Cybersecurity Insurance Market Size - By Component (Solution, Services), By Enterprise Size (Large Enterprise, SMEs), By Insurance Type (Packaged, Standalone), By Coverage Type (First-Party, Liability Coverage), End Use, & Forecast 2023

Description

List of Tables

Cybersecurity Insurance Market size is projected to expand at 20.7% CAGR from 2032 to 2032, significantly influenced by the ongoing process of digital transformation worldwide. Lately, several businesses are rapidly digitizing their operations for expanding their attack surfaces and necessitating cybersecurity insurance to protect against financial losses and reputation damages.

The rising digitization of operations along with the higher adoption of IoT devices, cloud computing, and remote work practices has led to the growing awareness of the potential financial and reputational damages that can result from data breaches and cyberattacks. The surging focus on seeking cybersecurity insurance for mitigating the risks and protecting assets will also provide potential growth opportunities to the industry players. For instance, in October 2023, active insurance provider Coalition partnered with MS&AD Insurance Group, a leading non-life insurer in Japan and the ASEAN region, to provide cybersecurity monitoring solutions to SMBs.

The cybersecurity insurance market is segmented in terms of component, enterprise size, investment type, coverage type, end-use, and region.

With respect to component, the market value from the solutions segment is set to witness high demand from 2023-2032. With cyber threats becoming increasingly sophisticated and prevalent, organizations are investing heavily in comprehensive cybersecurity solutions to safeguard their digital assets and sensitive data. The growing regulatory compliance requirements and the heightened awareness of cyber risks are pushing organizations to adopt robust cybersecurity solutions. The rising demand for integrated, scalable, and AI-driven cybersecurity solutions is also driving the market expansion.

Cybersecurity insurance market from the manufacturing end-use segment is expected to record robust growth by the end of 2032. Manufacturing industries are increasingly digitizing their operations, relying on interconnected systems, IoT devices, and data-driven processes, leading to higher exposure to cyber risks. The growing adoption of Industry 4.0 technologies will also contribute to the segment expansion.

Regionally, Asia Pacific cybersecurity insurance market is anticipated to expand at notable growth rate through 2032 owing to the growing number of cyber threats in the major countries. For instance, India reported a startling 13.91 lakh cyber security incidents in 2022. The increasing digital risks and the thriving ONDC-led e-commerce and digital platforms have prompted the higher need for cyber insurance in SMEs. To meet this surging demand, the growing focus of market participants on innovative solutions will enhance the industry outlook. To cite an instance, in September 2022, Onsurity, India's leading monthly subscription-based employee healthcare benefits provider, introduced its latest solution for the country's SMEs.

Product Code: 6407

Chapter 1 Methodology & Scope

1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data Sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Cybersecurity insurance market 360 degree synopsis, 2018 - 2032
2.2 Business trends
- 2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Component trends
2.5 Enterprise size trends
2.6 Insurance type trends
2.7 Coverage type trends
2.8 End use trends

Chapter 3 Cybersecurity Insurance Market Industry Insights

3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
- 3.10.1 Growth drivers
  - 3.10.1.1 Growing cyber threats including data breaches and ransomware attacks
  - 3.10.1.2 Stringent regulatory compliance in various economies
  - 3.10.1.3 Evolving cyber insurance products
  - 3.10.1.4 Growing cybersecurity awareness and education
  - 3.10.1.5 Rising business continuity concerns
- 3.10.2 Industry pitfalls & challenges
  - 3.10.2.1 Increasing complexity of cyber risks
  - 3.10.2.2 High cost of claims
3.11 Growth potential analysis
3.12 Porter's analysis
3.13 PESTEL analysis

Chapter 4 Competitive Landscape, 2022

4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
- 4.3.1 American International Group Inc.?
- 4.3.2 Zurich Insurance Co. Ltd
- 4.3.3 The Chubb Corporation?
- 4.3.4 Aon PLC?
- 4.3.5 Lockton Companies Inc.?
- 4.3.6 Liberty Mutual
- 4.3.7 The Hanover Insurance Inc.
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022

Chapter 5 Cybersecurity Insurance Market Estimates & Forecast, by Component (Revenue)

5.1 Key trends, by component
5.2 Solution
5.3 Services

Chapter 6 Cybersecurity Insurance Market Estimates & Forecast, by Enterprise Size (Revenue)

6.1 Key trends, by enterprise size
6.2 Large enterprises
6.3 SMEs

Chapter 7 Cybersecurity Insurance Market Estimates & Forecast, By Insurance Type (Revenue)

7.1 Key trends, by insurance type
7.2 Standalone
7.3 Packaged

Chapter 8 Cybersecurity Insurance Market Estimates & Forecast, By Coverage Type (Revenue)

8.1 Key trends, by coverage type
8.2 First-party
8.3 Liability coverage

Chapter 9 Cybersecurity Insurance Market Estimates & Forecast, By End use (Revenue)

9.1 Key trends, by end use
9.2 IT & Telecom
9.3 BFSI
9.4 Manufacturing
9.5 Healthcare
9.6 Retail
9.7 Others

Chapter 10 Cybersecurity Insurance Market Estimates & Forecast, By Region

10.1 Key trends, by region
10.2 North America
- 10.2.1 U.S.
- 10.2.2 Canada
10.3 Europe
- 10.3.1 UK
- 10.3.2 Germany
- 10.3.3 France
- 10.3.4 Italy
- 10.3.5 Spain
- 10.3.6 Russia
10.4 Asia Pacific
- 10.4.1 China
- 10.4.2 India
- 10.4.3 Japan
- 10.4.4 South Korea
- 10.4.5 ANZ
10.5 Latin America
- 10.5.1 Brazil
- 10.5.2 Mexico
10.6 MEA
- 10.6.1 South Africa
- 10.6.2 Saudi Arabia
- 10.6.3 UAE

Chapter 11 Company Profiles

11.1 American International Group Inc.
11.2 Aon PLC
11.3 Attack IQ
11.4 Axis Capital
11.5 BitSight
11.6 Checkpoint
11.7 Cisco Systems Inc.
11.8 CNA Financial Corporation
11.9 Liberty Mutual
11.10 Lockton Companies Inc.
11.11 Munich RE
11.12 The Chubb Corporation
11.13 The Hanover Insurance Inc.
11.14 Upguard
11.15 Zurich Insurance Co. Ltd