- +1-315-215-1633
- sales@thebrainyinsights.com
The global cyber insurance market size is anticipated to grow from USD 10.74 billion to USD 80.39 billion in 10 years. The market will experience rapid growth due to technological advancements in cyber insurance during the forecast period.
Upcoming Opportunities
Brainy Insights estimates that the USD 10.74 billion in 2022 global cyber insurance market will reach USD 80.39 billion in 2032. the digital revolution or industrialization 4.0 has facilitated a new era of innovation and connectivity. with this revolution the emergence and incidence of cybercrimes has also witnessed a rise. cyber criminals are increasingly using technology to commit identity theft, hacking, ransomware attacks, data breaches, and other crimes. These risks jeopardise property, putting individuals, governments, and business entities at serious risk. The insurance industry created cyber insurance as a specialised product to address the growing threat of cybercrime. Cybercrime is a multifaceted term that encompasses a broad spectrum of illegal activity enabled by digital technologies and the internet. the rising confluence of systems and data and the ubiquitous usage of digital devices has increased the incidence of cybercrimes. Cyber insurance is a specific type of insurance coverage designed to provide monetary protection against damages resulting from cyber-related crimes.
Key Insight of the Global Cyber insurance Market
North America will dominate the market during the forecast period.
The region is home to major firms' offering cyber insurance and other related services. the presence of these firms has led to early adoption of cyber insurance in the region. the increasing incidence of data theft has also contributed to the increasing adoption of cyber insurance. The increasing incidence and prevalence of data breaches has increased financial and reputational risks for businesses across diverse businesses and industries. this has prompted several businesses to opt for cyber security insurance thereby propelling the regional market's growth. Cyberattacks are also rising at an exponential rate in the region as a result of the large increase in connected gadgets. In the current situation, this aspect has led to the acceptance of cyber insurance, fostering regional development.
In 2022, the solution segment dominated the market with the largest market share of 55% and revenue of 5.90 billion.
In 2022, the solution segment dominated the market with the largest market share of 55% and revenue of 5.90 billion.
In 2022, the standalone segment dominated the market with the largest market share of 59% and revenue of 6.33 billion.
The insurance type segment is bifurcated into standalone and packaged. In 2022, the standalone segment dominated the market with the largest market share of 59% and revenue of 6.33 billion.
In 2022, the large enterprises segment dominated the market with the largest market share of 60% and revenue of 6.44 billion.
The organization size segment is divided into SMEs and large enterprises. In 2022, the large enterprises segment dominated the market with the largest market share of 60% and revenue of 6.44 billion.
In 2022, the BFSI segment dominated the market with the largest market share of 43% and revenue of 4.61 billion.
The industry segment is classified into BFSI, healthcare, retail, transportation and others. In 2022, the BFSI segment dominated the market with the largest market share of 43% and revenue of 4.61 billion.
Advancement in market
The establishment of "DBS Golden Circle," a comprehensive priority banking program especially created to meet the special needs of older adults, was announced by DBS Bank India. This program makes banking easier and more rewarding for Indian residents who are 60 years of age or older by providing a range of special advantages and services. In addition, DBS is celebrating its 30th year in India with this launch, a significant accomplishment that highlights the bank's dedication to the regional market. In order to deliver solutions that satisfy its clients' changing needs and to establish enduring partnerships, DBS Bank India keeps making use of both its vast physical network and its digital capabilities.
Market Dynamics
Driver: Increasing Numbers of Cybercrimes.
the increasing incidence of cyber-crimes has increased the need and demand for cyber insurance making it the most significant driver of the cyber insurance market's growth. The ever-changing technological landscape contributes to continuously evolving cyber risks. Hacking, ransomware attacks, data breaches, and data thefts are just a few of the examples of cyberthreats that have increased in the recent years. the increasing incidence of cybercrimes has contributed to the increasing awareness about them and their detrimental financial and reputational consequences for businesses. The importance of cyber insurance has grown in popularity as a result of high-profile cybercrimes that occur all over the world. Large-scale data breaches and cyberattacks on well-known organisations have negatively impacted the overall brand image of any enterprise. Cybercrimes have become more serious threats to a company's operations and reputation. Following these occurrences, companies are now investing in cyber insurance to protect themselves from comparable risks and cyber-attacks in the contemporary world.
Restraints: the lack of Standardisation.
The build-up of cyber risk poses unique challenges for insurers. A single cyber disaster could have a simultaneous impact on several policyholders, thereby exacerbating risk. Cyber insurance policy types, plans, and cost structures are varied given the diverse risks of cyber threats. The cyber insurance market is different from conventional insurance framework. this distinction and variety lead to lack of standardisation that is challenging for the stakeholders in the cyber insurance market. the non-standardization facilitates inconsistent claim processing and disagreements. These elements are impeding the expansion and development of the market.
Opportunities: Technological Progress.
The global cyber insurance industry is always evolving due to the dynamic nature of cyber security threats. this translates to the growing requirement for insurers to be aware of new risks. the ever-changing dynamics of the market make technological developments crucial to the market. Data analytics and predictive modelling are now indispensable tools for insurers in the cyber insurance business. With the aid of these technologies, insurers are able to directly examine vast amounts of data, such as policyholder information, cyber threat intelligence, and past claims data, in order to identify patterns and trends in cyber risk. Using predictive modelling, insurers can adjust coverage and price based on more accurate predictions about the probability and seriousness of future cyber risks.
Challenges: The lack of awareness.
General awareness about cyber threats is not evident unless one is victim of the same. Despite campaigns aimed towards educating and creating awareness about cyberthreats and cybercrimes, majority of the population is unaware about them. this increases vulnerabilities and the risk of cyberattacks. The lack of awareness about cybercrimes and threats contributes to the preventive and corrective measures like cyber insurance. The lack of awareness about cyber insurance challenge the market’s growth.
Some of the major players operating in the global cyber insurance market are:
Key Segments covered in the market:
By Component
By Insurance Type
By Organization Size
By Industry
By Region
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
This report can be customized to meet the client’s requirements. Please connect with our sales team (sales@thebrainyinsights.com), who will ensure that you get a report that suits your needs. You can also get in touch with our executives on +1-315-215-1633 to share your research requirements.
