The global Cybersecurity Insurance
Market size is projected to grow from USD 10.3 billion in
2023 to USD 17.6 billion by 2028, at a CAGR of 11.4% during the forecast
period., according to a new report by MarketsandMarkets™. The
rise in cyber threats, such as data breaches, ransomware, and phishing attacks,
has driven the demand for cybersecurity insurance as organizations seek
financial protection against potential losses.
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List of Leading Companies in Cybersecurity Insurance Market:
- 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)
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Based on insurance type, the standalone segment holds the largest
market and highest CAGR during the forecast period.
The
demand for dedicated cybersecurity insurance policies and the need to mitigate
the risks associated with "silent cyber" have led to the increasing
popularity of standalone cybersecurity insurance policies. These standalone
policies are projected to surpass packaged cybersecurity insurance policies
regarding market growth. Organizations are increasingly concerned about cyber
risks and seek specialized coverage solely for cyber risk protection, driving
the demand for standalone cyber policies. Insurance providers such as AIG,
Lloyd's, and Allianz are embracing affirmative cyber and witnessing the growth
of standalone policies. These policies are designed to address more complex
cyber risks compared to packaged cybersecurity insurance. For example, AIG offers
its clients a comprehensive cybersecurity insurance package that includes
traditional property and casualty policies and a standalone CyberEdge policy.
The CyberEdge policy provides policyholders with a broader range of security
protection than the packaged endorsement. Key players in the market offering
standalone cybersecurity insurance solutions include AXA XL, AIG, Travelers
Insurance, Beazley, Zurich, Fairfax, Tokio Marine, Liberty Mutual, and CNA.
Based on insurance provider end users, healthcare & life
sciences is projected to register the highest CAGR during the forecast period.
The
healthcare industry faces various challenges, including regulatory fluctuations
and the ever-evolving landscape of cyberattacks and breaches. Compliance with
privacy and data security regulations such as HIPAA and HITECH necessitate the
reliance of healthcare organizations on cybersecurity insurance policies to
cover penalty fees. The COVID-19 pandemic has exacerbated cyber threats, with
healthcare organizations experiencing increased attacks like ransomware and
misinformation campaigns. Cybersecurity insurance is a crucial safeguard for
healthcare providers, offering financial protection against cybercrimes,
ransomware, data breaches, and other cybersecurity incidents.
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Based on region, Asia Pacific is projected to register the highest
CAGR during the forecast period.
Asia
Pacific, an emerging economy, is projected to achieve the highest CAGR in the
cybersecurity insurance market during the forecast period. Countries in the
Asia Pacific region, such as China, Japan, ANZ, and Singapore, are highly
concerned about rising security spending due to increasing cyber threats. With
its strong government regulations and technological advancements, Asia Pacific
presents promising growth opportunities for the cybersecurity insurance market.
Insecure interfaces, data breaches, and data losses are top cybersecurity risks
in the region, fueled by rapid connectivity and digital transformation. Asia
Pacific faces an 80% higher risk of cyberattacks than other regions. Increasing
regulatory measures are expected to drive the demand for cybersecurity
insurance. Zurich Insurance predicts significant market growth in APAC, with
leading players like AIG, Allianz, Chubb, and Zurich operating in the region.
Market Players
The
major vendors covered in the cybersecurity insurance market 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), Trellix (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), Coalition
(US), Resilience (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US),
Ivanti (US), SafeBreach (US), and Cronus Cyber Technologies (Israel).
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