The global cyber security insurance market is anticipated to grow at a considerable CAGR of 19.2% during the forecast period. The cyber security insurance is a policy with an insurance carrier to mitigate risk exposure by offsetting costs involved with damages and recovery after a cyber-related security breach or similar event. The increase in frequency and severity of cyber-attacks has led to more organizations considering investments in cyber insurance. In recent years, the frequency of cyber-attacks has increased dramatically, with cybercriminals using increasingly sophisticated methods to breach security systems and steal sensitive data. According to the National Association of Insurance Commissioners, data breaches in 2021 increased by 68% from 2020. Data breaches involving personally identifiable information (PII), such as Social Security numbers (SSNs), increased slightly from 80% to 83% in 2021. In 2021, nearly 50 million people in the US faced a breach of their personal health information, the highest number to date, and healthcare data breaches have tripled over the past three years.
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The rising number of malware and data breach practices globally, owing to the rising adoption of digital technology in healthcare, automotive, manufacturing, and other sectors is providing the required momentum for the growth of the market. Also, the rise in data privacy laws such as the health insurance, portability, and accountability act (HIPAA) and EU general data protection regulation (GDPR) further facilitate the market demand for cyber security insurance.
Further increasing digitalization and the increasing reliance on the internet and connected devices have made businesses more vulnerable to cyber-attacks, and this trend is antiicipated to continue in the coming years. As a result, market players are actively showing interest in bringing up new and enhanced solutions for businesses to cater to the demand for cybersecurity insurance. For instance, in July 2022, SBI General Insurance launched the Cyber VaultEdge insurance plan, a comprehensive cyber insurance cover for individuals that protects against financial losses arising from cyber risks and attacks.
Global Cyber Security Insurance Market Report Segment
By Component
- Services
- Solution
By Coverage Type
- First Party
- Third Party
By Verticals
- BFSI
- Government
- Aerospace
- Manufacturing
- IT and Telecom
- Healthcare
- Others
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Cyber Security Insurance Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Allianz SE
- American International Group, Inc.
- Aon plc
- AXA S.A.
- AXIS Capital Holdings Ltd.
- BCS Financial Corp.
- Beazley Group plc
- Berkshire Hathaway Inc.
- Chubb Ltd.
- Chubb Ltd.
- CNA Financial Corp.
- Lloyd’s of London Ltd
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