Cyber Insurance Market Share, Size, Future Demand, Top Leading player

Posted by Devanshu Shrivastava on May 24th, 2021

Governments of several countries have mandated the implementation of cyber insurance policies to mitigate the increasing cyberattacks. A surge in security risks can be attributed to the rising digitalization and easy connectivity in organizations. To combat these unprecedented situations, the governments have strengthened their cybersecurity laws by imposing hefty fines for data breaches. Thus, the growing government support will accelerate the cyber insurance market at a CAGR of 26.3% during 2020–2030. The market stood at ,573.2 million in 2019 and it is expected to reach ,671.9 million by 2030.

Additionally, end users like information technology (IT) and telecom, manufacturing, retail and e-commerce, and banking, financial services, and insurance (BFSI) sectors also adopt cyber insurance policies to protect sensitive data of their organizations and customers. Among these, the BFSI industry is the largest adopter of the policies, on account of technological advancements that aim to meet evolving requirements of customers. In recent years, banks have started shifting their data to the cloud, which has escalated the chances of cyberattacks. Thus, rising cases of cyberattacks have led to high adoption of such policies. 

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Geographically, North America registered the highest adoption of cyber insurance policies in 2019, due to the existence of prominent service providers such as Lockton Incorporated, American International Group Inc., and Chubb Group Holdings Inc. Additionally, the growing focus on the legislation regarding cybersecurity and the increasing implementation of related government policies have led to the widescale adoption of cyber insurance policies in the region. Moreover, the U.S. is the larger adopter of these policies in North America.

This market research report provides a comprehensive overview of the market

• Future potential of the market through its forecast for the period 2020– 2030
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings