Report Id: SNS/ICT/2273 | July 2022 | Region: Global | 130 Pages
Report Scope & Overview:
The Cybersecurity Insurance Market size was valued at USD 8.87 Bn in 2021 and is expected to reach USD 29.85 Bn by 2028, and grow at a CAGR of 18.93% over the forecast period 2022-2028.
The Cyber Security Insurance Market is intended to assist organizations in the case of a cyber-related security breach or similar event. It offers coverage for both first-party and third-party claims in order to reduce risk exposure by offsetting expenses associated with the recovery of internet-based cyber damages. It often involves damages from network security breaches, loss of privacy, and indemnity from data breach-related claims, among other things. These assaults have become more intense and frequent, posing a hazard to individuals, corporations, and governments, encouraging the development of Cyber Security Insurance solutions.
Cyber-attacks have a negative impact on enterprises in the form of a diminishing consumer base, economic interruption, regulatory fines, legal penalties and attorney bills, intellectual property loss, and reputational harm. The Cyber Security Insurance Market is expected to assist organizations in avoiding losses caused by possible cybercrime threats such as ransomware, malware, distributed denial-of-service attacks, and other threats that can seriously harm a network. The Cyber Security Insurance Market covers a company's responsibility for a data breach including sensitive client information such as credit card numbers, social security numbers, driver's license numbers, account numbers, and health records. It aids in the management of access control, the protection of the system against viruses, malware, and unauthorized access, the protection of data, and the defense against other system-level security risks.
Increased cybersecurity rules and legislation will increase demand for insurance cover.
High rate of financial loss recovery to boost market growth.
Cyber dangers are becoming more frequent and sophisticated.
Lack of knowledge about cybersecurity insurance and apprehension about selecting cybersecurity insurance over cybersecurity solutions.
Costs of cybersecurity insurance are skyrocketing.
Property and casualty insurance excludes cybersecurity insurance coverage.
Artificial intelligence and blockchain technology use for risk analytics.
Despite rising cybersecurity threats, cyber insurers are struggling to find momentum.
Concerns about data privacy.
Ineffective underwriting due to a lack of awareness, technological expertise, and past cyber data.
IMPACT OF COVID-19:
Customers have been compelled to stay indoors and work from home due to the COVID-19 epidemic. This has increased the likelihood of cyber-attacks and highlighted concerns about Cyber Security Insurance during the pandemic. Even after the epidemic has passed, ransomware attacks, data breaches, and business interruptions may fuel the demand for Cyber Security Insurance. The belief in cyber risk may also drive market demand, and the inclusion of incident response management in new policies can help navigate market patterns in the future. Future Cyber Security Insurance plans are likely to address the challenges of silent cyber and the extension of coverage categories for workers’ compensation, specialty lines, and personal lines.
The market is divided into two segments depending on the deployment model cloud-based and on-premise. The biggest market share was held by the Hydroponics On-premise sector. The segment's reasons include a propensity to preserve confidential data within the firm to minimize data leaks, security, and authentication difficulties if stored on the cloud. Furthermore, it enables the firm to monitor data in-house, reducing reliance on third-party service providers. As a result, enterprises gain from data flexibility and adaptive security solutions.
The market is divided into service types such as wireless security, application security, network security, endpoint security, and others. Endpoint security has seen tremendous development as corporations seek to secure end devices such as laptops, mobile devices, and desktops from malicious applications, viruses, and other data theft tactics. The increased use of these devices heightens the requirement for end-point security.
Large enterprises are companies with more than 1,000 employees. These firms make significant investments in innovative technology to boost overall production and efficiency. Large organizations are increasingly turning to cybersecurity insurance solutions, and they are expected to invest heavily in modern cybersecurity insurance solutions in order to guarantee optimal security in their enterprises' fierce competitive environment. Because they employ a huge number of cloud and Internet of Things (IoT)-based apps that are especially vulnerable to cyberattacks, major organizations have implemented cybersecurity insurance solutions. Furthermore, the need for cybersecurity insurance solutions is being driven by intense regulatory pressure.
In 2021, the BFSI application category had the lion's share of the Cyber Security Insurance market. Because of the increased monetary activities, it has arisen as a vital industry. It is more vulnerable to cybersecurity incidents like as large-scale breaches, scams, and heists. The security of banking and financial services is a concern since these services are seen as the backbone of economies. Over the projection period, the healthcare application category is expected to develop at the fastest CAGR. The increased use of digitization in the healthcare business to facilitate quick access to clients' data has resulted in internet risks. External and internal dangers threaten sensitive data. In recent years, the healthcare industry has been a popular target for hackers. In response to cyberattacks, healthcare firms are expected to purchase Cyber Security Insurance as a handy way to mitigate some of the costs.
KEY MARKET SEGMENTS:
On The Basis of Deployment Model
On The Basis of Service Type
On The Basis of Organization
On The Basis of Application
IT & Telecom
The United States is often regarded as the world's most important market for cybersecurity insurance. Another explanation for the country's large share is that it is home to a substantial number of prominent participants in the sector. Over the years, the region has seen a substantial number of data breaches. Furthermore, cyberattacks in the country are constantly expanding and have hit an all-time high, owing mostly to the region's rapidly increasing number of connected devices. Consumers in the region use public clouds, and many of their mobile applications already have their personal information loaded for the ease of shopping, banking, and communication, among other things.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
The major key players are Tata Consultancy Services Limited, Guy Carpenter and Company LLC., At-Bay Inc., Lloyds Bank PLC, AXA SA, Cisco Systems Inc., Chubb Limited, Apple Inc., American International Group Inc., Zurich Insurance Group
|Market Size in 2021||US$ 8.87 Bn|
|Market Size by 2028||US$ 29.85 Bn|
|CAGR||CAGR of 18.93% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Deployment Model (Cloud-based and On-premise)
• By Service Type (Wireless Security, Application Security, Network Security, Endpoint Security, Others)
• By Organization (SMB and Large Enterprise), by Application (BFSI, Healthcare, IT & Telecom, Retail, Others)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Tata Consultancy Services Limited, Guy Carpenter and Company LLC., At-Bay Inc., Lloyds Bank PLC, AXA SA, Cisco Systems Inc., Chubb Limited, Apple Inc., American International Group Inc., Zurich Insurance Group|
|Key Drivers||• Increased cybersecurity rules and legislation will increase demand for insurance cover
• High rate of financial loss recovery to boost market growth
|Market Opportunity||• Property and casualty insurance excludes cybersecurity insurance coverage
• Artificial intelligence and blockchain technology use for risk analytics
Frequently Asked Questions (FAQ) :
Ans: - The estimated market size for the Cyber Security Insurance market for the year 2028 is USD 29.85 Bn.
Ans: - Property and casualty insurance excludes cybersecurity insurance coverage and artificial intelligence and blockchain technology used for risk analytics.
Ans: - The United States is often regarded as the world's most important market for cybersecurity insurance.
Ans: - The major key players are Tata Consultancy Services Limited, Guy Carpenter and Company LLC., At-Bay Inc., Lloyds Bank PLC, AXA SA, Cisco Systems Inc., Chubb Limited, Apple Inc., American International Group Inc., Zurich Insurance Group.
Ans: - The study includes a comprehensive analysis of Cyber Security Insurance Market trends, as well as present and future market forecasts. DROC analysis, as well as impact analysis for the projected period. Porter's five forces analysis aids in the study of buyer and supplier potential as well as the competitive landscape etc.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of the Ukraine- Russia war
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Cyber Security Insurance Market Segmentation, by Deployment Model
9. Cyber Security Insurance Market Segmentation, by Service Type
9.1 Wireless security
9.2 Application security
9.3 Network security
9.4 Endpoint security
10. Cyber Security Insurance Market Segmentation, by Organization
10.2 Large Enterprise
11. Cyber Security Insurance Market Segmentation, by Application
11.3 IT & Telecom
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Adobe Systems
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.5 SAP AG
13.7 SAS Institute, Inc.
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
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