Cybersecurity Insurance Market worth $33.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 28, 2023 /PRNewswire/ -- As cyber dangers increase and broader coverage and sector-specific policies become more prevalent, the market for cybersecurity insurance is projected to experience growing demand in the future. Because of evolving cyberthreats and rising business awareness, the market may be shaped by advanced risk assessment techniques, regulatory influence, and cybersecurity partnerships.

The Cybersecurity Insurance Market is projected to grow from USD 14.4 billion in 2023 to USD 33.4 billion by 2028, at a CAGR of 18.3% during the forecast period, according to a new report by MarketsandMarkets™.  The rise in cyber threats, such as data breaches, ransomware, and phishing attacks, has driven the demand for cybersecurity insurance as organizations seek financial protection against potential losses.

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Scope of the Report

Based on insurance type, the standalone segment holds the largest market and highest CAGR during the forecast period.

The demand for dedicated cybersecurity insurance policies and the need to mitigate the risks associated with "silent cyber" have led to the increasing popularity of standalone cybersecurity insurance policies. These standalone policies are projected to surpass packaged cybersecurity insurance policies regarding market growth. Organizations are increasingly concerned about cyber risks and seek specialized coverage solely for cyber risk protection, driving the demand for standalone cyber policies. Insurance providers such as AIG, Lloyd's, and Allianz are embracing affirmative cyber and witnessing the growth of standalone policies. These policies are designed to address more complex cyber risks compared to packaged cybersecurity insurance. For example, AIG offers its clients a comprehensive cybersecurity insurance package that includes traditional property and casualty policies and a standalone CyberEdge policy. The CyberEdge policy provides policyholders with a broader range of security protection than the packaged endorsement. Key players in the market offering standalone cybersecurity insurance solutions include AXA XL, AIG, Travelers Insurance, Beazley, Zurich, Fairfax, Tokio Marine, Liberty Mutual, and CNA.

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Based on insurance provider end users, healthcare & life sciences is projected to register the highest CAGR during the forecast period.

The healthcare industry faces various challenges, including regulatory fluctuations and the ever-evolving landscape of cyberattacks and breaches. Compliance with privacy and data security regulations such as HIPAA and HITECH necessitate the reliance of healthcare organizations on cybersecurity insurance policies to cover penalty fees. The COVID-19 pandemic has exacerbated cyber threats, with healthcare organizations experiencing increased attacks like ransomware and misinformation campaigns. Cybersecurity insurance is a crucial safeguard for healthcare providers, offering financial protection against cybercrimes, ransomware, data breaches, and other cybersecurity incidents.

Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.

Asia Pacific, an emerging economy, is projected to achieve the highest CAGR in the Cybersecurity Insurance Market during the forecast period. Countries in the Asia Pacific region, such as China, Japan, ANZ, and Singapore, are highly concerned about rising security spending due to increasing cyber threats. With its strong government regulations and technological advancements, Asia Pacific presents promising growth opportunities for the Cybersecurity Insurance Market. Insecure interfaces, data breaches, and data losses are top cybersecurity risks in the region, fueled by rapid connectivity and digital transformation. Asia Pacific faces an 80% higher risk of cyberattacks than other regions. Increasing regulatory measures are expected to drive the demand for cybersecurity insurance. Zurich Insurance predicts significant market growth in APAC, with leading players like AIG, Allianz, Chubb, and Zurich operating in the region.

Top Key Companies in Cybersecurity Insurance Market:

The major vendors covered in the Cybersecurity Insurance Market include BitSight (US), Prevalent (US), RedSeal (US), SecurityScorecard (US), Cyber Indemnity Solutions (Australia), Cisco (US), UpGuard (US), Microsoft (US), Check Point (US), AttackIQ (US), SentinelOne (US), Broadcom (US), Accenture (Ireland), Cylance (US), FireEye (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). The insurance vendors covered in the Cybersecurity Insurance Market are Allianz (Germany), AIG (US), Aon (UK), Arthur J. Gallagher & Co (US), Travelers Insurance (US), AXA XL (US), AXIS Capital (Bermuda), Beazley (UK), Chubb (Switzerland), CNA Financial (US), Fairfax Financial (Canada), Liberty Mutual (US), Lloyd's of London (UK), Lockton (US), Munich Re Group (Germany), and Sompo International (Bermuda). The startup vendors covered in the Cybersecurity Insurance Market are At-Bay (US), Cybernance (US), CyberCube (US), Coalition (US), Arceo.ai (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), RiskSense (US), SafeBreach (US), and Cronus Cyber Technologies (Israel).

Recent Developments:

• In May 2022, Microsoft developed Defender to support security systems of SMEs and reduce cyber risk. The solution provides end-point security, which includes Endpoint Detection and Response (EDR).
• In April 2022, AttackIQ entered into partnership with Vectra, an AI based threat detection and response platform. This integration enabled customers to use AttackIQ's PCAP and Vectra AI Platform to check efficacy.
• In November 2021, BitSight and Marsh McLennan collaborated to improve cybersecurity performance and efficiency of the organization and help to reduce cyber risk. The Cyber Risk Analytics Center offered by Marsh McLenna leverage the capabilities of BitSight rating, data which help client to monitor their cyber security system performance.

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Cybersecurity Insurance Market Advantages:

• Data breaches, ransomware attacks, and company email intrusion are all examples of cybersecurity mishaps that can result in major financial losses. Cybersecurity insurance covers these damages, including data recovery costs, legal fees, regulatory fines, and consumer notification costs. It assists organizations in reducing the financial impact of cyber events.
• Businesses can shift some of the possible risks and liabilities connected with cyber threats to the insurance provider by purchasing cybersecurity insurance. This enables organizations to concentrate on their core business rather than continuously worrying about the financial consequences of a cyber assault.
• Access to incident response services is included in many cybersecurity insurance policies. These services often entail a team of professionals that may assist the covered organization in properly dealing with the consequences of a cyber catastrophe. They can help with breach investigations, containment, data recovery, and cleanup, allowing for a more timely and coordinated response.
• Cybersecurity events can significantly harm a company's brand, resulting in client distrust and lost commercial possibilities. Cybersecurity insurance may cover public relations and reputation management fees, assisting organizations in rebuilding their reputation following a breach.
• Cybersecurity insurance companies frequently provide counsel and support to assist firms in meeting regulatory obligations and industry standards for data protection. Meeting these compliance criteria might be difficult, but insurance companies can aid in putting in place the appropriate security measures.
• Cybersecurity insurance can also cover liabilities deriving from third-party claims. For example, if a data breach in one organization's network impacts its clients or partners, the impacted parties may claim compensation. Cyber insurance can assist handle these risks.
• Cybersecurity incidents can affect business operations, resulting in lost revenue and downtime. Cyber insurance may cover financial damages incurred as a result of business interruption, allowing the organization to continue operations as smoothly as feasible.

Report Objectives

• To determine and forecast the global Cybersecurity Insurance Market by offering (solutions, and services), insurance coverage, insurance type, compliance requirements, end user, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
• To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA).
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Cybersecurity Insurance Market.
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Cybersecurity Insurance Market.
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Cybersecurity Insurance Market.
• To profile the key market players; provide a comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market.
• In the market, track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.

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