Cybersecurity Insurance Market to Reach Valuation of USD 26.24 Billion by 2028 - The growing consequences of Cyber-Attacks is driving the Market Growth

Vantage Market Research

Apr 13, 2022

In terms of revenue, the Global Cybersecurity Insurance 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 attributed to an increase in cyber-attacks on public safety, government cyber security, and economic prosperity. Moreover, the increase in compulsory cybersecurity legislation and regulations, increased rates of recovery of financial losses, and data breaks that charge millions of dollars for businesses are contributing to the growth of the Cybersecurity Insurance Market during the forecast period. Moreover, the growing consciousness about business interruption cyber risk and a rise in the number of obligatory regulations for the safety 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.

Key Highlights from the Report

  • The standalone sub-segment is projected to grow at a considerable Compound Annual Growth Rate (CAGR). The growth of the standalone segment is attributed to rising organizations' concerns associated with cyber risk and their only motive to adopt strategies for cyber risk protection is driving the growth of the standalone cybersecurity policies.
  • The large-enterprises sub-segment holds a significant market share in 2021. The growth of the large-enterprises segment is primarily attributed to increasing incidences of hacking and misusing of important data utilized in large enterprises and thus requires insurance for the security purpose and thus fueling the growth of the large enterprise segment in coming years.
  • Asia Pacific is the fastest regional segment. Numerous expansions are taking place in APAC, regarding the acceptance of technologies, like BI tools, analytics, cloud, and rapid infrastructure growth to fuel the Cybersecurity Insurance Market growth of the APAC region during the forecast period. Moreover, the Asia Pacific region is including developing economies like Japan, China, and Singapore.

Some of the key players in the Cybersecurity Insurance Market include - 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)..

Market Dynamics:

The Cybersecurity Insurance Market is witnessing growth due to the rise in necessary cybersecurity regulations and legislations, data breaks that charge millions of dollars for businesses, and growth in the rate of recovery of financial losses that are having a positive impact on the growth of Cybersecurity Insurance Market during the forecast period.

The rise in the acceptance of cyber insurance products which is possible due to the increase in the occurrence of cyber-attacks on the economic prosperity, public safety, and cyber security of governments is majorly contributing to the growth of the Cybersecurity Insurance Market during the forecast period.

North America is the largest market. The market growth in North America is mainly attributed to the increasing cases of cyber-attacks in several countries like the USA, Canada, and Mexico during the forecast period. North America’s Cybersecurity Insurance insurance market is valued at $8321.50 million in the year 2021. 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 in the coming years.