Global Cyber Insurance Market, By Component (Solutions, Services), Insurance Type (Packaged, Standalone), Insurance Coverage (Data Breach, Cyber Liability, Source/target), Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), Application (Information and Communication Technology, Financial Services, Manufacturing, Retail, Healthcare, Others), Coverage Type (First Party Coverage, Third-Party Coverage), End User (Technology Provider and Insurance Provider) – Industry Trends and Forecast to 2030.
Cyber Insurance Market Analysis and Size
The increasing adoption of cloud-based technology, cyber-crime cases have augmented considerably. Data breach cases have also augmented accordingly in the last past years. As per the report of IBM, the overall cost of a data breach augmented from US$3.86 million to US$4.24 million, which was the highest combined price in the report's history. Furthermore, consumers are progressively using public clouds to load their personal data or information into numerous mobile apps to conveniently bank, communicate, shop and use other services to avoid data breaches. This is expected to enhance market growth. For instance the ITRC has published a report which stated that there were around 1,789 data breaches found in US in 2022.
Data Bridge Market Research analyses that the cyber insurance market is expected to reach USD 73368.28 million by 2030, which is USD 11998.53 million in 2022, at a CAGR of 25.40% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Cyber Insurance Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Solutions, Services), Insurance Type (Packaged, Standalone), Insurance Coverage (Data Breach, Cyber Liability, Source/target), Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), Application (Information and Communication Technology, Financial Services, Manufacturing, Retail, Healthcare, Others), Coverage Type (First Party Coverage, Third-Party Coverage), End User (Technology Provider and Insurance Provider)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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American International Group, Inc. (U.S.), Cisco (U.S.), Aon Plc (U.K.), IBM (U.S.), Check Point Software Technologies Ltd. (Israel), CyberArk Software Ltd. (U.S.), F5 Inc (U.S.), FireEye (U.S.), Forcepoint (U.S.), Fortinet Inc (U.S.), Amazon Web Services (U.S.), Oracle (U.S.), Palo Alto Networks (U.S.), Imperva (U.S.), Qualys Inc (U.S.), Accenture (Ireland), HCL Technologies Limited. (India), Capgemini (France), cognizant (U.S.), Symantec Corporation (U.S.), Broadcom (U.S.), and Wipro Limited (India)
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Market Opportunities
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Market Definition
Third party cyber liability insurance delivers liability protection for companies that fail to protect a cyberattack or data breach at a client's business. This policy covers the legal expenses of a cyber liability lawsuit, comprising any judgments or settlements.
Cyber Insurance Market
Drivers
- Increasing usage of social media platform and easy access of personal information
Easy access of personal information and data over the internet and rising usage of social media platforms have encouraged the cybercriminals to commit crimes that largely involve the sale of the personal information such as identities, medical records, credit card numbers and many more on the dark web. As a result of all these factors, the demand for cyber insurance is rising in the market.
- Growing cyber risks
There are huge cyber threats owing to a large portion of the global population spending their maximum time on online platforms that can mainly drive the demand for cyber insurance. Several initiatives taken by regulatory and government organizations to strengthen defenses also spur the demand for cyber insurance in the market at a substantial pace. Surge of data privacy laws for instance the Europeans General Data Protection Regulation and Health Insurance Portability and Accountability Act can further facilitate the demand for the cyber insurance in the market during the forecast period.
Opportunities
- Growing usage of blockchain technology with artificial technology (AI) for risk analysis
Among the most recent innovative technologies, the blockchain technology and artificial technology (AI) technology are anticipated to give risk analytics solutions and generate new business opportunities for the market growth. The integration of these advanced technologies with risk analytics programs would support cybersecurity insurance companies with some of their most important issues. The growth of these modern and advanced technologies enables faster transactions and settlements, making it easier for their clients and financial institutions to perform transactions easily. Risk analytics solutions are very important to analyze claims, provide policy coverage, and manage reserves. Therefore the growing usage of blockchain with artificial intelligence (AI) for risk analysis will create immense opportunities for the growth of the cyber insurance market.
Restraints
- Issues associated with cyber insurance
Lack of expertise and technical knowledge along with growing concern regarding cybersecurity, data and information privacy will be considered major restraining factors for the market's growth during the abovementioned forecast period. Furthermore, absence of historical cyber and lack of understanding will become the biggest and foremost challenge for growth of the market.
This cyber insurance market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the cyber insurance market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact Analysis on Global Cyber Insurance Market
The outbreak of COVID-19 pandemic has forced customers to work from the confines of their homes and stay indoors. This has increased the risk of cyber-attacks and impelled questions on cyber insurance in the pandemic period. Data breaches, ransomware attacks, and interruptions of businesses can propel the demand for cyber insurance. The trust in cyber risk can also drive the inclusion of incident response management in newest policies that can navigate upcoming market trends. The growth of coverage areas for workers compensation, personal lines and specialty line are anticipated to be discussed in upcoming cyber insurance policies.
Recent Development
- In 2022, Uncover presented cyber security insurance for small enterprises in forthcoming Cyber Security Awareness and light of the cyber-attack on Optus Month in October. The company mainly focuses on servicing Australian small and medium enterprises with the launch of latest Cyber and Privacy Liability Insurance.
- In 2022- Medibank, an Australian insurance company, announced in the newest company statement after being connected by a nasty party alleging to have consumer data and for its deletion. The major cyber security conflict happened when the company found some "unusual activity" on its internal systems.
Global Cyber Insurance Market Scope
The cyber insurance market is segmented on the basis of component, insurance type, insurance coverage, organization size and application coverage type, end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Solutions
- Cybersecurity Insurance Analytics platform
- Disaster Recovery and Business Continuity
- Cybersecurity Solution
- Cyber Risk and Vulnerability Assessment
- Cybersecurity Resilience
- Services
- Consulting/Advisory
- Security Awareness Training
- Other
- Infrastructure Services
- Implementation
- Support and Maintenance
Insurance Type
- Packaged
- Standalone
Insurance Coverage
- Data Breach
- Data Loss
- Denial of Service and Down-Time
- Ransomware Attacks
- Others
- Third Party data
- Business Disruption
- Social Engineering
- Cyber Liability
Type
- Data Protection and Privacy Costs
- Non-compliance Penalty
- Brand and Related Intellectual Property Protection
- Others
- Human Error
- System Failure
- Controls Framework
- Inadequate IT Security Measures and Non-Security Related IT
- Source/target
- Internal
- External
Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises
Application
- Information and Communication Technology
- Financial Services
- Manufacturing
- Retail
- Healthcare
- Others
Coverage Type
- First Party Coverage
- Theft and Fraud
- Computer Program and Electronic Restoration
- Extortion
- Forensic Investigation
- Business Interruption
- Third-Party Coverage
- Crisis Management
- Credit Monitoring
- Regulatory Response
- Regulatory Response
- Privacy, and Security Liability
- Network Security Liability
- Media and Communication Liability
- End user
- Technology Provider
- Insurance Companies
- Third-party administrators, brokers and Consultancies
- Government Agencies
- Insurance Provider
- Financial provider IT and ITES
- Healthcare and Life Sciences
- Retail and E-commerce
- Telecom
- Travel, tourism and Hospitality
- Others
- Education
- Manufacturing
- Energy and Utilities and Government
Cyber Insurance Market Regional Analysis/Insights
The cyber insurance market is analyzed and market size insights and trends are provided by country, component, insurance type, insurance coverage, organization size, coverage type, end user and application as referenced above.
The countries covered in the cyber insurance market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the cyber insurance market in terms of revenue and market share due to the strong presence of major players and rising awareness among SMBs for cyber insurance in this region.
Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 owing to the surge in levels of liability and rising cybercrimes in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Cyber Insurance Market Share Analysis
The cyber insurance market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to cyber insurance market.
Some of the major players operating in the cyber insurance market are:
- American International Group, Inc. (U.S.)
- Aon Plc (U.K.)
- IBM (U.S.)
- Check Point Software Technologies Ltd. (Israel)
- CyberArk Software Ltd. (U.S.)
- F5 Inc (U.S.)
- FireEye (U.S.)
- Forcepoint (U.S.)
- Fortinet Inc (U.S.)
- Amazon Web Services (U.S.)
- Oracle (U.S.)
- Palo Alto Networks (U.S.)
- Imperva (U.S.)
- Qualys Inc (U.S.)
- Accenture (Ireland)
- HCL Technologies Limited (India)
- Capgemini (France)
- Cognizant (U.S.)
- Symantec Corporation (U.S.)
- Broadcom (U.S)
- Wipro Limited (India)
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