London, March 06, 2024 (GLOBE NEWSWIRE) -- Global cyber insurance market is anticipated to witness a steady growth, reaching a valuation of US$68.2 Bn by 2030, marking an increase from the US$13.1 Bn attained in 2022. This growth is driven by predicted CAGR of 26.6% during the forecast period from 2023 to 2030, indicates a recently published report by Fairfield Market Research.
Get Sample Copy of Report at: https://www.fairfieldmarketresearch.com/report/cyber-insurance-market/request-sample
REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 to 2030 | |
| Market Size in 2022 | US$13.1 Bn | |
| Estimated Market Size in 2030 | US$68.2 Bn | |
| CAGR | 26.6% | |
| Growth Drivers |
| |
| Segmentation |
| |
| Regional Coverage |
| |
Businesses are recognizing the need for protection against financial losses resulting from these incidents with the rise of cyber threats such as ransomware attacks, data breaches, and cyber espionage This awareness is driving the demand for cyber insurance.
“High-profile cyber-attacks on well-known companies have raised awareness about the potential financial impact of cyber incidents. These incidents serve as a wake-up call for businesses to invest in cyber insurance as part of their risk management strategy,” states the company’s analyst.
The analyst explains further, “The goal of cyber resilience is to keep businesses running both during and after a cyber-event. Companies can continue to operate and make money during recovery by using cyber insurance to cover business interruption costs”.
Organisations may suffer financial losses due to data breaches. Data breach response and recovery expenses such as those for forensic investigations, legal counsel, and notification costs have been steadily rising. By covering these costs, which for certain firms may be significant and even catastrophic, cyber insurance helps to lessen the financial effect.
Some insurance companies advise policyholders on how to strengthen their cybersecurity defences based on data and analytics insights. Organisations may improve their cybersecurity posture and reduce the risk of cyber events by adopting a proactive strategy.
Organisations may better match their cybersecurity procedures with industry-specific standards and regulations by using data-driven insights. In addition to reducing cyber threats, this alignment increases an organisation's appeal to insurers, which could result in lower insurance costs.
For More Industry Insights Read: https://www.fairfieldmarketresearch.com/report/cyber-insurance-market
Key Research Insights
- North America is expected to dominate the cyber insurance market throughout the forecast period.
- The healthcare category is expected to grow the fastest. The use of connected medical devices by healthcare organisations is on the rise.
- Asia Pacific is projected to grow at a significant rate in the cyber insurance market.
Insights into Segmentation Analysis
BFSI Pioneers Cyber Insurance Adoption, Healthcare Sector Follows
- The BFSI category led the market in 2022. Cyber risks are expected to rise in the light of growing consumer preference for digitalisation, mobile apps, and internet banking.
- Due to the enormous amount of data that is produced there, the banking industry is a top target for hackers. The demand for cybersecurity insurance in the BFSI is projected to increase, driving segment growth.
- The fastest growth is anticipated in the healthcare segment. Due to an increase in data breaches in the healthcare sector, insurance policies are being adopted more frequently.
- The healthcare industry reported over 4,419 data breaches involving more than 500 records between 2009 and 2021.
Large Enterprises Spearhead Cyber Insurance Adoption
- The large enterprise segment led the market in 2022. due to the massive data creation. Cybercrime and severe data breach occurrences are on the rise as a result.
- To safeguard the security of customer and company data, large corporations make significant investments in risk management solutions.
- The SMEs category is expected to grow the fastest. The latest target of hackers is SMEs. Small firms are eager to invest in cybersecurity insurance solutions as a result.
Standalone Category Wins Preference over Tailored Cyber Insurance
- The standalone segment dominated the market in 2022. A stand-alone form of insurance protects an organisation from lawsuits brought about by security or privacy breaches that assert a failure to secure sensitive information.
- Standalone policies protect against a variety of asset risks, such as data loss/destruction, business interruption, and money transfer loss.
- The tailored category is anticipated to grow significantly throughout the forecast period.
- Because a variety of customised options are available, due to its covering of potential industry hazards in industries including BFSI, healthcare, IT, and telecom, tailored insurance is becoming more and more popular.
Key Report Highlights
- The cyber insurance market has experienced significant growth in recent years, driven by increasing cyber threats, regulatory requirements, and digital transformation.
- Increasing considerations of safeguarding companies against monetary and reputational losses.
- Expansion of digital ecosystems, and the climbing cloud adoption will largely favour the expansion of this market.
Insights into Regional Analysis
North America Tops with the Highest Number of High-profile Data Breaches
- North America is anticipated to dominate the cyber insurance market. The rising number of cyberattacks and increased likelihood of data loss are what is driving regional growth.
- Due to the country's tight cybersecurity regulations and strong government regulation, the US market has the largest share in the region.
- The rise is a result of the existence of leading solution suppliers. Businesses, and organisations in North America are among the most knowledgeable about cyber risks and attacks.
- Cyber insurance coverage is in more demand due to high-profile data breaches and cyberattacks that have elevated public awareness of the financial and reputational costs of cyber disasters.
Asia Pacific on the Brink of Recording the Fastest Adoption Rates
- Asia Pacific is expected to be the fastest-growing cyber insurance market region. Due to the rising threats and ransomware attacks in the area.
- Japan, Singapore, Indonesia, and Malaysia will have the largest increases in cyberattacks in the Asia Pacific area in 2021, with rises of 40%, 30%, 25%, and 22%, respectively.
- Governments around the world, including China, Japan, India, and South Korea, are investing in insurance to decrease the impact of cybercrimes.
- According to a survey by Cyber Risk Management, the demand for cybersecurity insurance in the Asia Pacific region surged by 87%.
- As the connection is expanding rapidly, cyber insurance solutions are becoming popular in the Asia Pacific region. The organisation is exposed and vulnerable to cyber exploitation due to the fast digital transformation.
Key Companies Profiled in the Global Cyber Insurance Market
- American International Group, Inc.
- Travelers Company
- Chubb
- AXA XL
- CNA Financial Corporation
- BCS Financial Corporation
- The Hanover Insurance, Inc.
- AXIS Capital Holdings Limited
- Beazley Group
- Berkshire Hathway Inc.
- Lloyd’s of London Ltd.
- Zurich Insurance
- Munich Re
- Lockton Companies, Inc.
- Aon plc.
Global Cyber Insurance Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Insurance Type Coverage, By Coverage Type, By Enterprise Size Coverage, By End-use Industry Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/cyber-insurance-market
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: sales@fairfieldmarketresearch.com
LinkedIn | Twitter
