Emergen Research latest document, titled ‘Global Cybersecurity Insurance Market – Forecast to 2030,’ is one of the most sought-after market reports involving an in-depth analysis of the global Cybersecurity Insurance market. The report’s authors have offered necessary details on the latest Cybersecurity Insurance market trends and the crucial parameters impacting both short-term and long-term market growth. Its panoramic view of the Cybersecurity Insurance industry entails useful insights into the estimated Cybersecurity Insurance market size, revenue share, and sales & distribution networks. Such helpful market insights are bound to help readers outline this industry’s key outcome in the near future. Those are further intended to assist businesses involved in this sector in sound decision-making and formulating lucrative business plans. The primary addressees of this report include some of the globally renowned venture capitalists. The report offers these individuals a vivid description of the competitive spectrum of the global Cybersecurity Insurance market.
The global cybersecurity insurance market size was USD 12.10 Billion in 2022 and is expected to register a steady revenue CAGR of 22.4% during the forecast period, according to the latest analysis by Emergen Research. The cybersecurity insurance market has gained significant traction in recent years as organizations recognize the growing threat of cyberattacks and the potential financial impact they can have. Cybersecurity insurance, also known as cyber insurance or cyber risk insurance, provides coverage against losses and liabilities arising from data breaches, cyber-attacks, and other cyber incidents. It offers financial protection and risk management solutions to help organizations recover from cyber incidents and mitigate the financial and reputational damages associated with such events.
According to the U.S. Federal Bureau of Investigation (FBI), cybercrime caused financial losses of over $4.2 billion in 2020. This figure is likely to increase as cybercriminals continue to exploit vulnerabilities and develop new attack techniques. The U.S. National Institute of Standards and Technology (NIST) reports that over 50% of small businesses have experienced a cyberattack, and 60% of those businesses close within six months of the attack. These statistics highlight the need for cybersecurity insurance as a vital risk management tool for businesses of all sizes.
One of the key drivers propelling the growth of the cybersecurity insurance market is the increasing frequency and severity of cyber threats. Cyberattacks have become more sophisticated and pervasive, targeting organizations of all sizes and across various sectors. As the cost of data breaches and cyber incidents continues to rise, organizations are seeking cybersecurity insurance to transfer the financial risk associated with such incidents. The potential for significant financial losses, regulatory penalties, and reputational damage has made cybersecurity insurance an essential component of risk management strategies for businesses.
Another driver contributing to the market growth is the evolving regulatory landscape. Governments around the world are enacting stringent data protection and privacy regulations, such as the European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). These regulations impose strict requirements on organizations to protect personal and sensitive data. Non-compliance can result in substantial fines and legal liabilities. As a result, organizations are turning to cybersecurity insurance to mitigate the financial risks associated with regulatory violations and data breaches.
However, the cybersecurity insurance market faces certain challenges and restraints. One of the main challenges is the difficulty in accurately quantifying and assessing cyber risks. Unlike traditional insurance lines, such as property or liability insurance, cyber risks are dynamic and constantly evolving. Assessing an organization’s cyber risk profile requires a comprehensive understanding of its IT infrastructure, cybersecurity measures, and potential vulnerabilities. Additionally, the lack of historical data and benchmarks for cyber incidents makes it challenging for insurers to accurately underwrite cybersecurity insurance policies.
Our experienced market research team has provided updated information on the ongoing COVID-19 pandemic and its adverse economic impact in the latter segment of the report. The coronavirus outbreak has led to drastic changes in the current Cybersecurity Insurance business landscape, limiting the growth opportunities for various manufacturers and buyers for the next few years. Besides making speculations about the market’s post-COVID-19 scenario, the report discusses its existing situation. The report eventually offers conclusive data related to the Cybersecurity Insurance market growth assessed on both regional and global levels.
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Market Scope:
One of the report’s central components is the broad Cybersecurity Insurance market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders. The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period. The key players’ financial positions, along with their gross profits, sales volumes, sales revenue, manufacturing costs, and other financial ratios, have been accurately gauged in the report. Furthermore, several analytical tools like investment assessment, SWOT analysis, and Porter’s Five Forces Analysis have been implemented by our analysts’ team to evaluate the production and distribution capacities of the Cybersecurity Insurance market players.
Highlights of the TOC:
- Report Overview
1.1 Research Scope
1.2 Key Cybersecurity Insurance market segments
1.3 Major players
1.4 Market analysis by product
1.5 Market analysis by application
1.6 Report timeline - Global Growth Trends
2.1 Global Cybersecurity Insurance market size
2.2 Latest Cybersecurity Insurance market trends
2.3 Key growth trends - Competitive Landscape
3.1 Global Cybersecurity Insurance market key players
3.2 Global Cybersecurity Insurance size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Cybersecurity Insurance market
3.5 Mergers, acquisitions, joint ventures, and strategic alliances
Key geographical areas:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Players Profiled in the Report:
AXIS Capital, Sompo International, Allianz, Travelers Insurance, Arthur J. Gallagher & Co, AIG, Aon, AXA XL, Microsoft Corporation, and Check Point
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Product Type Segmentation & Application Segmentation:
- Component Outlook (Revenue, USD Billion; 2019–2032)
- Solution
- Service
- Insurance Type Outlook (Revenue, USD Billion; 2019–2032)
- Packaged
- Stand-Alone
- Insurance Coverage Outlook (Revenue, USD Billion; 2019–2032)
- Data Breach
- Cyber Liability
Key questions addressed in the report:
- What are the key factors driving the global Cybersecurity Insurance market?
- Who are the key manufacturers in this market space?
- Who are the distributors, traders and dealers of this market?
- What are the market opportunities and risks affecting the performance of the vendors in the global Cybersecurity Insurance market?
- What are the sales and revenue estimations for the top manufacturers in this market over the projected timeline?
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