Cyber Security Insurance Market: Emerging Opportunities, Trends and Forecast Analysis (2021-2027) by Component, Organization size and coverage and Region.

Cyber Security Insurance market was valued at US$ 8.9 Bn. in 2020 and expected to grow at a CAGR of 20.2% during the forecast period (2021-2027). Thanks to the growing trend of solution segment use has boosted demand for Global Cyber Security Insurance Market.

Cyber Security Insurance Market Overview:

The meaning of insurance is providing safety and security to individuals and businesses from financial losses. Cyber insurance is designed to cover organizations or individuals from data breaches and cyber terror attacks which involve financial details, social security numbers, and health records, etc. The importance of cyber insurance is, it provides notification in the event of a breach, helps to monitor information, compensation for legal expenses, and costs incurred in the recovery of data. Growing digitization and increasing electronic storage of data are driving the market growth. As a result, the global cyber security insurance market is expected to reach US$ 32.26 Bn. during the forecast period. Cyber Security Insurance Market To know about the Research Methodology :- Request Free Sample Report The report has covered the market trends from 2015 to forecast the market through 2027.2019 is considered a base year however 2020’s numbers are on real output of the companies in the market. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.

Cyber Security Insurance Market Dynamics:

Growing digitization and increased usage of internet-connected devices are the major factors driving the growth of the global market. More than 29 Bn. devices are expected to connect internet by 2022. Due to the recent global pandemic, more people working in remote areas with unsecured networks, weak passwords, and use of personnel devices, etc. are more prone to threats and vulnerabilities. This can create demand for the cyber security insurance market. Growth of banking, financial, and insurance sectors, small and medium scale industries, and increasing awareness about the benefits of cyber insurance are the factors adding advantage to the growth of the cyber security insurance market. “SharkBot” is a new android malware attacking banking apps in Europe and US and according to US banking regulation, banks should report cyber security incidents within 36 hours of discovery. Recent developments like an amalgamation of “Generali with Accenture and Vodafone business” to create cyber security insurance services to SMEs, “At-Bay” Israeli-founded insurtech firm drawn funding of US$ 1.35 Bn., predictive analytics algorithms developed by “Cyberwrite” firm and state-of-the-art household cyber protection and prevention technology developed by “Surance.io are expected to boost the cyber security insurance market during the forecast period. Some of the factors affecting the growth of the cyber insurance market are the increased burden of legislation, smaller companies are staying behind due to their low budget, lack of education among employees about digital threats, limited coverage, limited choice and it cannot replace the need of data protection.

Cyber Security Insurance Market Segmentation:

Based on Component, the Cyber Security Insurance market is sub-segmented into solution and service. The solution segment dominates the global market and it held a share of 62 % in 2020. The increasing number of business organizations, installation of cyber security software, and need for a security operation center are the factors influencing the solution segment growth. The solution segment provides broad coverage, access to experts, patch management, endpoint security response, vulnerability monitoring, and alert system, on-site storage and backup of data, and two-factor authentication. Because of these features solution segment growing positively in the market. Cyber Security Insurance MarketBased on Organization Size, the Cyber Security Insurance market is sub-segmented into large organizations and SMEs. The large organization segment dominates the global market and it was valued at US$ 4.3 Bn. in 2020. Increasing investment in cyber insurance to protect organizations from data breaches, risk of losing customer's trust, to protect sensitive information and to cover the cost of a security breach, etc. are the factors that attract the growth of cyber insurance in large organizations. Based on Coverage, the Cyber Security Insurance market is sub-segmented into first-party coverage and third-party coverage. The first party coverage dominates the market and it held a share of 50% in 2020. Because it covers the expenses that occurred at the time of system or network breaches and data theft. This segment covers cyber extortion payments, notifying affected customers, crisis management, and fraud monitoring services. These are the features boosting the growth of the first-party coverage segment in the market. The third-party segment covers only legal Defence costs, court judgments to pay after a data breach, and other court charges. As a result of these factors growth of third party, segment is slowing in the market.

Cyber Security Insurance Market regional insights:

North America is the dominating region in the Cyber Security Insurance market. The presence of large economies in the region like the US and Canada, increasing use of IoT devices, increased investment in R&D, and increasing malware attacks on BFSI and IT organizations in this region are the factors driving the cyber security insurance market in this region. The major cyber insurance “Resilience” raised US$ 80Mn to battle against ransomware and this model is called “insure plus secure”. Increased supply chain attack and US Department of finance imposing new federal regulations to improve national cyber security framework. These are some recent developments expected to add an advantage to the growth of the cyber security insurance market in this region. Asia-Pacific is the second dominating region in the cyber security insurance market. The increasing number of small and medium scale industries, remote and hybrid work arrangements post COVID, raising awareness among the new generation, and development of new technologies like artificial intelligence (AI), robotics, and virtual reality (VI) are the major factors driving the growth of cyber insurance market in this region. “Crawford and Aon” organizations agreed to provide a cyber-claim guide and a cyber-security firm “Inspira Enterprises” raised capital of US$ 3000 Mn to provide cyber security solutions and is expected to expand its footprints in Europe, West Asia, and South Asian countries. These are some recent development expected to boost the cyber security insurance market in this region. The objective of the report is to present a comprehensive analysis of the global Cyber Security Insurance market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the Cyber Security Insurance market dynamics, structure by analyzing the market segments and projecting the Cyber Security Insurance market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Cyber Security Insurance make the report investor’s guide.

Cyber Security Insurance Market Scope: Inquiry Before Buying

Cyber Security Insurance Market
Report Coverage Details
Base Year: 2020 Forecast Period: 2021-2027
Historical Data: 2016 to 2020 Market Size in 2020: US $  8.9 Bn.
Forecast Period 2021 to 2027 CAGR: 20.2 % Market Size in 2027: US $ 32.26 Bn.
Segments Covered: by Component • Solution • Service
by Organization size • Large organizations • SMEs
by Coverage type • First-Party coverage • Third-Party coverage

Cyber Security Insurance Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Cyber Security Insurance Market Key Players

TCS Limited • Guy Carpenter and Company LLC • At-Bay Inc • Lloyds Bank PLC • AXA SA • Cisco Systems Inc • Chubb Limited • Apple Inc • American International Group Inc • Zurich Insurance Group • Beazley Group PLC • Lockton Companies • AON Plc • BitSight • UpGuard • Cylance Frequently Asked Questions: 1. Which region has the largest share in Cyber Security Insurance Market? Ans: North-America held the largest share in 2020. 2. What is the growth rate of the Cyber Security Insurance Market? Ans: The Cyber Security Insurance Market is growing at a CAGR of 20.2 % during the forecasting period 2021-2027. 3. What segments are covered in Cyber Security Insurance Market? Ans: Cyber Security Insurance Market is segmented into Component, Organization size and coverage type. 4. Who are the key players in Cyber Security Insurance Market? Ans: TCS Limited, Guy Carpenter and Company LLC, At-Bay Inc, Lloyds Bank PLC, AXA SA, Cisco Systems Inc, Chubb Limited, Apple Inc, American International Group Inc, Zurich Insurance Group, Beazley Group PLC, Lockton Companies, AON Plc, BitSight, UpGuard, Cylance Hitachi Automotive Systems Americas Inc 5. What is the study period of this market? Ans: The Cyber Security Insurance Market is studied from 2020 to 2027.
1. Global Cyber Security Insurance Market: Research Methodology 2. Global Cyber Security Insurance Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Cyber Security Insurance Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Cyber Security Insurance Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Cyber Security Insurance Market Segmentation 4.1 Global Cyber Security Insurance Market, by Component (2020-2027) • Solution • Service 4.2 Global Cyber Security Insurance Market, by Organization size (2020-2027) • Large organizations • SMEs 4.3 Global Cyber Security Insurance Market, by Coverage type (2020-2027) • First-party coverage • Third-party coverage 5. North America Cyber Security Insurance Market (2020-2027) 5.1 Global Cyber Security Insurance Market, by Component (2020-2027) • Solution • Service 5.2 Global Cyber Security Insurance Market, by Organization size (2020-2027) • Large organizations • SMEs 5.3 Global Cyber Security Insurance Market, by Coverage type (2020-2027) • First-party coverage • Third-party coverage 5.4 North America Cyber Security Insurance Market, by Country (2020-2027) • United States • Canada • Mexico 6. Asia Pacific Cyber Security Insurance Market (2020-2027) 6.1. Asia Pacific Cyber Security Insurance Market, by Component (2020-2027) 6.2. Asia Pacific Cyber Security Insurance Market, by Organization size (2020-2027) 6.3. Asia Pacific Cyber Security Insurance Market, by Coverage type (2020-2027) 6.4. Asia Pacific Cyber Security Insurance Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Cyber Security Insurance Market (2020-2027) 7.1 Middle East and Africa Cyber Security Insurance Market, by Component (2020-2027) 7.2. Middle East and Africa Cyber Security Insurance Market, by Organization size (2020-2027) 7.3. Middle East and Africa Cyber Security Insurance Market, by Coverage type (2020-2027) 7.4. Middle East and Africa Cyber Security Insurance Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Cyber Security Insurance Market (2020-2027) 8.1. Latin America Cyber Security Insurance Market, by Component (2020-2027) 8.2. Latin America Cyber Security Insurance Market, by Organization size (2020-2027) 8.3. Latin America Cyber Security Insurance Market, by Coverage type (2020-2027) 8.4. Latin America Cyber Security Insurance Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 9. European Cyber Security Insurance Market (2020-2027) 9.1. European Cyber Security Insurance Market, by Component (2020-2027) 9.2. European Cyber Security Insurance Market, by Organization size (2020-2027) 9.3. European Cyber Security Insurance Market, by Coverage type (2020-2027) 9.4. European Cyber Security Insurance Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. TCS Linited 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Guy Carpenter and Company LLC 10.3 At-Bay Inc 10.4 Lloyds Bank PLC 10.5 AXA SA 10.6 Cisco Systems Inc 10.7 Chubb Limited 10.8 Apple Inc 10.9 American International Group Inc 10.10 Zurich Insurance Group 10.11 Beazley Group PLC 10.12 Lockton Companies 10.13 AON Plc 10.14 BitSight 10.15 UpGuard 10.16 Cylance

About This Report

Report ID31797
Category Information Technology & Telecommunication
Published DateJune 2019
Updated DateDec 2021
Contact Us