$28+ Billion Global Cyber Insurance Market is Expected to Grow at a CAGR of over 24.90% During 2022-2028 | Vantage Market Research
Vantage Market Research
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WASHINGTON, April 18, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Cyber Insurance Market finds that the increase in cyber-attacks and data breaches is expediting market growth. Primarily driven by rising rate of recovery of financial losses, the total Global Cyber Insurance Market is estimated to reach USD 28.445 Billion by the year 2028.
The Market stood at a revenue of USD 7.49 billion in the year 2021, and is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 24.90%.
Furthermore, the growing adoption of artificial intelligence and blockchain technology for risk analytics is also anticipated to augment the growth of the Global Cyber Insurance Market, states Vantage Market Research, in a report, titled “Cyber Insurance Market Size, Share & Trends Analysis Report by Organization Size (Large Companies, Small & Medium-sized Companies), by Industry Vertical (BFSI, IT & Telecom, Retail & E-commerce, Healthcare), by Component (Cybersecurity Insurance Analytics Platform, Disaster Recovery and Business Continuity, Cybersecurity Solution, Consulting/ Advisory), by Insurance Coverage (Data Breach, Cyber Security liability), by Insurance Type (Packed, Stand Alone), by Region (North America, Asia Pacific, Europe, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Driver: Increase in Cyber Attacks and Data Breaches to Fuel Global Cyber Insurance Market
Data breaches and cyber-attacks expose sensitive, confidential, or protected information to an unauthorized person. Anyone, from individuals to high-level enterprises and governments, can be at risk of a data breach. Hackers can easily get to the data through the text messages, internet, Bluetooth, or the online services that are been used daily whether you are offline or online. According to Check Point Research, 2019 saw a 50% increase in attacks by mobile banking malware compared to 2018. The Verifications.io., world’s largest email validation company, fell victim to a major data breach due to an unprotected MongoDB database. Data from over 800 emails was exposed, containing sensitive information that included personally identifiable information (PII). Further, the personal data of over 100 million users of the Indian search service Justdial was exposed after an unprotected database was found online. The leaked data was collected in real-time from every customer who accessed the service through its mobile app, website, or even by calling, and includes usernames, mobile numbers, email addresses, addresses, occupation and even photos. Many such data breaches have been taking place since few decades which is expected to result in increase in the demand of cyber insurance across the globe.
Key Insights & Findings from the Report:
According to our primary respondents’ research, the Cyber Insurance market is predicted to grow at a CAGR of roughly 24.90% during the forecast period.
The Cyber Insurance market was estimated to be worth roughly USD 7.49 Billion in 2021 and is expected to reach USD 28.445 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Cyber Insurance market.
Driver: Increasing Rate of Recovery of Financial Losses to Stimulate Market Growth
The increase in rate of recovery of financial losses is anticipated to augment the growth of the Cyber Insurance Market within the estimated period. Cyber insurance helps all the organizations and enterprises mitigate losses from a variety of cyber incidents that take place every day, from a data breach involving sensitive customer information to network damage and disruption. Cyber insurance though does not protect any organization against the hack itself, but it does offer help before, during and after an attack. Further, it also helps with the costs associated with remediation, including payment for the legal assistance, crisis communicators, investigators, and customer credits or refunds. However, the lack of awareness related to cyber insurance and reluctance in choosing cyber insurance over cyber security solutions is expected to hamper the growth of the market in near future. Moreover, the increasing adoption of artificial intelligence and blockchain technology for risk analytics is further anticipated to support the growth in the years to come.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
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The report on Cyber Insurance Market highlights:
Assessment of the market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates and Forecast
Company Profiles
Global and Regional Dynamics
Regional Analysis:
North America to Dominate the Global Cyber Insurance Market
North America has dominated the Global Cyber Insurance Market in 2021 and is likely to continue the same trend during the forecast period. The US dominated the North America region in 2021. This is attributable to the presence of major players such as American International Group, Inc.; and Lockton Companies, Inc. in the region. Furthermore, rising awareness of cyber insurance among SMBs along with increasing data breaches across various industries are also anticipated to encourage the adoption of cyber insurance.
List of Prominent Players in the Cyber Insurance Market:
Allianz
American International Group Inc.
Aon plc
AXA
Berkshire Hath way Inc.
Lloyd’s of London Ltd.
Lockton Companies Inc.
Munich Re
The Chubb Corporation
Zurich
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Cyber Insurance Market Size, Share & Trends Analysis Report by Organization Size (Large Companies, Small & Medium-sized Companies), by Industry Vertical (BFSI, IT & Telecom, Retail & E-commerce, Healthcare), by Component (Cybersecurity Insurance Analytics Platform, Disaster Recovery and Business Continuity, Cybersecurity Solution, Consulting/ Advisory), by Insurance Coverage (Data Breach, Cyber Security liability), by Insurance Type (Packed, Stand Alone), by Region (North America, Asia Pacific, Europe, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/cyber-insurance-market-082903
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Cyber Insurance Market?
How will the Cyber Insurance Market change in the upcoming six years?
Which application and product will take a lion’s share of the Cyber Insurance Market?
What is the Cyber Insurance market drivers and restrictions?
What will be the CAGR and size of the Cyber Insurance Market throughout the forecast period?
Recent Developments:
December, 2021: Coalition announced to launch a new captive to begin taking risk on its cyber insurance programs. With this captive, Coalition will enhance its ability to manage capacity and its long-term growth objectives while further aligning incentives with its customers.
December, 2021: Generali Group announced its teaming with Accenture and Vodafone Business to help create a package of cyber insurance services that help customers quickly and effectively recognize, respond to and recover from cybersecurity threats and incidents.
This market titled “Cyber Insurance Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
Organization Size
Large Companies
Small & Medium-sized Companies
Industry Vertical
BFSI
IT & Telecom
Retail & E-commerce
Healthcare
Manufacturing
Government & Public Sector
Others
Component
Cybersecurity Insurance Analytics Platform
Disaster Recovery and Business Continuity
Cybersecurity Solution
Consulting/ Advisory
Security Awareness Training
Others
Insurance Coverage
Data Breach
Cyber Security liability
Insurance Type
Packed
Stand Alone
Region
North America
Asia Pacific
Europe
Latin America
Middle East & Africa
Region & Counties Covered
North America
U.S.
Canada
Mexico
Europe
U.K
France
Germany
Italy
Spain
Rest Of Europe
Asia Pacific
China
Japan
India
South Korea
South East Asia
Rest Of Asia Pacific
Latin America
Brazil
Argentina
Rest Of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest Of Middle East & Africa
Companies Covered
Allianz
American International Group, Inc.
Aon plc
AXA
Berkshire Hath way Inc.
Lloyd’s of London Ltd.
Lockton Companies Inc.
Munich Re
The Chubb Corporation
Zurich
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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