Global Cyber Security Insurance Market

Global Cyber Security Insurance Market by Components (Solutions [Disaster Recovery & Business Continuity, Cybersecurity Insurance Analytics Platform, And Cybersecurity Solution {Cybersecurity Resilience and Cybersecurity Risk & Vulnerability Assessment}] and Services [Security Awareness Training, Consulting/ Advisory, and Others]), Insurance Coverage (Data Breach [Ransomware Attacks, Data Loss, Denial of Service & Down-Time, Others], and Cybersecurity Liability [Type {Brand & Related Intellectual Property Protection, Non-Compliance Penalty, Data Protection & Privacy Costs, and Others}, and Source/ Target {External and Internal}]), Insurance Types (Stand-alone and Packaged), Organization Sizes (Large Enterprises and SMEs), End-users (Technology Provider [Third-party Administrators, brokers, & consultancies, Government agencies, and Insurance Companies] and Insurance Provider[Healthcare & life Science, IT & ITES, Financial Services, Telecom, Travel, Tourism, & Hospitality, Retail & E-Commerce, and Others]), and

  • Report ID: ICT-SE-2776
  • Author: Growth Market Reports
  • Rating: 4.8
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  • No. Of Pages: 188
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The global cyber security insurance market is expected to register a robust CAGR during the forecast period, between 2021 and 2028. Cyber insurance is intended to assist an organization in the event of a malware security breach or similar case. It typically includes losses resulting from network security breaches, indemnification from data breach-related lawsuits, and loss of privacy, among others. It provides coverage for first-party and third-party claims in order to reduce risk exposure by offsetting costs associated with the recovery of internet-based cyber losses. Cyber-attacks have a negative impact on businesses, including regulatory fines, decreased customer base, legal penalties, business disruption, and attorney fees, intellectual property loss, and reputational damage. These attacks have become more intense and frequent, organizations, posing a threat to individuals, and countries, driving the adoption of cyber insurance solutions.

Global Cyber Security Insurance Market summary

Market Trends, Drivers, Restraints, and Opportunities

  • Technological advancements and increased adoption of AI, IoT, ML, and cloud services are expected to drive the cyber insurance market.
  • Theft or unauthorized access to sensitive business data, such as employees' personal information, intellectual property, or even financial records, is on the rise, is driving the cybersecurity insurance market.
  • Growing number of sophisticated cyber-attacks, and fear of financial losses, are driving the market.
  • The cyber insurance market is driven by an increase in awareness regarding cyber risks among high-level executives.
  • High cost of cybersecurity insurance is impeding the market.
  • The inclusion of charges for data recovery and negotiation with hackers impede the market.
  • AI and blockchain are two recent trending advancements that are expected to enhance risk advanced analytics and create opportunities.

Scope of the report:

The report on the cyber security insurance market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Attributes

Details

Report Title

Cyber Security Insurance Market  - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast

Base Year

2020

Historic Data

2018 & 2019

Forecast Period

2021–2028

Segmentation

Components (Solutions [Disaster Recovery & Business Continuity, Cybersecurity Insurance Analytics Platform, And Cybersecurity Solution {Cybersecurity Resilience and Cybersecurity Risk & Vulnerability Assessment}] and Services [Security Awareness Training, Consulting/ Advisory, and Others]), Insurance Coverage (Data Breach [Ransomware Attacks, Data Loss, Denial of Service & Down-Time, Others], and Cybersecurity Liability [Type {Brand & Related Intellectual Property Protection, Non-Compliance Penalty, Data Protection & Privacy Costs, and Others}, and Source/ Target {External and Internal}]), Insurance Types (Stand-alone and Packaged), Organization Sizes (Large Enterprises and SMEs), End-users (Technology Provider [Third-party Administrators, brokers, & consultancies, Government agencies, and Insurance Companies] and Insurance Provider[Healthcare & life Science, IT & ITES, Financial Services, Telecom, Travel, Tourism, & Hospitality, Retail & E-Commerce, and Others])

Regional Scope

Asia Pacific, North America, Europe, Latin America, and Middle East & Africa

Report Coverage

Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast

Key Players Covered in the Report

Allianz; Aon plc; American International Group, Inc., Berkshire HathwayInc; AXA; Lockton Companies, Inc; Lloyd’s of London Ltd; The Chubb Corporation; Munich Re; and Zurich

Cyber Security Insurance Market Segment Insights

Solutions segment is projected to hold a significant market share

Based on components, the cyber security insurance market can be bifurcated into solutions and services. The solutions segment is further classified as disaster recovery & business continuity, cybersecurity insurance analytics platform, and cybersecurity solution. Additionally, cybersecurity solutions segment is divided into cybersecurity resilience and cybersecurity risk & vulnerability assessment. The services segment is split into security awareness training, consulting/ advisory, and others. The solutions segment is projected to hold a significant share of the market due to health-related data moving rapidly toward electronic records, the healthcare industry around the world is experiencing multiple data breaches. As a result, the number of electronic health/medical records has increased, necessitating the use of strong security solutions. The segment is driven by the rising number of installation of cybersecurity software and the readiness of large and small organizations against online threats.

Global Cyber Security Insurance Market Taxonomy

Data breach segment is anticipated to account for a substantial share

On the basis of insurance coverage, the market can be bifurcated into data breach and cybersecurity liability. The data breach segment is categorized as ransomware attacks, data loss, denial of service &downtime, others. The cybersecurity liability segment is divided into types and sources/targets. Additionally, this segment is further classified as brand & related intellectual property protection, non-compliance penalty, data protection & privacy costs, and others. The source/target segment is bifurcated into external and internal. The data breach segment is anticipated to account for a substantial share of the market due to new cases of cyber extortion and fund transfer fraud. Reliance on the internet to complete transactions and communicate with employers can pose significant risks, thus driving the cyber threat protection segment.

Stand-alone segment expand at a rapid pace in the coming years

In terms of insurance types, the market can be bifurcated into stand-alone and packaged. The stand-alone segment is expanding at a rapid pace in the coming years. Credit monitoring costs, cyber extortion costs, forensic consultants costs, data restoration costs, public relations costs, notification costs, and legal representation expenses are included in the stand-alone insurance, which in turn is driving the segment.

Large enterprises register a high CAGR during the forecast period

Based on organization sizes, the market can be segmented into large enterprises and SMEs. The large enterprises segment is likely to expand at a high CAGR during the forecast period, as they use a huge number of cloud and Internet of Things (IoT)-based software that is highly vulnerable to cyber attacks, large enterprises have adopted cybersecurity insurance solutions. Large enterprises are increasingly adopting cybersecurity insurance solutions, and are expected to invest heavily in advanced cybersecurity insurance solutions to provide optimal security in their enterprises' intense competitive environment. Furthermore, stringent regulatory pressure is increasing cyber risk awareness, as is the need for cybersecurity insurance solutions.

IT & ITES segment expand at a substantial growth rate in the coming years

On the basis of end-users, the cyber security insurance market can be fragmented into technology providers and insurance providers. The technology providers segment is classified as third-party administrators, brokers, & consultancies, government agencies, and insurance companies. The insurance providers segment is categorized as healthcare & life science, IT & ITES, financial services, telecom, travel, tourism, & hospitality, retail & e-commerce, and others. The IT & ITES segment is projected to expand at a substantial pace in the coming years, thus  in-house teams' companies are taking efforts to strengthen their defenses against cyber-attacks. The reliance on connectivity technologies and servers to meet client the demands is projected to fuel the segment. High spending of multinational corporations, and the shift to remote work, result in massive sales of cybersecurity software.

North America is expected to dominate the market

In terms of regions, the market can be classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market due to the presence of large multinational corporations in a variety of industries. North America has stable and well-established economies, allowing it to invest heavily in R&D activities, thereby contributing to the development of new technologies in the cybersecurity insurance market. The US is responsible for the most revenue in the region due to the need for monitoring and investigating cyber threats. The presence of the majority of key players in the cybersecurity insurance market is expected to be a major driver of market in region.

Segments

Segments Covered in the Report
By Components

  • Solutions
    • Disaster Recovery and Business Continuity
    • Cybersecurity Insurance Analytics Platform
    • Cybersecurity Solution
      • Cybersecurity Resilience
      • Cybersecurity Risk & Vulnerability Assessment
  • Services
    • Security Awareness Training
    • Consulting/Advisory
    • Others

By Insurance Coverage

  • Data Breach
    • Ransomware Attacks
    • Data Loss
    • Denial of service & Down-time
    • Others
  • Cybersecurity Liability
    • Type
      • Brand & Related Intellectual Property Protection
      • Non-compliance Penalty
      • Data Protection & Privacy Costs
      • Others
  • Source/ Target
    • External
    • Internal

By Insurance Types

  • Stand-alone
  • Packaged

By Organization Sizes

  • Large Enterprises
  • SMEs

By End-users

  • Technology Provider
    • Third-party Administrators, Brokers, & Consultancies
    • Government Agencies
    • Insurance Companies
  • Insurance Provider
    • Healthcare & Life Science
    • IT & ITES
    • Financial Services
    • Telecom
    • Travel, Tourism, & Hospitality
    • Retail & E-commerce
    • Others

By Key Players

  • Allianz
  • Aon plc
  • American International Group, Inc.
  • Berkshire HathwayInc
  • AXA
  • Lockton Companies, Inc
  • Lloyd’s of London Ltd
  • The Chubb Corporation
  • Munich Re
  • Zurich

 

Competitive Landscape

Key players in the cyber security insurance market are Allianz; Aon plc; American International Group, Inc., Berkshire HathwayInc; AXA; Lockton Companies, Inc; Lloyd’s of London Ltd; The Chubb Corporation; Munich Re; and Zurich. These players have constantly engaged in several market development activities including collaborations, agreements, mergers & acquisitions, production capacity expansion, product launches, and partnerships to increase their market share.

Global Cyber Security Insurance Market keyplayers

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Cyber Security Insurance Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Cyber Security Insurance Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Cyber Security Insurance Market - Supply Chain
  4.5. Global Cyber Security Insurance Market Forecast
     4.5.1. Cyber Security Insurance Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Cyber Security Insurance Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Cyber Security Insurance Market Absolute $ Opportunity
5. Global Cyber Security Insurance Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Cyber Security Insurance Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Cyber Security Insurance Demand Share Forecast, 2019-2026
6. North America Cyber Security Insurance Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Cyber Security Insurance Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Cyber Security Insurance Demand Share Forecast, 2019-2026
7. Latin America Cyber Security Insurance Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Cyber Security Insurance Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Cyber Security Insurance Demand Share Forecast, 2019-2026
8. Europe Cyber Security Insurance Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Cyber Security Insurance Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Cyber Security Insurance Demand Share Forecast, 2019-2026
9. Asia Pacific Cyber Security Insurance Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Cyber Security Insurance Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Cyber Security Insurance Demand Share Forecast, 2019-2026
10. Middle East & Africa Cyber Security Insurance Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Cyber Security Insurance Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Cyber Security Insurance Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Cyber Security Insurance Market: Market Share Analysis
  11.2. Cyber Security Insurance Distributors and Customers
  11.3. Cyber Security Insurance Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Allianz
     11.4.2. Aon plc
     11.4.3. American International Group, Inc.
     11.4.4. Berkshire HathwayInc
     11.4.5. AXA
     11.4.6. Lockton Companies, Inc
     11.4.7. Lloyd’s of London Ltd
     11.4.8. The Chu

Segments Covered in the Report
By Components

  • Solutions
    • Disaster Recovery and Business Continuity
    • Cybersecurity Insurance Analytics Platform
    • Cybersecurity Solution
      • Cybersecurity Resilience
      • Cybersecurity Risk & Vulnerability Assessment
  • Services
    • Security Awareness Training
    • Consulting/Advisory
    • Others

By Insurance Coverage

  • Data Breach
    • Ransomware Attacks
    • Data Loss
    • Denial of service & Down-time
    • Others
  • Cybersecurity Liability
    • Type
      • Brand & Related Intellectual Property Protection
      • Non-compliance Penalty
      • Data Protection & Privacy Costs
      • Others
  • Source/ Target
    • External
    • Internal

By Insurance Types

  • Stand-alone
  • Packaged

By Organization Sizes

  • Large Enterprises
  • SMEs

By End-users

  • Technology Provider
    • Third-party Administrators, Brokers, & Consultancies
    • Government Agencies
    • Insurance Companies
  • Insurance Provider
    • Healthcare & Life Science
    • IT & ITES
    • Financial Services
    • Telecom
    • Travel, Tourism, & Hospitality
    • Retail & E-commerce
    • Others

By Key Players

  • Allianz
  • Aon plc
  • American International Group, Inc.
  • Berkshire HathwayInc
  • AXA
  • Lockton Companies, Inc
  • Lloyd’s of London Ltd
  • The Chubb Corporation
  • Munich Re
  • Zurich

 

Key players in the cyber security insurance market are Allianz; Aon plc; American International Group, Inc., Berkshire HathwayInc; AXA; Lockton Companies, Inc; Lloyd’s of London Ltd; The Chubb Corporation; Munich Re; and Zurich. These players have constantly engaged in several market development activities including collaborations, agreements, mergers & acquisitions, production capacity expansion, product launches, and partnerships to increase their market share.

Global Cyber Security Insurance Market keyplayers

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