Global Cyber Insurance Market Size to Reach USD 75.61 Billion in 2032 | Emergen Research
Growing number and sophistication of cyber threats, including data breaches, ransomware attacks, and insider threats is a major factor driving Cyber Insurance market revenue growth
Vancouver, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global cyber insurance market size was USD Billion 11.88 in 2022 and is expected to register a revenue CAGR of 20.4% during the forecast period, according to the latest analysis by Emergen Research. Increasing cybersecurity legislation and regulations are expected to create a high demand for insurance cover is a major factor expected to support market revenue growth during the forecast period. The digitized, international economy is increasingly seen to be under existential threat from cyberattacks. Cyberattacks are becoming more frequent and more severe, and well-known attacks like those on Solar Winds, Microsoft Exchange, and Colonial Pipeline have woken up both public and private organizations. Businesses must protect themselves against cyber risk. In a new market, insurance companies aim to sell premiums.
Since the late 1990s, there have been several types of cyber insurance available, but the industry did not mature until 2019. After being overwhelmed by pandemic-era losses over the past three years, insurers have come to understand how young the industry has been. The insurance sector must become more creative if it wants to compete in growing cyber insurance market. With a new class of rising cyber entrepreneurs vying to overcome the formidable technical challenges involved in understanding, quantifying, and reducing cyber risk, it also provides an opening for new players to enter the industry. For those who succeed, a multibillion-dollar industry is waiting.
On 13 June 2023, clients who choose to use hardened equipment on Amazon Web Services (AWS) in conjunction with a partner who can help them identify and implement proper security posture, with AWS-backed cyber protection serving as a safety net, are receiving an unrivaled market offering. By introducing a new program that promises consumers a security insurance quotation within two days, along with major revenue prospects for the channel, Amazon Web Services is foraying heavily into the cyber insurance market. The program streamlines the sometimes-arduous procedure for getting the individual cybersecurity insurance they want or need, helping AWS customers increase their safety records and get insured as rapidly as feasible.
However, lack of standardization and complex risk assessment, limited coverage and high cost, and effects of geopolitics on cyber risk and cyber insurance are factors restraining market revenue growth.
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*Scope of Research *
*Report Details* *Outcome*
Market size in 2022 USD 11.88 Billion
CAGR (2023–2032) 20.4%
Revenue forecast to 2032 USD 75.61 Billion
Base year for estimation 2022
Historical data 2019–2021
Forecast period 2023–2032
Quantitative units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Component, insurance coverage, insurance type, organization size, end-use, and region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scope U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiled BitSight Technologies, Inc., Cyber Indemnity Solutions Ltd., RedSeal, Inc., SecurityScorecard, Cisco, Microsoft, Orca Security, AttackIQ, Forcepoint, CyberArk Software Ltd., Beazley Group, Cyesec, American International Group, Inc. (AIG), Aon plc., Lockton Companies
Customization scope 10 hours of free customization and expert consultation
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*Major Companies and Competitive Landscape *
The global cyber insurance market is fragmented, with many companies accounting for the majority of market revenue. Major companies are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective cyber insurance. Some major companies included in the global cyber insurance market report are:
· BitSight Technologies, Inc.
· Cyber Indemnity Solutions Ltd.
· RedSeal, Inc.
· SecurityScorecard
· Cisco
· Microsoft
· Orca Security
· AttackIQ
· Forcepoint
· CyberArk Software Ltd.
· Beazley Group
· Cyesec
· American International Group, Inc. (AIG)
· Aon plc.
· Lockton Companies
*Strategic Development*
· On 09 March 2023, Alliant Cyber launched ‘Cyber Insurability 2.0,’ a cutting-edge new approach to cyber risk management, by fusing market-leading consultative cyber risk and consulting services, risk quantification, and independent cyber security products with a cloud-based technology platform.
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*Segments Covered in Report*
For the purpose of this report, Emergen Research has segmented the global cyber insurance market on the basis of component, insurance coverage, insurance type, organization size, end-use, and region:
· *Component Outlook (Revenue, USD Billion; 2019–2032)*
· Solution
1. Cybersecurity Insurance Analytics Platform
2. Disaster Recovery and Business Continuity
3. Cyber Risk and Vulnerability Assessment
4. Cybersecurity Resilience
· Service
1. Advisory/Consulting
2. Security Awareness Training
3. Others (Infrastructure Service, Implementation and Support, Maintenance)
· *Insurance Coverage Outlook (Revenue, USD Billion; 2019–2032)*
· Data Breach
1. Denial of Service and Downtime
2. Data Loss
3. Ransomware Attacks
4. Business Disruption
5. Others
· Cyber Liability
1. Data Protection and Privacy Costs
2. Non-Compliance Penalty
3. Brand and Related Intellectual Property Protection
4. Others
· *Insurance Type Outlook (Revenue, USD Billion; 2019–2032)*
· Stand-alone
· Packed
· *Organization Size Outlook (Revenue, USD Billion; 2019–2032)*
· Large Enterprises
· Small and Medium Enterprises
· *End-Use Outlook (Revenue, USD Billion; 2019–2032)*
· BFSI
· IT & Telecom
· Government Agencies
· Healthcare and Life science
· Travel, Tourism, and Hospitality
· Research & Educational Institutions
· Others
· *Regional Outlook (Revenue, USD Billion; 2019–2032)*
· North America
1. U.S.
2. Canada
3. Mexico
· Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
· Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
· Latin America
1. Brazil
2. Rest of LATAM
· Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA
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