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Cybersecurity Insurance Market

Cyber Security Insurance Market Size, Share & Segmentation 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), by Regions and Global Market Forecast 2022-2028

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 Security Insurance Market Revenue Graph

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.

MARKET DYNAMICS:

KEY DRIVERS:

  • 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.

RESTRAINTS:

  • Lack of knowledge about cybersecurity insurance and apprehension about selecting cybersecurity insurance over cybersecurity solutions.

  • Costs of cybersecurity insurance are skyrocketing.

OPPORTUNITY:

  • Property and casualty insurance excludes cybersecurity insurance coverage.

  • Artificial intelligence and blockchain technology use for risk analytics.

CHALLENGES:

  • 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.

MARKET ESTIMATION:

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

  • Cloud-based

  • On-premise

On The Basis of Service Type

  • Wireless security

  • Application security

  • Network security

  • Endpoint security

  • Others

On The Basis of Organization

  • SMB

  • Large Enterprise

On The Basis of Application

  • BFSI

  • Healthcare

  • IT & Telecom

  • Retail

  • Others

Cyber Security Insurance Market Segment Chart

REGIONAL ANALYSIS:

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.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The 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

KEY PLAYERS:

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

Cyber Security Insurance Market Report Scope:
Report Attributes Details
 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
 Base Year  2021
 Forecast Period  2022-2028
 Historical Data  2017-2020
 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. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

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

8.1 Cloud-based

8.2 On-premise

 

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

9.5 Others

 

10. Cyber Security Insurance Market Segmentation, by Organization

10.1 SMB

10.2 Large Enterprise

 

11. Cyber Security Insurance Market Segmentation, by Application

11.1 BFSI

11.2 Healthcare

11.3 IT & Telecom

11.4 Retail

11.5 Others

 

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

 

13. Company Profiles

13.1 Adobe Systems

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 IBM

13.3 Experian

13.4 Oracle

13.5 SAP AG

13.6 Teradata

13.7 SAS Institute, Inc.

13.8 Infor

13.9 Salesforce.com

13.10 Marketo

 

14. Competitive Landscape

14.1 Competitive Benchmarking

14.2 Market Share Analysis

14.3 Recent Developments

 

15. Conclusion

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Secondary Research

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