According to a recent Future Market Insights report, the cybersecurity insurance market is expected to reach US$ 11.5 Billion in 2022, registering a CAGR of 18.2% from 2022 to 2032. Growing security threats and financial losses are expected to push the market for cybersecurity insurance to US$ 61.2 Billion by the end of 2032. Business owners regularly purchase insurance policies in order to keep themselves protected from a variety of unforeseen circumstances, such as natural disasters as well as lawsuits brought by unhappy customers.
Business is implementing insurance policies in response to the rising risk of data breaches and cybersecurity risks. The insurance type segment is expected to be dominated by standalone insurances during the forecast period.
As businesses embark on their digital journey they face new opportunities and threats in the market. In addition, companies are being held to a higher standard of governance. Moreover, society as a whole is struggling to combat the rising impact of cyber incidents, such as ransomware, which is gaining traction.
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Key Takeaways:
- By end user, cybersecurity insurance solutions to be leveraged maximum by insurance providers, registering an 18% CAGR
- Presence of major key players and the growth of IT business in U.S. to push the market to US$ 21.3 Billion by 2032
- Growing telecom businesses to push the Chinese market at a CAGR of 17.5% from 2022-2032.
- Global cybersecurity insurance market to yield an absolute value of US$ 49.8 Billion
- U.K. market is expected to grow at a CAGR of 17.1% during the forecast period.
Competitive Landscape
With the growth of cloud-based technologies and the adoption of cloud-based storage systems, the market is projected to grow in the future. Strategic partnerships can provide a company with the potential to expand its operational capabilities. Insurers provide smart and dynamic policies that can help recover a company’s financial losses in the market.
- In September 2021, Microsoft announced a partnership with At-Bay, a pioneering cyber insurance company. The cyber-risk that each company it insures is assessed by At-Bay through its modern approach to risk management. Customers are then given actionable insights on how to improve their security posture. Using improved policy terms and pricing to encourage the implementation of security controls has strengthened the overall security of At-Bay’s portfolio companies.
- In January 2022, as part of its 2023 strategy, the Asian Investment Bank (AIB) and IBM have signed an agreement worth €65 million over three years to accelerate the bank’s digital transformation, meet its customer-first commitment, and accelerate its transition to hybrid cloud technologies. IBM’s technology will help AIB expand its cyber resilience and fraud detection capabilities, ensuring the high quality and safety of its digital services.
More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global cybersecurity insurance market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
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Key Segments Covered In The Cybersecurity Insurance Market
By Component:
- Cybersecurity Insurance Solutions
- Cybersecurity Insurance Services
By Insurance Coverage:
- Cybersecurity Insurance for Data Breach
- Cybersecurity Insurance for Data Loss
- Cybersecurity Insurance for Cybersecurity Liability
By Insurance Type:
- Packaged Cybersecurity Insurance
- Stand-alone Cybersecurity Insurance
By Organization Size:
- Cybersecurity Insurance for Large Enterprises
- Cybersecurity Insurance for SMEs
By End User:
- Cybersecurity Insurance for Technology Providers
- Cybersecurity Insurance for Insurance Providers
By Region:
- North America Cybersecurity Insurance Market
- Europe Cybersecurity Insurance Market
- Asia Pacific Cybersecurity Insurance Market
- Middle East and Africa Cybersecurity Insurance Market
- Latin America Cybersecurity Insurance Market
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