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 to keep themselves protected from a variety of unforeseen circumstances, such as natural disasters as well as lawsuits brought by unhappy customers.
Businesses are 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 insurance during the forecast period.
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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.
Key Takeaways from the Cybersecurity Insurance Market:
- By end user, cybersecurity insurance solutions are to be leveraged maximum by insurance providers, registering an 18% CAGR
- The presence of major key players and the growth of IT business in the U.S. to push the market to US$ 21.3 Billion by 2032
- Growing telecom businesses 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
- The 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 ensures 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 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.
Leading Key Players:
- BitSight
- Prevalent
- RedSeal
- SecurityScorecard
- Cyber Indemnity Solutions
- Allianz
- AIG
- Aon
- Arthur J. Gallagher & Co
- Travelers Insurance
- AXA XL
- Axis
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Cybersecurity Insurance Market Segmentation:
By Component:
- Solutions
- Analytics platform
- Disaster recovery and business continuity
- Other Cybersecurity Solutions
- Services
- Consulting/ Advisory
- Security awareness training
- Others (infrastructure services, implementation, and support and maintenance)
By Insurance Coverage:
- Data Breach
- Data Loss
- Denial of service and downtime
- Ransomware attacks
- Others (third-party data, business disruption, and social engineering)
- Cybersecurity Liability
- Type
- Source/Target
By Insurance Type:
- Packaged
- Stand-alone
By Organization Size:
- Large Enterprises
- SMEs
By End User:
- Technology Providers
- Insurance Companies
- Third-party administrators, brokers, and consultancies
- Government Agencies
- Insurance Providers
- Financial Services
- IT and ITES
- Healthcare and Life Science
- Retail and E-commerce
- Telecom
- Travel, tourism, and hospitality
- Others (Education, Manufacturing, Energy and Utilities, and Government)
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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