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WASHINGTON, April 14, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Cybersecurity Insurance Market finds that the increase in cyber-attacks and data breaches is expediting market growth. Primarily driven by rising rate of recovery of financial losses, the total Global Cybersecurity Insurance Market is estimated to reach USD 26.24 Billion by the year 2028.
The Global Market revenue in the year 2021 was from USD 8.32 Billion, and is expected to rise at a Compound Annual Growth Rate (CAGR) of 21.1%.
Furthermore, the growing adoption of artificial intelligence and blockchain technology for risk analytics is also anticipated to augment the growth of the Global Cybersecurity Insurance Market, states Vantage Market Research, in a report, titled “Cybersecurity Insurance Market Size, Share & Trends Analysis Report by Component (Solution, Service), by Insurance Coverage (Data breach, Cybersecurity liability), by Insurance Type (Packaged, Stand-alone), by Organization size (Large Enterprises, SMEs), by End user (Technology provider, Insurance provider), by Region (North America, Asia Pacific, Europe, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Driver: Increase in Cyber Attacks and Data Breaches to Fuel Global Cybersecurity Insurance Market
Data breaches and cyber-attacks expose sensitive, confidential, or protected information to an unauthorized person. Anyone, from individuals to high-level enterprises and governments, can be at risk of a data breach. Hackers can easily get to the data through the text messages, internet, Bluetooth, or the online services that are been used daily whether you are offline or online. According to Check Point Research, 2019 saw a 50% increase in attacks by mobile banking malware compared to 2018. The Verifications.io., world’s largest email validation company, fell victim to a major data breach due to an unprotected MongoDB database. Data from over 800 emails was exposed, containing sensitive information that included personally identifiable information (PII). Further, the personal data of over 100 million users of the Indian search service Justdial was exposed after an unprotected database was found online. The leaked data was collected in real-time from every customer who accessed the service through its mobile app, website, or even by calling, and includes usernames, mobile numbers, email addresses, addresses, occupation and even photos. Many such data breaches have been taking place since few decades which is expected to result in increase in the demand of cyber insurance across the globe.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Cybersecurity Insurance market is predicted to grow at a CAGR of roughly 21.1% during the forecast period.
- The Cybersecurity Insurance market was estimated to be worth roughly USD 8.32 Billion in 2021 and is expected to reach USD 26.24 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Cybersecurity Insurance market.
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Segmentation of Cybersecurity Insurance Market:
By Component -(Revenue- USD Million, 2016-2028)
By Insurance Converge-(Revenue- USD Million, 2016-2028)
- Data breach
- Cybersecurity liability
By Insurance Type-(Revenue- USD Million, 2016-2028)
By Organization Size-(Revenue- USD Million, 2016-2028)
By end user-(Revenue- USD Million, 2016-2028)
- Technology provider
- Insurance provider
By region- (Revenue- USD Million, 2016-2028)
- The UK
- Rest of Europe
- South Korea
- South East Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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Driver: Increasing Rate of Recovery of Financial Losses to Stimulate Market Growth
The increase in rate of recovery of financial losses is anticipated to augment the growth of the Cybersecurity Insurance Market within the estimated period. Cyber insurance helps all the organizations and enterprises mitigate losses from a variety of cyber incidents that take place every day, from a data breach involving sensitive customer information to network damage and disruption. Cyber insurance though does not protect any organization against the hack itself, but it does offer help before, during and after an attack. Further, it also helps with the costs associated with remediation, including payment for the legal assistance, crisis communicators, investigators, and customer credits or refunds. However, the lack of awareness related to cyber insurance and reluctance in choosing cyber insurance over cyber security solutions is expected to hamper the growth of the market in near future. Moreover, the increasing adoption of artificial intelligence and blockchain technology for risk analytics is further anticipated to support the growth in the years to come.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Cybersecurity Insurance Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
North America to Dominate the Global Cybersecurity Insurance Market
North America has dominated the Global Cybersecurity Insurance Market in 2021 and is likely to continue the same trend during the forecast period. The US dominated the North America region in 2021. This is attributable to the presence of major players such as American International Group, Inc.; and Lockton Companies, Inc. in the region. Furthermore, rising awareness of cyber insurance among SMBs along with increasing data breaches across various industries are also anticipated to encourage the adoption of cyber insurance.
List of Prominent Players in the Cybersecurity Insurance Market:
- Technology Vendors – Bit Sight (US)
- Prevalent (US)
- Red Seal (US)
- Security Scorecard (US)
- Cyber Indemnity Solutions (Australia)
- Cisco (US)
- Up Guard (US)
- Microsoft (US)
- Check Point (US)
- Attack IQ (US)
- Sentinel One (US)
- Broadcom (US)
- Accenture (Ireland)
- Kenna Security (US)
- Cylance (US)
- FireEye (US)
- CyberArk (US)
- CYE (Israel)
- SecurIT360 (US)
- 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)
- Sompo International (Bermuda). Start-up Vendors – At-Bay (US)
- Cybernance (US)
- Cyber Cube (US)
- Coalition (US)
- Arceo.ai (US)
- Kovrr (Israel)
- Sayata Labs (Israel)
- Zeguro (US)
- Risk Sense (US)
- Cyence (US)
- Safe Breach (US)
- Cronus Cyber Technologies (Israel)
Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on “Cybersecurity Insurance Market Size, Share & Trends Analysis Report by Component (Solution, Service), by Insurance Coverage (Data breach, Cybersecurity liability), by Insurance Type (Packaged, Stand-alone), by Organization size (Large Enterprises, SMEs), by End user (Technology provider, Insurance provider), by Region (North America, Asia Pacific, Europe, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/cybersecurity-insurance-market-905471
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Cybersecurity Insurance Market?
- How will the Cybersecurity Insurance Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Cybersecurity Insurance Market?
- What is the Cybersecurity Insurance market drivers and restrictions?
- What will be the CAGR and size of the Cybersecurity Insurance Market throughout the forecast period?
December, 2021: Coalition announced to launch a new captive to begin taking risk on its cyber insurance programs. With this captive, Coalition will enhance its ability to manage capacity and its long-term growth objectives while further aligning incentives with its customers.
December, 2021: Generali Group announced its teaming with Accenture and Vodafone Business to help create a package of cyber insurance services that help customers quickly and effectively recognize, respond to and recover from cybersecurity threats and incidents.
This market titled “Cybersecurity Insurance Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size Provided for Years||2016-2028|
|Region & Counties Covered||
|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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