Growth opportunities in the Cyber Security Insurance Market look promising over the next six years. This is mainly due to the increasing use of the internet and the soaring incidences of security breaches and digital fraudulence.
Cyber Security Insurance Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Several prominent drivers responsible for the growth of the global cyber security insurance market include the accelerating penetration of the internet, augmenting the web prevalence of enterprises and reliability on technology to store private & sensitive information, and surging cases of security contraventions and digital frauds. Also, the expanding connectivity of IT along with the increasing acquisition of technologies such as Big Data, artificial intelligence (AI), Internet of Things (IoT), and cloud computing in corporations and societies will further strengthen the market size. In addition, the intensified implementation of these insurance products as a mitigating risk measure across different end-user industries, which include healthcare, utilities, banking, telecommunication, and retail, are bolstering the market growth. In accordance with the Identity Theft Resource Center (ITRC), there were 540 cases of data breaches in the first six months of 2020, and approximately 164 million people were influenced, including those who received more than one violation notice. This is forecasted to promote market growth. However, insufficient consciousness and excessive cost associated with this insurance will hamper the market growth. In addition, the inadequacies of systemized policies will restraint the cyber security insurance market size.
Organization Size Segment Drivers
Based on organization size, small and medium enterprises are expected to expand at a higher CAGR during the forecast period. This is mainly owing to the rapid digitization and increasing endorsement of solutions for safeguarding and managing the sensitive data of their organizations. Moreover, according to the World Bank Group, small and medium enterprises exhibited nearly 90% of businesses worldwide, and it is forecasted to offer 600 million jobs by 2030.
Regional Drivers
Based on regional coverage, North America is projected to dominate the market during the forecast period. This is primarily due to the prevalence of a large number of industries, including banking, retail, and healthcare, aggravating apprehension about the importance of cyber insurance, and rising harmful cyber activities in companies such as Facebook Inc., Apple Inc., and Marriott International, Inc. In addition, the existence of leading companies, including American International Group, Inc., Berkshire Hathaway, Inc., and Chubb Limited, is supplementing the market growth.
Cyber Security Insurance Market’s leading Manufacturers:
- Allianz Group
- Lockton Companies LLP
- Aon PLC
- Zurich Insurance Group Ltd.
- AXA SA
- SecurityScorecard
- Munich Re Group
- Chubb Limited
- Berkshire Hathaway, Inc.
- American International Group, Inc.
Cyber Security Insurance Market Segmentation:
Segmentation by Organization Size
- Small Medium Enterprises (SMEs)
- Large Enterprises
Segmentation by End-Use Industry
- Healthcare
- Retail
- BFSI
- IT and Telecom
- Manufacturing
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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