Cyber Insurance Market Surge: 25.70% CAGR by 2031 Due to SME Data Breaches | SkyQuest Technology

WESTFORD, Mass., July 23, 2024 /PRNewswire/ -- According to SkyQuest, the global 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 is not just transforming in different ways, but also triggering unmatched changes in the investment of cybersecurity in medium and small-sized businesses. On a wider scale, small enterprises are the common victims of being stacked by ransomware and most other forms of cyberattacks or are currently under target as a commencement to reach high-valued results. Hence, the rising number of cyber-attacks on these enterprises along with larger businesses is mounting the demand for effective solutions.

Healthcare, BFSI, education, and retail industries are presently the most vulnerable sectors due to large quantities of consumer data. Moreover, rising digitalization, digital payment, electronic medical records, and online shopping will further upsurge breaches in these sectors.

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Cyber Insurance Market Overview:

Segments covered in Cyber Insurance Market are as follows:

• Coverage Type
  • First-party, Insurance companies, Third-party, Liability Coverage, Others

• Enterprise Size
  • Large Enterprise, Small and Medium Enterprises (SME)

• End-User
  • BFSI, IT & Telecom, Healthcare, Retail and E-commerce, Others

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First Party Segment Drives the Market Due to Increasing Hacking Activities, Extortion, and Online Thefts

The first party coverage domain is dominating the market share since it entails cases where the prey is directly engaged in the incident. It offers financial support to companies to alleviate the impact of cyberattacks. The rising cases of extortion, hacking activities, online theft, and data destruction are projected to considerably support the growth of the first party segment.

Conversely, the liability and third-party segments are projected to be the fastest growing. Liability coverage is customized to certain needs of companies with more advantages like coverage of data breaches, business interruption, forensic help in safety against cyberattacks, and coverage afar usual liability rules. The framework and adoption of such specific policies are helping the market progress with ore number of adoptions soon.

Growing Need for High-Quality Risk Management Solutions to Help Lead the Large Enterprise Domain

The large enterprise segment is anticipated to grow considerably over the forecast period on the back of huge data generation. This ultimately increases the cases of massive data attacks. Hence, the bigger companies are actively spending on optimal and high-quality risk management services that promise top-class safety of the company data as well as of the customer.

Moreover, the SME sub-segment is anticipated to be the fastest growing throughout the estimated period. Small and medium sized businesses are the new vulnerable targets of hackers. Owing to this, small and medium businesses are aiming to invest rigorously in better cybersecurity insurance services. Delivery of quality insurance will support the cyber insurance market flourish over the coming years.

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BFSI Segment Leads on the Back of Massive Data Generation, Demanding Superior Security Services

The BFSI domain is anticipated to register for a majority share of the market owing to increasing consumer preference for digitalization, internet banking, social media use, and mobile applications, leading to increasing cyber risks. Owing to the huge generation of data in the finance industry, hackers can easily hack their systems and misuse their data. This is projected to surge the demand for superior risk management solutions by the industry, impelling the cyber insurance market growth.

The healthcare sector is expected to be the fastest-growing segment owing to rising demand for insurance policies due to increased data breaches in the industry. In the past years, the healthcare segment reported more than 4500 data breach cases comprising 500+ records till 2021 from 2009.

Internet of Things, AI, Operational Technology to be Opportunistic for the Market

Future cyber breaches will significantly increase supported by major advancements in technologies, such as AI like ChatGPT, developing landscape of information technology, operational technology, and the internet of things. These converging technologies, all together offer abundant opportunities for all and emerging businesses, governments, and society, and with this cyberattacks will also increase with more sophistication. Here, the human aspect will remain a hindrance to cybersecurity. Hence, social engineering & business email compromise abbreviated as BEC and phishing are projected to remain positive and effective attack routes.

Related Report:

Cyber Security Market

Cloud Security Market

Endpoint Security Market

IOT Security Market

Zero Trust Security Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

Contact:

Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: [email protected]
Visit Our Website: https://www.skyquestt.com/

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SOURCE SkyQuest Technology

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