The global Cybersecurity Insurance Market size in the post-COVID-19 scenario is projected to grow
from USD 11.9 billion in 2022 to USD 29.2 billion by 2027, at a CAGR of 19.6%
during the forecast period, according to report published by
MarketsandMarkets.
The increase in regulatory developments, with
surge in fines and penalties from non-compliance, is expected to uptake the
demand for the cybersecurity insurance market in Asia Pacific in the future.
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The
services segment to hold higher CAGR during the forecast period
By
organization size, the small and medium enterprise segment to have the highest
growth rate during the forecast period
SMEs are majorly adopting cybersecurity insurance solutions
and services to secure from cyberattacks and due to the growing instances of
fraud. The insurance enterprise, Beazley, has revealed that 60% of ransomware
attacks were targeted toward SMEs. Emsisoft, an anti-virus software firm,
stated that businesses paid a ransom of USD 1.3 billion to cyberattackers in
2019. SMEs are more vulnerable to cyberattacks as it is easier to gain access
to their servers than larger networks. SMEs are expected to earmark more
budgets for cybersecurity insurance in the coming years due to the soaring
cases of cyber-induced attacks and the increasing mandatory legislation during
the pandemic.
Asia
Pacific is expected to have the highest growth rate during the forecast period
Asia
Pacific countries are highly concerned about the increase in security spending
due to the ever-growing threat landscape. The region comprises emerging
economies, such as China, Japan, ANZ, and Singapore. With effective government
regulations and technological advancements, cybersecurity insurance is
witnessing high growth opportunities in this region. Various developments are
taking place in Asia Pacific, concerning the adoption of technologies, such as
BI tools, cloud, analytics, and rapid infrastructure development. Zurich
Insurance stated that the cybersecurity insurance market is set to grow
significantly in Asia Pacific. AIG, Allianz, Chubb, and Zurich are among the
prominent players for cybersecurity insurance in Asia Pacific.
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Market
Players
The
technology vendors covered in the cybersecurity insurance market report 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), Cyence (US), SafeBreach
(US), and Cronus Cyber Technologies (Israel). These players have adopted
various growth strategies, such as partnerships, agreements and collaborations,
new product launches and product enhancements, and acquisitions to expand their
footprint in the cybersecurity insurance market.
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