Chicago, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The global Cybersecurity Insurance Market size is projected to grow from USD 10.3 billion in 2023 to USD 17.6 billion by 2028, at a CAGR of 11.4% during the forecast period, according to a new report by MarketsandMarkets™. The growing awareness of cyber risks among organizations and the need to proactively manage and mitigate those risks has contributed to the increased adoption of cybersecurity insurance.
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Cybersecurity Insurance Market Dynamics:
Drivers:
- Surge in mandatory cybersecurity regulations and legislations to boost demand for insurance protection.
- High rate of recovery of financial losses to promote market growth.
- Increase in frequency and sophistication of cyber threats.
Restraints:
- Lack of awareness related to cybersecurity insurance and reluctance in choosing cybersecurity insurance over cybersecurity solutions.
- Soaring cybersecurity insurance costs.
Opportunities:
- Exclusion of cybersecurity insurance cover from Property and Casualty (P&C) insurance.
- Adoption of artificial intelligence and blockchain technology for risk analytics.
List of Key Players in Cybersecurity Insurance Market:
- BitSight (US)
- Prevalent (US)
- RedSeal (US)
- SecurityScorecard (US)
- Cyber Indemnity Solutions (Australia)
- Cisco (US)
- UpGuard (US)
- Microsoft (US)
- Check Point (US)
- AttackIQ (US)
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The financial consequences of cyber incidents on organizations can be significant, involving expenses related to the investigation, remediation, legal fees, reputation management, and potential lawsuits. Cybersecurity insurance is crucial in mitigating these financial risks by covering such expenses. It acts as a protective measure, offering financial support and reimbursement to organizations for the costs incurred in responding to and recovering from cyber incidents. With cybersecurity insurance in place, organizations can better manage the financial impact of cyber threats and maintain their financial stability.
Based on technology end users, government agencies are projected to register the highest CAGR during the forecast period.
Cyber threats pose significant vulnerabilities to public sector entities, prompting them to prioritize cyber risk management. Malware and hacking attacks have become increasingly sophisticated, disrupting public services, and resulting in substantial financial losses. To address these challenges, cybersecurity insurance solutions are sought by government agencies and organizations. These insurance policies provide access to funds to cover the costs associated with cyber breaches. They also help mitigate the financial risks associated with cyberattacks, including expenses for computer forensics, legal defense, breach notification, and remediation, and credit monitoring services. However, a report by the Ponemon Institute reveals that only 19% of government agency survey respondents have procured cybersecurity insurance policies. Previous high-profile data breaches, such as those experienced by the South Carolina Department of Revenue and the Utah Department of Health, serve as cautionary examples. These agencies incurred substantial cleanup costs as they did not have cybersecurity insurance coverage in place. Such incidents highlight the need for public sector agencies to increase their investments in cybersecurity insurance technology as a proactive measure.
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Based on region, North America holds the largest market size during the forecast period.
The global cybersecurity insurance market is predominantly driven by North America, which comprises the US and Canada. With advanced infrastructure and extensive adoption of cyber technology, this region holds the largest number of cybersecurity insurance vendors. North America is projected to primarily contribute to the market's size. The US, known for its stringent regulations, presents a favorable landscape for cybersecurity insurance solution providers, offering diverse opportunities across various industries. Cyberattacks have a significant financial impact on enterprises, both large and small, as well as critical industries. A report by Emsisoft highlighted in The New York Times revealed that in 2019, 205,280 organizations in North America experienced ransomware attacks. The increasing frequency of attacks, coupled with the rise of Bring Your Own Device (BYOD) policies, particularly during the COVID-19 pandemic, has compelled enterprises in the US and Canada to prioritize data security and protect themselves from potential financial losses by embracing cybersecurity insurance policies.
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