The global cybersecurity insurance market size is expected to reach USD 48.83 billion by 2030, according to a new study by Polaris Market Research. The report "Cybersecurity Insurance Market Share, Size, Trends, Industry Analysis Report, By Components (Solution, Services); By Insurance Type (Standalone and Tailored); By Coverage type (First-Party, Liability Coverage); By End-Use (Healthcare, Retail, BFSI, IT & Telecom, Manufacturing, and Others); By Region; Segment Forecast, 2022-2030" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global market will be driven by increased cyberattacks and data breaches. Additionally, information that is sensitive, confidential, or protected may be made available to an unauthorized individual through data breaches and cyberattacks. Anyone can be at risk of a data leak, including private individuals, elite businesses, and governments. Data can be accessed through text messages, the internet, Bluetooth, or daily-used online services, regardless of whether users are online. In comparison to 2019, Check Point Research reports that mobile banking malware assaults increased by 50% in 2020. Due to an exposed MongoDB database.
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Businesses are implementing insurance coverage due to rising cybersecurity risks and data breaches. Additionally, the corporation is subject to regulatory sanctions and fines from several nations for any data breach. The demand for new insurance products for small firms is fueled by the fact that small and medium-sized industries are also targeted by cyberattacks. For instance, Aviva plc. created new insurance solutions specifically for small businesses in March 2021 to address cyberattacks.
Cybersecurity Insurance Market Report Highlights
Polaris Market Research has segmented the cybersecurity insurance market report based on component, Insurance type, coverage type, end-use, and region:
Cybersecurity Insurance, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Cybersecurity Insurance, Insurance Type Outlook (Revenue - USD Billion, 2018 - 2030)
Cybersecurity Insurance, Coverage Type Outlook (Revenue - USD Billion, 2018 - 2030)
Cybersecurity Insurance, End-use Outlook (Revenue - USD Billion, 2018 - 2030)
Cybersecurity Insurance Market, Regional Outlook (Revenue - USD Billion, 2018 - 2030)