Global Third Party Cyber Insurance Market – Industry Trends and Forecast to 2030

Global Third Party Cyber Insurance Market, By Component (Solutions, Services), Insurance Type (Packaged, Standalone), Insurance Coverage (Data Breach, Cyber Liability), Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), Application (Information and Communication Technology, Financial Services, Manufacturing, Retail, Healthcare, Others) – Industry Trends and Forecast to 2030.

Third Party Cyber Insurance Market Analysis and Size

Numerous businesses in the information technology sector can benefit from the protection of third party cyber coverage, such as businesses that install computer networks. Other IT businesses that can profit from a third-party cyber insurance policy include IT consultants, app developers, network and security consultants, software developers, website designers and web hosting businesses

Data Bridge Market Research analyses that the third party cyber insurance market was valued at USD 7738.10 million in 2022 and is expected to reach the value of USD 39496.49 million by 2030, at a CAGR of 22.60% 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.

Third Party Cyber Insurance Market Scope and Segmentation

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.

Global Third Party Cyber Insurance Market

Drivers

• Increasing cyber risks

The large number of cyber threats due to a large portion of the global population spending their maximum time online can drive the demand for the third party cyber insurance. Initiatives taken by governments and regulatory authorities to strengthen defenses can spur the market demand at a substantial pace. Increase of data privacy laws such as the EUs General Data Protection Regulation (GDPR) and Health Insurance Portability and Accountability Act (HIPAA) can further facilitate the demand for the third party cyber insurance.

• Increasing use of social media platform and easy access of personal information

Easy access to personal data and information over the internet and growing usage of social media platforms have encouraged cybercriminals to commit crimes in which mainly involving the sale of personal information such as  medical records, credit card numbers, identities and more on the dark web. As a result of this, it has contributed to a rise in the demand for third party cyber insurance in the market.

Opportunities

• Increasing usage of blockchain technology with AI for risk analysis

Among the most recent innovative technologies, artificial technology (AI) and blockchain are projected to give risk analytics solutions and provide new business opportunities. The integration of these technologies with risk analytics programs would aid cybersecurity insurance industries with some of their most pressing issues. The growth of modern technologies allows faster transactions and settlements, making it easier for financial institutions and their clients to perform transactions easily. Risk analytics solutions are important to manage reserves, analyze claims, and provide policy coverage. Thus the increasing usage of of blockchain technology with A.I. for risk analysis will create immense eopportunities for the growth of the market.

Restraints

• Issues  associated with third party cyber insurance

Lack of technical knowledge coupled with increasing concern regarding cybersecurity and data privacy will likely act as major market restraints factor for the market's growth in the above mentioned projected time period. Absence of historical cyber data for effective underwriting and lack of understanding will become the foremost and biggest challenge for the market growth.

This third party 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 third party 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.

Global Third Party Cyber Insurance Market Scope

The third party cyber insurance market is segmented on the basis of component, insurance type, insurance coverage, organization size and application y. 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
• Services

 Insurance Type

• Packaged
• Standalone

 Insurance Coverage

• Data Breach
• Cyber Liability

 Organization Size

• Large Enterprises
• Small and Medium-Sized Enterprises

Application

• Information and Communication Technology
• Financial Services
• Manufacturing
• Retail
• Healthcare
• Others

Third Party Cyber Insurance Market Regional Analysis/Insights

The third party cyber insurance market is analyzed and market size insights and trends are provided by country, component, insurance type, insurance coverage, organization size and application as referenced above.

The countries covered in the third party 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 third party cyber insurance market in terms of revenue and market share due to the strong presence of major market players and growing awareness of cyber insurance among SMBs in this region. 

Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 due to the increase in levels of liability and growing cybercrimes within 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 Third Party Cyber Insurance Market Share Analysis

The third party 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 third party cyber insurance market.

Some of the major players operating in the third party 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)