Cybersecurity Insurance Market by Component (Solution and Services), Insurance Type (Packaged and Stand-alone), Enterprise Size (SMEs and Large Enterprises), End-User (Technology Provider and Insurance Provider, ): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026888 | Pages: 100 | Industry: Technology, Media and Telecommunications | Date: Oct 2022 | Type: Global

The cybersecurity insurance market crossed US$ 11.36 billion mark in 2022 and is expected to hit US$ 49.02 billion by 2030, recording a CAGR of 20.1% during the forecast period.

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Increased cybersecurity rules and regulations will increase the demand for insurance protection, bolstering the cybersecurity insurance market’s growth.

Governmental regulatory authorities and law enforcement organizations worldwide have taken several actions to tighten data security and protection. COVID-19 has made policyholders, brokers, insurers, and agents aware of the necessity for cybersecurity insurance coverage. For instance, the Californian Assembly proposed a law in February 2020 requiring all state contractors to have cybersecurity insurance to process regulated and protected personal information. The expansion of data privacy regulations, including the US's Personally Identifiable Information (PII) and Health Insurance Portability and Accountability Act (HIPAA), the global Payment Card Industry Data Security Standard (PCI DSS), and the European Union's (EU) General Data Protection Regulation (GDPR), has caused insurance companies to concentrate on cybersecurity insurance measures. Rising digitization across the world has increased the count of cyberattacks. Hence, stringent government rules regarding data security are attributed to driving the cybersecurity insurance market during the forecast period.

Within the report, the cybersecurity insurance market is segmented into components, insurance type, end user, and geography. By component, the cybersecurity insurance market is further segmented into solutions and services. Based on insurance type, the cybersecurity insurance market is divided into packaged and stand-alone. Based on end-user, the cybersecurity insurance market is segmented into technology provider and insurance provider. Geographically, the cybersecurity insurance market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

Risk analytics driven by advanced technologies such as AI and blockchain is a far-reaching technology that empowers the growth of futuristic innovations, catalyzing cybersecurity insurance market growth.

Among the top technologies, AI and blockchain are predicted to enhance risk analytics solutions with cutting-edge capabilities and create new business opportunities. Some of the major problems and difficulties that cybersecurity insurance firms experience could be solved by integrating these technologies with risk analytics solutions. Faster transactions and settlements are made possible by developing new technologies, which benefit both financial institutions and their clients by making transactions simpler and removing the need for middleman fees. Analysis of claims, reserve management, and policy provision are all important aspects of risk analytics systems. Risk analytics tools are also becoming increasingly important in the insurance underwriting industry to help decision-makers better assess risks and evaluate options.

 

Increasing adoption of cybersecurity insurance among large enterprises for improved security is one of the major factors accelerating the cybersecurity insurance market growth.

Organizations with more than 1,000 employees are considered large companies. The larger enterprises to boost their overall production and efficiency, businesses make significant investments in cutting-edge technology. Large businesses are frequently choosing cybersecurity insurance solutions and are anticipated to invest heavily in advanced solutions to deliver the highest level of security in their highly competitive industries. Furthermore, large organizations have implemented cybersecurity insurance solutions due to their extensive usage of Internet of Things (IoT) and cloud-based applications, which are both very vulnerable to cyberattacks. In addition, the need for cybersecurity insurance solutions is fuelled by strict regulatory pressure. One of the strictest data privacy laws, for instance, is the CCPA in the US.

Recent strategic developments in Cybersecurity Insurance Market

The cybersecurity insurance market has undergone several significant developments, and a few of these have been mentioned below:

  • In September 2021, to support the development and management of Microsoft's data-driven cybersecurity insurance products, At-Bay teamed with Microsoft.
  • To provide a comprehensive perspective of business risk management, prevalent developed a connector marketplace with improved features that integrate new ESG and regulatory results in October 2021.

The cybersecurity insurance market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships.  BitSight Technologies; RedSeal, Inc.; SecurityScorecard; Cyber Indemnity Solutions Ltd; and Cisco Systems, Inc. are among the prominent players operating in the cybersecurity insurance market.

Target audience for the report:

  • Cybersecurity Insurance-related service providers
  • Cybersecurity Insurance-related solutions providers
  • Cybersecurity Insurance-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • End users of cybersecurity insurance
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the cybersecurity insurance market has been segmented on the basis of:

  • Component:
    • Solution
    • Services
  • Insurance Type
    • Packaged
    • Stand-alone
  • Enterprise size:
    • SMEs
    • Large Enterprises
  • End-User:
    • Technology Provider
    • Insurance Provider
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • BitSight Technologies.
    • RedSeal, Inc.
    • SecurityScorecard
    • Cyber Indemnity Solutions Ltd
    • Cisco Systems, Inc.

The List of Companies
- BitSight Technologies.
- RedSeal, Inc.
- SecurityScorecard
- Cyber Indemnity Solutions Ltd
- Cisco Systems, Inc.

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