Global Cyber Security Insurance Market Overview:
In recent time, cyber incidents have become the largest risk to the business across the globe. Cyber security insurance helps organizations to mitigate losses that occur from cyber incidents including data breaches or information theft, business interruption, and network damage. The outburst of coronavirus led businesses to remain shut or remote working and accelerated the digital transformation. Growing digitalization and adoption of digital devices for the business brought a dramatic acceleration in the cyberattacks, which has boosted the adoption of cybersecurity insurance.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Emerging Trend of Remote Working and Increasing Digital Transformation in Various Sectors
Market Growth Drivers:
Increasing Number of Cyberattacks Across the Globe Will Drive the Market and Growing Adoption of Cyber Insurance to Cover the Cost Related to Data Breach, Information Theft, Etc.
Challenges:
Lack of Sufficient Cyber Data to Enable Accurate Underwriting
Restraints:
Down prices of Insurance Due to Increased Competition in the Market
Opportunities:
Growing Popularity of Cyber Security Insurance Among the SMEs
Competitive Landscape:
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period.
Some of the key players profiled in the report are Bajaj Allianz (India), Munich Re (Germany), AIG (United States), Zurich Insurance Group (Switzerland), BCS Financial (United States), Axa XL (United States), Aviva (United Kingdom), CNA Financial (United States), Hiscox (United Kingdom) and Liberty Mutual (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Cyber Security Insurance market by 2028. Considering Market by Vertical, the sub-segment i.e. BFSI will boost the Cyber Security Insurance market. Considering Market by Enterprise Size, the sub-segment i.e. SMEs will boost the Cyber Security Insurance market. Considering Market by Coverage, the sub-segment i.e. Data Breach Coverage will boost the Cyber Security Insurance market.
Latest Market Insights:
In August 2023, Microsoft and Accenture announced a partnership to develop and deliver joint cyber security insurance solutions. The partnership will combine the strengths of both companies to create a more comprehensive cyber security insurance solution.
In September 2023, Chubb acquired The Hartford's cyber insurance business. This acquisition will strengthen Chubb's position in the cyber insurance market and expand its reach into the small and medium-sized business (SMB) market.
What Can be Explored with the Cyber Security Insurance Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Cyber Security Insurance Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Cyber Security Insurance
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Cyber Security Insurance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Cyber Security Insurance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Cyber Security Insurance Providers, Reinsurance Service Providers and Insurance Brokers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-User Industries and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.