Cyber Insurance Market

Description

The Cyber Insurance market is projected to increase from US$ 15.45 billion in 2024 to US$ 35.55 billion by 2031, with an expected CAGR of 15.6% during the period from 2025 to 2031. Cyber insurance, often referred to as cyber liability insurance or cybersecurity insurance, is a policy that organizations can acquire to mitigate the financial risks associated with online business operations. In return for a monthly or quarterly premium, the insurance policy shifts a portion of the risk to the insurer.

Cyber Insurance Market Analysis

The forecast for the Cyber Insurance market is based on a variety of secondary and primary research sources, including key company reports, association data, and databases. As the threat of cyberattacks on applications, devices, networks, and users intensifies, cyber insurance is becoming increasingly vital for all businesses. This is due to the significant repercussions that data breaches, loss, or theft can have on a business, which can range from customer attrition to reputational and financial harm. Additionally, companies may be liable for damages resulting from the loss or theft of third-party data. A cyber insurance policy can safeguard the organization against cyber incidents, including cyber terrorism, and aid in managing security breaches. For example, a 2024 report by ASTRA IT, Inc. indicates that there are approximately 2,200 cyberattacks daily, averaging one attack every 39 seconds. In the United States, the average cost of a data breach is US$ 9.44 million, with cybercrime expenses reaching as high as US$ 8 trillion in 2023.

Cyber Insurance Industry Overview

The frequency of cyberattacks and the number of compromised digital assets have risen simultaneously. Ransomware and supply chain attacks have been prevalent in the cyber risk landscape in recent years. Future cyberattacks are expected to be accelerated by significant technological trends such as artificial intelligence (AI) like ChatGPT, the so-called "metaverse," and the expanding realms of IT, IoT, and operational technology (OT).

According to the SonicWall Cyber Threat Report for 2023, malware incidents surged in 2022, reaching 5.5 billion attacks, a 2% increase from the previous year. Malware refers to malicious software designed to disrupt, damage, or gain unauthorized access to computer systems.Alongside the increasing sophistication of cybercriminal activities, companies worldwide are more susceptible than ever to geopolitical crises, which are already having an unprecedented impact on cybersecurity. In the current digital era, effective cyber risk management is crucial. The demand for cyber insurance is high as it plays a significant role in this area. Establishing a robust cyber insurance market is a vital challenge for the insurance sector.

Strategic Insights

Cyber Insurance Market Driver

Growing Awareness of Cyber Risks to Propel the Cyber Insurance MarketThe rise in cyberattacks, coupled with increased awareness of such threats, has led to a heightened demand for cyber insurance policies. The uptick in incidents has also resulted in a rise in claims for insurance companies, prompting them to tighten their underwriting standards.Since 2004, October has been recognized in the US as Cyber Security Awareness Month. Each year, both public and private sectors collaborate to promote awareness about the significance of cybersecurity. Over the years, it has evolved into a joint effort between government and industry to enhance cybersecurity awareness, encourage public action to mitigate online risks, and foster national and global discussions about cyber threats. October 2023 marked the twentieth Cybersecurity Awareness Month.

In 2023, the Cybersecurity and Infrastructure Security Agency (CISA) in the US launched a cybersecurity awareness initiative called Secure Our World. This will serve as the ongoing theme for future cybersecurity awareness months.Likewise, numerous countries worldwide have been initiating programs to enhance cybersecurity awareness among internet users. For example, Poland's Cybersecurity Strategy for 2019-2024 aims to bolster resilience against cyber threats and improve data protection, which includes raising awareness about cybersecurity. Portugal's Cybersecurity Strategy 2019-2023 emphasizes "prevention, education, and awareness," with specific action points such as promoting comprehensive cybersecurity training programs for organizations and citizens, enhancing cybersecurity skills in education, and fostering digital literacy.

Cyber Insurance Market Report Segmentation Analysis

By end user, the cyber insurance market report categorizes into healthcare, retail, BFSI, IT & telecom, manufacturing, and others.

The BFSI segment is anticipated to capture a significant share of the cyber insurance market in 2024. With the rise in cyber risks, banks and financial institutions are increasingly focusing on enhancing their cyber resilience. Financial institutions operate across various business lines and require comprehensive cyber insurance solutions to address cyberattacks and business interruptions.Cyber Insurance Market Analysis by GeographyThe cyber insurance market report is primarily segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is witnessing rapid growth and is expected to hold a substantial share of the cyber insurance market. This dominance is attributed to the region's advanced technological infrastructure, the presence of large multinational corporations, and heightened awareness of cyber risks.

Cyber Insurance Market Report Scope

The "Cyber Insurance Market Analysis" was conducted based on fundamental investment strategies and geographical considerations. The market is categorized by type into standalone and packaged solutions. Geographically, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Cyber Insurance Market News and Recent DevelopmentsCompanies are employing both inorganic and organic strategies, such as mergers and acquisitions, in the Cyber Insurance market. Below are some recent significant market developments:

In February 2023, Munich Re Specialty Insurance (MRSI) announced the launch of Reflex, a customized cyber risk management program. Reflex is a premium service managed by a team of specialists from Munich Re. Insured clients will have tailored access to services that adapt to their evolving needs. A team of industry experts in privacy, network security, and cyber training and awareness provides the program's services.[Source: Munich Re, Company Website]

Cyber Insurance Market Report Coverage & DeliverablesThe market report "Cyber Insurance Market Size and Forecast (2021-2031)" offers a comprehensive analysis of the market, covering the following areas:

Market size & forecast at global, regional, and country levels for all key market segments included in the scope.Market dynamics such as drivers, restraints, and key opportunities.Key future trends.Detailed PEST & SWOT analysis.Global and regional market analysis covering key market trends, major players, regulations, and recent market developments.Industry landscape and competition analysis, including market concentration, heat map analysis, key players, and recent developments.In-depth company profiles.

Product Code: TIPRE00004089

1. INTRODUCTION

1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
- 1.3.1 Cyber Insurance Market - By Organization Size
- 1.3.2 Cyber Insurance Market - By Industry
- 1.3.3 Cyber Insurance Market - By Region
  - 1.3.3.1 By Country

2. KEY TAKEWAYS

3. RESEARCH METHODOLOGY

4. CYBER INSURANCE MARKET LANDSCAPE

4.1. OVERVIEW
4.2. PEST ANALYSIS
- 4.2.1 North America - Pest Analysis
- 4.2.2 Europe - Pest Analysis
- 4.2.3 Asia-Pacific - Pest Analysis
- 4.2.4 Middle East and Africa - Pest Analysis
- 4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS

5. CYBER INSURANCE MARKET - KEY MARKET DYNAMICS

5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC

6. CYBER INSURANCE MARKET - GLOBAL MARKET ANALYSIS

6.1. CYBER INSURANCE - GLOBAL MARKET OVERVIEW
6.2. CYBER INSURANCE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE

7. CYBER INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - ORGANIZATION SIZE

7.1. OVERVIEW
7.2. ORGANIZATION SIZE MARKET FORECASTS AND ANALYSIS
7.3. LARGE ENTERPRISES
- 7.3.1. Overview
- 7.3.2. Large Enterprises Market Forecast and Analysis
7.4. SMES
- 7.4.1. Overview
- 7.4.2. SMEs Market Forecast and Analysis

8. CYBER INSURANCE MARKET - REVENUE AND FORECASTS TO 2028 - INDUSTRY

8.1. OVERVIEW
8.2. INDUSTRY MARKET FORECASTS AND ANALYSIS
8.3. HEALTHCARE
- 8.3.1. Overview
- 8.3.2. Healthcare Market Forecast and Analysis
8.4. RETAIL
- 8.4.1. Overview
- 8.4.2. Retail Market Forecast and Analysis
8.5. BFSI
- 8.5.1. Overview
- 8.5.2. BFSI Market Forecast and Analysis
8.6. IT AND TELECOM
- 8.6.1. Overview
- 8.6.2. IT and Telecom Market Forecast and Analysis
8.7. MEDIA AND ENTERTAINMENT
- 8.7.1. Overview
- 8.7.2. Media and Entertainment Market Forecast and Analysis
8.8. OTHERS
- 8.8.1. Overview
- 8.8.2. Others Market Forecast and Analysis

9. CYBER INSURANCE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS

9.1. NORTH AMERICA
- 9.1.1 North America Cyber Insurance Market Overview
- 9.1.2 North America Cyber Insurance Market Forecasts and Analysis
- 9.1.3 North America Cyber Insurance Market Forecasts and Analysis - By Organization Size
- 9.1.4 North America Cyber Insurance Market Forecasts and Analysis - By Industry
- 9.1.5 North America Cyber Insurance Market Forecasts and Analysis - By Countries
  - 9.1.5.1 United States Cyber Insurance Market
    - 9.1.5.1.1 United States Cyber Insurance Market by Organization Size
    - 9.1.5.1.2 United States Cyber Insurance Market by Industry
  - 9.1.5.2 Canada Cyber Insurance Market
    - 9.1.5.2.1 Canada Cyber Insurance Market by Organization Size
    - 9.1.5.2.2 Canada Cyber Insurance Market by Industry
  - 9.1.5.3 Mexico Cyber Insurance Market
    - 9.1.5.3.1 Mexico Cyber Insurance Market by Organization Size
    - 9.1.5.3.2 Mexico Cyber Insurance Market by Industry
9.2. EUROPE
- 9.2.1 Europe Cyber Insurance Market Overview
- 9.2.2 Europe Cyber Insurance Market Forecasts and Analysis
- 9.2.3 Europe Cyber Insurance Market Forecasts and Analysis - By Organization Size
- 9.2.4 Europe Cyber Insurance Market Forecasts and Analysis - By Industry
- 9.2.5 Europe Cyber Insurance Market Forecasts and Analysis - By Countries
  - 9.2.5.1 Germany Cyber Insurance Market
    - 9.2.5.1.1 Germany Cyber Insurance Market by Organization Size
    - 9.2.5.1.2 Germany Cyber Insurance Market by Industry
  - 9.2.5.2 France Cyber Insurance Market
    - 9.2.5.2.1 France Cyber Insurance Market by Organization Size
    - 9.2.5.2.2 France Cyber Insurance Market by Industry
  - 9.2.5.3 Italy Cyber Insurance Market
    - 9.2.5.3.1 Italy Cyber Insurance Market by Organization Size
    - 9.2.5.3.2 Italy Cyber Insurance Market by Industry
  - 9.2.5.4 United Kingdom Cyber Insurance Market
    - 9.2.5.4.1 United Kingdom Cyber Insurance Market by Organization Size
    - 9.2.5.4.2 United Kingdom Cyber Insurance Market by Industry
  - 9.2.5.5 Russia Cyber Insurance Market
    - 9.2.5.5.1 Russia Cyber Insurance Market by Organization Size
    - 9.2.5.5.2 Russia Cyber Insurance Market by Industry
  - 9.2.5.6 Rest of Europe Cyber Insurance Market
    - 9.2.5.6.1 Rest of Europe Cyber Insurance Market by Organization Size
    - 9.2.5.6.2 Rest of Europe Cyber Insurance Market by Industry
9.3. ASIA-PACIFIC
- 9.3.1 Asia-Pacific Cyber Insurance Market Overview
- 9.3.2 Asia-Pacific Cyber Insurance Market Forecasts and Analysis
- 9.3.3 Asia-Pacific Cyber Insurance Market Forecasts and Analysis - By Organization Size
- 9.3.4 Asia-Pacific Cyber Insurance Market Forecasts and Analysis - By Industry
- 9.3.5 Asia-Pacific Cyber Insurance Market Forecasts and Analysis - By Countries
  - 9.3.5.1 Australia Cyber Insurance Market
    - 9.3.5.1.1 Australia Cyber Insurance Market by Organization Size
    - 9.3.5.1.2 Australia Cyber Insurance Market by Industry
  - 9.3.5.2 China Cyber Insurance Market
    - 9.3.5.2.1 China Cyber Insurance Market by Organization Size
    - 9.3.5.2.2 China Cyber Insurance Market by Industry
  - 9.3.5.3 India Cyber Insurance Market
    - 9.3.5.3.1 India Cyber Insurance Market by Organization Size
    - 9.3.5.3.2 India Cyber Insurance Market by Industry
  - 9.3.5.4 Japan Cyber Insurance Market
    - 9.3.5.4.1 Japan Cyber Insurance Market by Organization Size
    - 9.3.5.4.2 Japan Cyber Insurance Market by Industry
  - 9.3.5.5 South Korea Cyber Insurance Market
    - 9.3.5.5.1 South Korea Cyber Insurance Market by Organization Size
    - 9.3.5.5.2 South Korea Cyber Insurance Market by Industry
  - 9.3.5.6 Rest of Asia-Pacific Cyber Insurance Market
    - 9.3.5.6.1 Rest of Asia-Pacific Cyber Insurance Market by Organization Size
    - 9.3.5.6.2 Rest of Asia-Pacific Cyber Insurance Market by Industry
9.4. MIDDLE EAST AND AFRICA
- 9.4.1 Middle East and Africa Cyber Insurance Market Overview
- 9.4.2 Middle East and Africa Cyber Insurance Market Forecasts and Analysis
- 9.4.3 Middle East and Africa Cyber Insurance Market Forecasts and Analysis - By Organization Size
- 9.4.4 Middle East and Africa Cyber Insurance Market Forecasts and Analysis - By Industry
- 9.4.5 Middle East and Africa Cyber Insurance Market Forecasts and Analysis - By Countries
  - 9.4.5.1 South Africa Cyber Insurance Market
    - 9.4.5.1.1 South Africa Cyber Insurance Market by Organization Size
    - 9.4.5.1.2 South Africa Cyber Insurance Market by Industry
  - 9.4.5.2 Saudi Arabia Cyber Insurance Market
    - 9.4.5.2.1 Saudi Arabia Cyber Insurance Market by Organization Size
    - 9.4.5.2.2 Saudi Arabia Cyber Insurance Market by Industry
  - 9.4.5.3 U.A.E Cyber Insurance Market
    - 9.4.5.3.1 U.A.E Cyber Insurance Market by Organization Size
    - 9.4.5.3.2 U.A.E Cyber Insurance Market by Industry
  - 9.4.5.4 Rest of Middle East and Africa Cyber Insurance Market
    - 9.4.5.4.1 Rest of Middle East and Africa Cyber Insurance Market by Organization Size
    - 9.4.5.4.2 Rest of Middle East and Africa Cyber Insurance Market by Industry
9.5. SOUTH AND CENTRAL AMERICA
- 9.5.1 South and Central America Cyber Insurance Market Overview
- 9.5.2 South and Central America Cyber Insurance Market Forecasts and Analysis
- 9.5.3 South and Central America Cyber Insurance Market Forecasts and Analysis - By Organization Size
- 9.5.4 South and Central America Cyber Insurance Market Forecasts and Analysis - By Industry
- 9.5.5 South and Central America Cyber Insurance Market Forecasts and Analysis - By Countries
  - 9.5.5.1 Brazil Cyber Insurance Market
    - 9.5.5.1.1 Brazil Cyber Insurance Market by Organization Size
    - 9.5.5.1.2 Brazil Cyber Insurance Market by Industry
  - 9.5.5.2 Argentina Cyber Insurance Market
    - 9.5.5.2.1 Argentina Cyber Insurance Market by Organization Size
    - 9.5.5.2.2 Argentina Cyber Insurance Market by Industry
  - 9.5.5.3 Rest of South and Central America Cyber Insurance Market
    - 9.5.5.3.1 Rest of South and Central America Cyber Insurance Market by Organization Size
    - 9.5.5.3.2 Rest of South and Central America Cyber Insurance Market by Industry

10. INDUSTRY LANDSCAPE

10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS

11. CYBER INSURANCE MARKET, KEY COMPANY PROFILES

11.1. ALLIANZ GLOBAL CORPORATE AND SPECIALTY
- 11.1.1. Key Facts
- 11.1.2. Business Description
- 11.1.3. Products and Services
- 11.1.4. Financial Overview
- 11.1.5. SWOT Analysis
- 11.1.6. Key Developments
11.2. AMERICAN INTERNATIONAL GROUP INC.
- 11.2.1. Key Facts
- 11.2.2. Business Description
- 11.2.3. Products and Services
- 11.2.4. Financial Overview
- 11.2.5. SWOT Analysis
- 11.2.6. Key Developments
11.3. AON PLC
- 11.3.1. Key Facts
- 11.3.2. Business Description
- 11.3.3. Products and Services
- 11.3.4. Financial Overview
- 11.3.5. SWOT Analysis
- 11.3.6. Key Developments
11.4. CHUBB LIMITED
- 11.4.1. Key Facts
- 11.4.2. Business Description
- 11.4.3. Products and Services
- 11.4.4. Financial Overview
- 11.4.5. SWOT Analysis
- 11.4.6. Key Developments
11.5. GSK INSURANCE
- 11.5.1. Key Facts
- 11.5.2. Business Description
- 11.5.3. Products and Services
- 11.5.4. Financial Overview
- 11.5.5. SWOT Analysis
- 11.5.6. Key Developments
11.6. LOCKTON COMPANIES INC.
- 11.6.1. Key Facts
- 11.6.2. Business Description
- 11.6.3. Products and Services
- 11.6.4. Financial Overview
- 11.6.5. SWOT Analysis
- 11.6.6. Key Developments
11.7. MUNICH RE GROUP
- 11.7.1. Key Facts
- 11.7.2. Business Description
- 11.7.3. Products and Services
- 11.7.4. Financial Overview
- 11.7.5. SWOT Analysis
- 11.7.6. Key Developments
11.8. TRAVELERS COMPANIES
- 11.8.1. Key Facts
- 11.8.2. Business Description
- 11.8.3. Products and Services
- 11.8.4. Financial Overview
- 11.8.5. SWOT Analysis
- 11.8.6. Key Developments
11.9. XL GROUP LTD
- 11.9.1. Key Facts
- 11.9.2. Business Description
- 11.9.3. Products and Services
- 11.9.4. Financial Overview
- 11.9.5. SWOT Analysis
- 11.9.6. Key Developments
11.10. ZURICH INSURANCE CO. LTD
- 11.10.1. Key Facts
- 11.10.2. Business Description
- 11.10.3. Products and Services
- 11.10.4. Financial Overview
- 11.10.5. SWOT Analysis
- 11.10.6. Key Developments

12. APPENDIX

12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS