The Cybersecurity Insurance by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cybersecurity Insurance, The cybersecurity insurance market size has grown exponentially in recent years. It will grow from $14.63 billion in 2023 to $17.83 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to rise in cybersecurity threats and breaches, increasing awareness of cyber risks, regulatory compliance requirements, adoption of digital technologies, growth in data privacy concerns.
The cybersecurity insurance market size is expected to see exponential growth in the next few years. It will grow to $40.92 billion in 2028 at a compound annual growth rate (CAGR) of 23.1%. The growth in the forecast period can be attributed to expansion of cybersecurity insurance products, integration of artificial intelligence in risk assessment, growth in remote work and digital transformation, increased adoption by small and medium enterprises (smes), emphasis on incident response and recovery. Major trends in the forecast period include customized cybersecurity insurance policies, collaboration between insurers and cybersecurity firms, focus on employee training and security awareness, cybersecurity risk assessments and audits, dynamic pricing models based on cybersecurity posture.
Rising data security breaches are the key factor driving the growth of the cybersecurity insurance market going forward. A data breach is a situation in which information is taken from a system without the owner’s knowledge or consent. Weak and forged identification is one of the easiest and most frequent reasons for data breaches. Data breaches are happening more often and with greater severity than ever before. Data breaches and other cybercrimes are becoming way too common, which is resulting in companies investing in cyber insurance to help them with the cost of procuring, restoring, and recreating data. For instance, in February 2022, according to the data breach quick view in the United States, there were 2,932 data breaches recorded in 2021 compared to 2,645 in 2020, a 10% increase. Therefore, the rising number of data security breaches is driving demand for the cybersecurity insurance market growth.
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The cybersecurity insurance market covered in this report is segmented –
1) By Insurance Type: Packaged, Stand-Alone
2) By Insurance Coverage: Data Breach, Cyber Liability
3) By Component: Solutions, Services
4) By Organization Size: Large Enterprises, Small and Medium Enterprises (SMEs)
5) By End User: Technology Provider, Insurance Provider
Strategic partnerships and collaborations have emerged as the key trend gaining popularity in the cybersecurity insurance market. Major companies operating in the cybersecurity insurance sector are focused on collaborations and partnerships to strengthen their market position. For instance, in June 2021, Superscript, a UK-based insurance provider, partnered with CyberSmart, a UK-based specialist in cybersecurity for small businesses, to offer free cybersecurity insurance. Small businesses that complete the ‘Cyber Essentials’ certification on CyberSmart’s website can easily subscribe to Superscript’s cyber insurance in real-time without leaving CyberSmart’s site. This partnership simplifies and accelerates the process of obtaining cyber insurance, making it more accessible for small businesses.
The cybersecurity insurance market report table of contents includes:
- Executive Summary
- Cybersecurity Insurance Market Characteristics
- Cybersecurity Insurance Market Trends And Strategies
- Cybersecurity Insurance Market – Macro Economic Scenario
- Global Cybersecurity Insurance Market Size and Growth
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- Global Cybersecurity Insurance Market Competitive Benchmarking
- Global Cybersecurity Insurance Market Competitive Dashboard
- Key Mergers And Acquisitions In The Cybersecurity Insurance Market
- Cybersecurity Insurance Market Future Outlook and Potential Analysis
- Appendix
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