Cybersecurity Insurance Market Size Worth $48.83 Billion By 2030 | CAGR: 19.29%

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

• Solution segment is anticipated to grow at the highest CAGR. Adopting Blockchain and the Internet of Things (IoT) is expected to boost service demand. In addition, post-incident services are expected to drive market growth.
• Standalone accounted for a major revenue share. Standalone policies usually include media liability insurance, which covers claims alleging libel, slander, invasion of privacy, etc.
• First-Party accounted largest revenue share. In the event of a data breach or cyber attack, first-party cyber liability insurance helps reduce the impact on the organization.
• In North America, the global market is anticipated at the fastest growth during the projected period. This is due to the presence of key cyber insurance companies in the country.
• Major players operating in the market include BitSight, Prevalent, RedSeal, Security Scorecard, Zurich Insurance, Cyber Indemnity Solutions, Cisco, Axis Capital, UpGuard, Microsoft, Check Point, AttackIQ, Broadcom, Accenture, CyberArk, CYE, SecurIT360, Founder Shield, AIG, Arthur, Travelers Insurance, Cylance, FireEye, CNA Financial, Fairfax Financial, Liberty Mutual, Lloyd’s of London, and others.

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)

• Solution
• Services

Cybersecurity Insurance, Insurance Type Outlook (Revenue - USD Billion, 2018 - 2030)

• Standalone
• Tailored

Cybersecurity Insurance, Coverage Type Outlook (Revenue - USD Billion, 2018 - 2030)

• First-Party
• Liability Coverage

Cybersecurity Insurance, End-use Outlook (Revenue - USD Billion, 2018 - 2030)

• Healthcare
• Retail
• BFSI
• IT & Telecom
• Manufacturing
• Government agencies
• Others

Cybersecurity Insurance Market, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa