Cyber Insurance Market Size to grow by USD 74620.3 million between 2024-2028
The Cyber Insurance Market is segmented by Type (Large enterprises and Small and medium-sized enterprises), Solution (Standalone and Packaged), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 74620.3 million, at a CAGR of 42.36% during the forecast period. There are several companies that are contributing to the market as per this report. Increased demand for cyber insurance .
By Type, the Large enterprises segment is projected to dominate the market size in 2024
In today's digital business landscape, large enterprises are increasingly vulnerable to cyber-attacks due to their expansive digital footprint, intricate IT infrastructure, and the vast amount of sensitive data they manage. To mitigate the potential financial repercussions of a cyber breach, many large organizations opt for cyber insurance. These tailored insurance solutions offer extensive coverage and additional services, such as risk management and breach response, to help mitigate potential losses. Key features for large enterprises may include higher coverage limits, customizable policy terms, and specialized expertise to address the unique risks and complexities associated with their industry and organizational size.
For insights on company offerings- Request a sample report!
By Solution, Standalone segment is expected to hold the largest market size for the year 2024
Cyber insurance serves as a specialized risk management solution, offering companies protection against financial losses resulting from cyber threats. Coverage encompasses various expenses incurred following a cyber-attack, including the cost of notifying affected parties and providing credit monitoring services, as well as the expenses associated with investigation and remediation processes. These costs can be substantial, making cyber insurance an essential component of a comprehensive risk management strategy.
Why is North America forecasted to hold the largest regional market size in 2024?
The cyber insurance market is experiencing significant growth due to the increasing number of cyber threats and data breaches. Businesses are recognizing the importance of mitigating cyber risks and protecting their digital assets. Cyber insurance policies provide coverage for losses resulting from cyber attacks, data breaches, and other cyber risks. These policies offer essential risk management tools, including incident response services and cybersecurity consulting, to help businesses minimize the impact of cyber incidents. The global cyber insurance market is projected to reach USD20.4 billion by 2025, reflecting the growing demand for cyber risk protection.
To access the valuable insights - Download the Free Sample Report
Research Analysis Overview
The Cyber Insurance market is experiencing significant growth as businesses of all sizes recognize the importance of protecting themselves against the increasing number of cyberattacks. Companies like Beazley, Howden, and Microsoft are leading the way in providing Cyber Insurance solutions, utilizing innovative platforms such as Cyber ILS (Insurance Linked Securities) to spread risk and manage exposures. With the rise of remote working and IoT devices, threats like IoT malware and SonicWall Cyber Threats have become more prevalent. According to Cybersecurity Ventures, there will be 3.5 million cybersecurity job openings globally by 2021. Large enterprises are investing in IT infrastructure, information policies, and information governance to mitigate risks. Virtual Private Networks (VPNs) have become essential for secure remote working, but they also introduce new vulnerabilities. Cyber criminals are targeting cloud computing and the Internet of Things with sophisticated attacks. Symantec's Global Cyber Survey reports that 64% of organizations experienced web-based attacks in 2020. Reinsurers like Chainalysis are partnering with insurers to provide advanced threat intelligence and risk assessment services. As cyber threats continue to evolve, the Cyber Insurance market will remain a critical component of IT and business strategy.
Market Research Overview
The Cyber Insurance Market is a segment of the larger global specialized consumer services industry, encompassing the revenue generated by providers offering cybersecurity solutions. According to Technavio's market analysis, this market size is determined by the earnings of various cybersecurity service providers. Excluded from this assessment are consumer services categorized under casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services. The report focuses on specialized consumer services, including residential, home security, legal, personal, renovation and interior design, consumer auction, wedding, and funeral service providers. - The Cyber Insurance Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
