The Global Cyber Insurance Market is projected to grow at a CAGR of 24.1% from 2022 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 9.35 Billion in 2021 and is expected to reach USD 68.17 Billion by the end of the forecast period.
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Browse in-depth TOC on “Cyber Insurance Market”
202 – Pages
126 – Tables
37 – Figures
Cyber Insurance Market: Growth Drivers, Challenges, and Global Impact
The Cyber Insurance Industry offers insurance for first-party damages as well as third-party claims for businesses dealing with cyber-related security breaches or comparable occurrences. This insurance intends to cover expenses related to recovering from internet-based cyber damages, including indemnity from data breach-related legal actions, loss of privacy, and network security breaches. Rising cyberattacks pose a severe threat to people, businesses, and nations, which is why more people are using cyber insurance solutions.
Due to mandated cybersecurity laws and data protection legislation, there has been an increase in demand for cyber insurance. Globally, governments and law enforcement organizations have taken steps to improve data security. The COVID-19 epidemic has highlighted the importance of cyber insurance coverage even more, with some regions requiring state contractors handling regulated personal information to obtain cyber insurance.
Insurance companies are increasingly focusing on cyber insurance measures due to a number of data privacy laws, including the General Data Protection Regulation (GDPR) of the European Union and the US’s Personally Identifiable Information (PII) and Health Insurance Portability and Accountability Act (HIPAA).
Future adoption of the cyber insurance market is anticipated to be fueled by the growth in cyberattacks during the pandemic and rising digitization. Businesses are becoming more conscious of the potential business disruption risks associated with cyberspace, and different sectors, like banking and healthcare, are seeing an increase in the number of obligatory data security rules, which is further driving market expansion.
The increased cost of cyber insurance, however, is a significant barrier to the market’s expansion. Due to ransomware assaults in recent years, insurance companies have had to pay out hefty claims. The expense of retrieving infected systems is substantial, despite the fact that certain cyber insurance coverage do not cover ransom payments. Because of this, cyber insurance providers are raising the cost of coverage to account for new services like negotiating with hackers and helping with data recovery from ransomware attacks. Due to this, businesses now place a higher priority on enhancing cybersecurity safeguards than raising insurance rates.
Due to the significant need for security solutions in the region, North America now owns the largest share of the global market for cyber security software. The region’s need for cyber insurance is influenced by the presence of major international corporate headquarters and offices in North America. The region’s cyber security software market is expanding as a result of strict government rules requiring security measures for data protection.
The “Global Cyber Insurance Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are IBM Corporation, Sophos, Trend Micro, Cisco Systems, HPE, Fortinet, Check Point Software Technologies Ltd., Juniper Networks, Inc, Symantec Corporation.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Cyber Insurance Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Cyber Insurance Market into Deployment Model, Service Type, Organization Size, Application, And Geography.
- Cyber Insurance Market, by Deployment Model
- Cyber Insurance Market, by Service Type
- Wireless security
- Application security
- Network security
- Endpoint security
- Cyber Insurance Market, by Organization Size
- Large Companies
- Small and Medium Businesses
- Cyber Insurance Market, by Application
- IT and Telecommunications
- Banking, Financial Services, and Insurance (BFSI)
- Aerospace and Defense
- Cyber Insurance Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
- North America
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