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Cybersecurity Insurance Market

Cybersecurity Insurance Market

Cybersecurity Insurance Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

148

Base Year:

2022

Date

Apr - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1447

Segments Covered
  • By  Component By Component Solution, Service
  • By  Insurance Coverage By Insurance Coverage Data breach, Cybersecurity liability
  • By Insurance Type By Insurance Type Packaged, Stand-alone
  • By Organization size By Organization size Large Enterprises, SMEs
  • By End user By End user Technology provider, Insurance provider
  • By Region By Region North America, Asia Pacific, Europe, Latin America, Middle East & Africa
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 9.67 Billion
Revenue 2030Revenue 2030: USD 44.13 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 20.90%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Cybersecurity Insurance Market Share

Market Synopsis:

Global Cybersecurity Insurance market valued at USD 9.67 Billion in 2022 and is projected to reach a value of USD 44.13 Billion by 2030 at a CAGR of 20.90% over the forecast period.

The increase in the adoption of Cybersecurity Insurance products owes to the rise in consequences of cyber-attacks on the safety of the public, economic prosperity, and the cyber security of government. Moreover, some other factors that are fueling the growth of the Cybersecurity Insurance market involves, the surge in the compulsory cybersecurity legislation and regulations, data breaks that cost millions of dollars for businesses, and an increased rate of recovery of financial losses to encourage the growth of Cybersecurity Insurance market. Additionally, rising awareness about business interruption (BI) cyber risk and an increase in the number of obligatory legislations for the security of data in different end-user like healthcare, and banking are the factors projected to fuel the growth of the Cybersecurity Insurance market in the coming years. Nowadays, data breaches and cyberattacks are increasing globally, and are boosting the growth of the Cybersecurity Insurance market during the forecast period. According to the research 6 out of 10 companies experienced cybercrime and thus need Cybersecurity Insurance for the safety of their business which is expected to drive the growth of the Cybersecurity Insurance market in the years to come. However, the high cost of insurance policy is expected to hamper the growth of the Cybersecurity Insurance market during the forecast period. While the exclusion of cyber insurance cover from property and casualty (P&R) insurance, and the increasing adoption of artificial intelligence and blockchain technology for risk analytics are expected to provide substantial growth opportunities for the Cybersecurity Insurance market in the coming future.

Cybersecurity Insurance Market Size, 2022 To 2030 (USD Billion)

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Parameter Details
Segments Covered
  • Component (Solution, Service)
  • Insurance Coverage (Data breach, Cybersecurity liability)
  • Insurance Type (Packaged, Stand-alone)
  • Organization size (Large Enterprises, SMEs)
  • End user (Technology provider, Insurance provider)
  • Region (North America, Asia Pacific, Europe, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Technology Vendors - BitSight (US)
  • Prevalent (US)
  • RedSeal (US)
  • SecurityScorecard (US)
  • Cyber Indemnity Solutions (Australia)
  • Cisco (US)
  • UpGuard (US)
  • Microsoft (US)
  • Check Point (US)
  • AttackIQ (US)
  • SentinelOne (US)
  • Broadcom (US)
  • Accenture (Ireland)
  • Kenna Security (US)
  • Cylance (US)
  • FireEye (US)
  • CyberArk (US)
  • CYE (Israel)
  • SecurIT360 (US)
  • and Founder Shield (US). Insurance Vendors - Allianz (Germany)
  • AIG (US)
  • Aon (UK)
  • Arthur J. Gallagher & Co (US)
  • Travelers Insurance (US)
  • AXA XL (US)
  • AXIS Capital (Bermuda)
  • Beazley (UK)
  • Chubb (Switzerland)
  • CNA Financial (US)
  • Fairfax Financial (Canada)
  • Liberty Mutual (US)
  • Lloyd’s of London (UK)
  • Lockton (US)
  • Munich Re Group (Germany)
  • and Sompo International (Bermuda). Start-up Vendors - At-Bay (US)
  • Cybernance (US)
  • CyberCube (US)
  • Coalition (US)
  • Arceo.ai (US)
  • Kovrr (Israel)
  • Sayata Labs (Israel)
  • Zeguro (US)
  • RiskSense (US)
  • Cyence (US)
  • SafeBreach (US)
  • and Cronus Cyber Technologies (Israel).
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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Market Segmentation:

The Cybersecurity Insurance market is segmented on the basis of components, insurance coverage, insurance type, organization size, and end-user. Based on components, the market is segmented into Solutions and services. On the basis of insurance coverage, the market is segmented as Data breach, Cybersecurity liability, Source/ Target, Internal, and External. On the basis of insurance type, the market is segmented as Packaged, and Stand-alone. Based on organization size, the market is segmented into Large Enterprises and SMEs. On the basis of end-user, the market is segmented into Technology providers, the Insurance providers.

Below tree is interactive. You can click the nodes to get more information.

The Standalone Component is Projected to Have Largest Share in Insurance Type Segment

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Based on insurance type, the standalone type is predicted to acquire the largest share of the Cybersecurity Insurance market during the forecast period owing to the necessity for dedicated cyber insurance policies and to decrease the cases of silent cyber. The growth in the organization's concerns associated with cyber risk and their only motive to adopt strategies for cyber risk protection are driving the growth of the standalone cybersecurity policies. Moreover, standalone policies continue to grow along with the insurance providers like Lloyd, and Allianz. Additionally, these cybersecurity policies handle more complex cyber risks than packaged cyber insurance.

Large Enterprises to Grow at the Highest CAGR During the Forecast Period

Based on enterprise size, the large enterprise segment is expected to grow at the highest CAGR during the forecast period. A large number of professional and important data is utilized in large enterprises and can be hacked and misused and thus requires insurance for this security, this factor is projected to fuel the growth of Cybersecurity Insurance in the large enterprise segment during the forecast period.

North America Leads the Global Cybersecurity Insurance Market

The North America is among the well-established economies, which authorize it to invest in the activities of research and development and this can contribute to the growth of advanced technologies in the Cybersecurity Insurance market. Moreover, the presence of key players in the Cybersecurity Insurance market is predicted to be the prime factor for the growth of the Cybersecurity Insurance market in the North American region during the forecast period.

Asia Pacific is Expected to Grow at the Fastest Rate Over Forecast Period

The APAC region is worried about the rising security spending due to the growth in threat scenery. The Asia Pacific region is including developing economies like India, Japan, China, and Singapore. Moreover, with active government guidelines and technological advancements, Cybersecurity Insurance is expected to have high opportunities for growth in this APAC region. Numerous expansions are taking place in APAC, regarding the acceptance of technologies, like BI tools, analytics, cloud, and rapid infrastructure growth. The rapid growth in connectivity and the accelerating step of digital transformation is making the Asia Pacific region particularly helpless to cyber exploitation and thus the demand for the Cybersecurity Insurance market before and after the forecast period.

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Competitive Landscape:

The major players in the Cybersecurity Insurance market are adopting various innovative strategies to expand their market existence. Some of the Major key players in the market are Technology Vendors - BitSight (US), Prevalent (US), RedSeal (US), SecurityScorecard (US), Cyber Indemnity Solutions (Australia), Cisco (US), UpGuard (US), Microsoft (US), Check Point (US), AttackIQ (US), SentinelOne (US), Broadcom (US), Accenture (Ireland), Kenna Security (US), Cylance (US), FireEye (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). Insurance Vendors - Allianz (Germany), AIG (US), Aon (UK), Arthur J. Gallagher & Co (US), Travelers Insurance (US), AXA XL (US), AXIS Capital (Bermuda), Beazley (UK), Chubb (Switzerland), CNA Financial (US), Fairfax Financial (Canada), Liberty Mutual (US), Lloyd’s of London (UK), Lockton (US), Munich Re Group (Germany), and Sompo International (Bermuda). Start-up Vendors - At-Bay (US), Cybernance (US), CyberCube (US), Coalition (US), Arceo.ai (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), RiskSense (US), Cyence (US), SafeBreach (US), and Cronus Cyber Technologies (Israel)..

Segmentation of Cybersecurity Insurance Market:

By Component -(Revenue- USD Million, 2016-2028)

· Solution

· Service

By Insurance Converge-(Revenue- USD Million, 2016-2028)

· Data breach

· Cybersecurity liability

By Insurance Type-(Revenue- USD Million, 2016-2028)

· Packaged

· Stand-alone

By Organization Size-(Revenue- USD Million, 2016-2028)

· Large Enterprises

· SMEs

By end user-(Revenue- USD Million, 2016-2028)

· Technology provider

· Insurance provider

By region- (Revenue- USD Million, 2016-2028)

North America-

• The US

• Canada

• Mexico

Europe-

• Germany

• The UK

• France

• Italy

• Spain

• Rest of Europe

Asia-Pacific-

• China

• Japan

• India

• South Korea

• South East Asia

• Rest of Asia Pacific

Latin America-

• Brazil

• Argentina

• Rest of Latin America

Middle East & Africa-

· GCC Countries

· South Africa

· Rest of Middle East and Africa

In terms of revenue, the Global Cybersecurity Insurance Market Market is expected to reach USD 26.24 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 21.1% for the forecast period from the year 2022 till the year 2028. The growth of the Global Cybersecurity Insurance Market is att...
FAQ
Frequently Asked Question
  • The global Cybersecurity Insurance valued at USD 9.67 Billion in 2022 and is expected to reach USD 44.13 Billion in 2030 growing at a CAGR of 20.90%.

  • The prominent players in the market are Technology Vendors - BitSight (US), Prevalent (US), RedSeal (US), SecurityScorecard (US), Cyber Indemnity Solutions (Australia), Cisco (US), UpGuard (US), Microsoft (US), Check Point (US), AttackIQ (US), SentinelOne (US), Broadcom (US), Accenture (Ireland), Kenna Security (US), Cylance (US), FireEye (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). Insurance Vendors - Allianz (Germany), AIG (US), Aon (UK), Arthur J. Gallagher & Co (US), Travelers Insurance (US), AXA XL (US), AXIS Capital (Bermuda), Beazley (UK), Chubb (Switzerland), CNA Financial (US), Fairfax Financial (Canada), Liberty Mutual (US), Lloyd’s of London (UK), Lockton (US), Munich Re Group (Germany), and Sompo International (Bermuda). Start-up Vendors - At-Bay (US), Cybernance (US), CyberCube (US), Coalition (US), Arceo.ai (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), RiskSense (US), Cyence (US), SafeBreach (US), and Cronus Cyber Technologies (Israel)..

  • The market is project to grow at a CAGR of 20.90% between 2023 and 2030.

  • The driving factors of the Cybersecurity Insurance include

    • Surge in mandatory cybersecurity regulations and legislations to boost demand for insurance protection

  • North America was the leading regional segment of the Cybersecurity Insurance in 2022.

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