Cyber Insurance Market Size, Share, Growth Analysis, By Coverage Type, By Enterprise Size(Large Enterprise, Small and Medium Enterprises ), By End User, By Region

Description

Cyber Insurance Market size was valued at USD 12.94 billion in 2022 and is poised to grow from USD 16.21 billion in 2023 to USD 100.62 billion by 2031, growing at a CAGR of 25.70% in the forecast period (2024-2031).

Cyber insurance has gained popularity as a crucial financial safeguard against cyber-attacks such as identity theft, phishing, email spoofing, and IT theft, among others. It offers various applications including coverage for data breaches, reimbursement for legal expenses, protection against cyber extortion, and forensic investigation support. Organizations worldwide are increasingly adopting cyber insurance to mitigate security risks as part of their comprehensive cybersecurity strategy. Data breaches can lead to financial losses, legal liabilities, and damage to a company's reputation in the market, making cyber insurance essential for business continuity and resilience. In recent years, cyber-attacks have escalated significantly, becoming a top risk concern for businesses globally. Cyber insurance provides benefits like cybersecurity audits to ensure compliance with evolving standards, covering post-breach notification requirements, and expenses related to liability claims for non-compliance. However, due to the rise in cyber threats, premiums have increased and coverage limitations have become more stringent. Insurers are reassessing their risk exposures, which has led to less standardization across the industry, impacting the growth of cyber insurance coverage.

Top-down and bottom-up approaches were used to estimate and validate the size of the Cyber Insurance market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Cyber Insurance Market Segmental Analysis

Cyber Insurance market is segmented on the basis of Coverage Type, Enterprise Size, End User, and region. Based on Coverage Type, the market is segmented as First-party, Insurance companies, Third-party, Liability Coverage, Others. Based on Enterprise Size, the market is segmented as Large Enterprise, Small and Medium Enterprises (SME). Based on End User, the market is segmented as BFSI, IT & Telecom, Healthcare, Retail and E-commerce, and Others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.

Drivers of the Cyber Insurance Market

The growing adoption of blockchain technology and cryptocurrency ownership globally is leading to an increase in cyber threats and security risks. The highly volatile nature of cryptocurrency markets poses significant financial risks to investors, with potential losses amounting to millions and substantial sector-wide impacts. In response to these challenges, companies in this sector are making substantial investments in cyber insurance to mitigate potential losses and enhance security measures.

Restraints in the Cyber Insurance Market

The rising demand for cyber insurance across various sectors to safeguard against cyber crimes and threats has resulted in escalating premium costs. These higher premiums are posing a barrier to the growth of the cyber insurance market. Additionally, in New York, customers are showing reduced interest in renewing or continuing their policies due to these increased costs.

Market Trends of the Cyber Insurance Market

As the digital landscape expands with innovations like the metaverse and IoT, the market anticipates the introduction of advanced devices featuring 4D interfaces, requiring robust security against theft, misplacement, or loss. Concurrently, increased disposable income among consumers is driving higher expenditures on digital devices.

Product Code: SQMIG40O2003

Introduction

Objectives of the Study
Definitions
Market Scope

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Executive Summary

Market Overview Outlook
Supply Demand Trend Analysis
Segmental Opportunity Analysis

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers

Key Market Insights

Patent Analysis
Regulatory Analysis
Pricing Analysis
Case Study Analysis
- European financial service providers utilized BitSight for security performance management.
- Country Mutual Insurance Company implemented CyberArk's privileged security access platform.
- A Global 500 insurance company selected Prevalent's third-party risk management solution.
Ecosystem of the Market
Innovation Matrix
Top Investment Analysis
Value Chain Analysis
Key Success Factor
Degree of Competition

Global Cyber Insurance Market by Component

Market Overview
Solution
- Cybersecurity Insurance Analytics Platforms
- Disaster Recovery and Business Continuity
- Cybersecurity Solutions
Services
- Consulting/Advisory
- Security Awareness Training
- Other Services

Global Cyber Insurance Market by Coverage Type

Market Overview
Data Breach
- Data Loss
- Denial Of Service and Downtime
- Ransomware Attacks
Cyber Liability
- Data protection and privacy costs
- Non-compliance penalty
- Brand and related intellectual property protection
- Other cyber liability types
Source/Target of Cyber Liabilities
- Internal
- External

Global Cyber Insurance Market by Insurance Type

Market Overview
Packaged
Standalone

Global Cyber Insurance Market by Compliance Requirement

Market Overview
Healthcare Compliance
Financial Services Compliance
GDPR Compliance
Data Privacy Compliance
Other Compliances

Global Cyber Insurance Market by Enterprise Size

Market Overview
Large Enterprises
Small and Medium Enterprises (SME)

Global Cyber Insurance Market by End User

Market Overview
BFSI
IT & Telecom
Healthcare
Retail and E-commerce
Others

Global Cyber Insurance Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- Spain
- Italy
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2023
Strategies Adopted by Key Market Players
Recent Activities in the Market
Key Companies Market Share (%), 2023

Key Company Profiles

BitSight (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
RedSeal (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Security Scorecard (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Cyber Indemnity Solutions (Australia)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Cisco (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
UpGuard (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Microsoft (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Check Point (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
AttackIQ (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SentinelOne (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Accenture (Ireland)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Trellix (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
CyberArk (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SecurIT360 (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Founder Shield (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
AXIS Capital (Bermuda)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Beazley (UK)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Sayata Labs (Israel)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Zeguro (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SafeBreach (US)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments

Cyber Insurance Market Size, Share, Growth Analysis, By Coverage Type, By Enterprise Size(Large Enterprise, Small and Medium Enterprises ), By End User, By Region - Industry Forecast 2024-2031