Latest News- Cyber Insurance Market: Large enterprises is expected to lead the Type segment during 2025-2029

The Cyber Insurance Market is being driven by Adoption of technology

The Cyber Insurance Market is expected to grow at a CAGR of 23.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 13292.7 million. The cyber insurance market is experiencing significant growth due to the escalating threat of cybercrime. With the increasing frequency and severity of cyber-attacks, businesses and individuals are recognizing the importance of mitigating potential financial losses. The reliance on digital services and the Internet continues to expand, creating more opportunities for cybercriminals and increasing the potential financial impact of successful attacks. According to estimates, organizations face over 2000 cyberattacks daily, resulting in substantial costs. By 2024, the financial toll of cybercrime is projected to surpass USD9 trillion, a figure that is expected to continue rising. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Large enterprises
  • Small and medium-sized enterprises
• Solution
  • Standalone
  • Packaged
• Coverage Type
  • Data Breach
  • Cyber Extortion
  • Business Interruption
  • Third-Party Liability
• Industry Vertical
  • BFSI
  • Healthcare
  • Retail
  • IT and Telecom
  • Manufacturing
• Distribution Channel
  • Direct Sales
  • Brokers
  • Online Platforms
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
    • Argentina
  • Middle East and Africa
    • Egypt

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Adoption of technology
• Growing awareness among businesses and individuals
• Governments initiatives to promote cyber insurance

However, the market also witnesses some limitations, which are as follows:

• Lack of standardization
• High cost of cyber insurance
• Limited awareness of cyber insurance

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Market Scope in Cyber Insurance Market Research Report

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Research Analysis Overview

The Global cyber survey reveals a significant increase in cyber threats, particularly against Large Enterprises, due to the growing use of Internet of Things (IoT) and Cloud computing. Cyber criminals exploit data breaches through internet-based attacks, targeting IT infrastructure and information policies. Remote working and Virtual Private Networks (VPNs) also present new vulnerabilities. Cybersecurity Ventures predicts a staggering cost of USD6 trillion annually by 2021. SonicWall Cyber Threat Report identifies IoT malware as a major concern, while SonicWall Capture Labs continues to monitor and mitigate these risks. Information governance and cybersecurity policies are crucial in mitigating these risks. Cyber ILS plays a vital role in managing and mitigating cyber risks.

Market Research Overview

The cyber insurance market encompasses revenue generated by providers offering protection against cyber attacks and data breaches. According to a global cyber survey by Munich Re, key areas of concern include Internet of Things (IoT) security, Operational Technology (OT) vulnerabilities, and cloud computing risks. Cyber criminals continue to pose significant threats, necessitating the expertise of insurers and large language models. Stefan Golling, a member of Munich Re's Board of Management, emphasizes the importance of comprehensive cybersecurity strategies. Technavio's market analysis calculates the size of the cyber insurance market based on revenues from specialized providers, excluding those in casino and gaming, hotel, resorts, and cruise lines; leisure facilities; restaurants; and education services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/