Moreover, the presence of leading insurance providers and cybersecurity firms fosters innovation, including AI-driven risk assessments and dynamic policy offerings. High awareness among enterprises and robust investment in cyber defense further cement North America’s leadership, making it the largest and most mature market for cybersecurity insurance globally.

Cybersecurity Insurance Market

Report ID: SQMIG45E2248

Cybersecurity Insurance Market Updates

Cybersecurity Insurance Market News

Cybersecurity Insurance Market Report Snapshots

FAQs

Request Free Customization