Cybersecurity insurance market worth $29.2 billion by 2027
CHICAGO , June 21, 2022 /PRNewswire/ — According to a research report “Cybersecurity insurance Market by Component (Solutions & Services), Type (Standalone & Packaged), Coverage (Data Breach & Cyber Liability), Organization Size, End User (Technology & Insurance), and Region – Global Forecast to 2027″, released by MarketsandMarkets™, the Global Cybersecurity Insurance Market Size in the Post-COVID-19 Scenario is expected to grow from $11.9 billion in 2022 at $29.2 billion by 2027, at a CAGR of 19.6% over the forecast period.
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By organization size, the small and medium business segment has the highest growth rate during the forecast period
SMBs are mainly adopting cybersecurity insurance solutions and services to protect against cyberattacks and due to increasing fraud cases. Insurance company Beazley revealed that 60% of ransomware attacks target SMBs. Emsisoft, an antivirus software company, said the companies paid a ransom of $1.3 billion to cyberattackers in 2019. SMBs are more vulnerable to cyberattacks because their servers are easier to access than large networks. SMBs are expected to spend more budgets on cybersecurity insurance in the coming years due to soaring cases of cybersecurity-induced attacks and increased mandatory legislation during the pandemic.
Asia Pacific is expected to witness the highest growth rate during the forecast period
Asia Pacific countries are very concerned about increasing security spending due to the ever-growing threat landscape. The region includes emerging economies, such as China, JapanANZ and Singapore. With effective government regulations and technological advancements, cybersecurity insurance is seeing strong growth opportunities in this region. Various developments are taking place in Asia Pacific, regarding the adoption of technologies such as BI tools, cloud, analytics and rapid infrastructure development. Rising regulatory developments, with increasing fines and penalties for non-compliance, are expected to meet cybersecurity insurance market demand in Asia Pacific in the future. Zurich Insurance said the cybersecurity insurance market is expected to grow significantly in Asia Pacific. AIG, Allianz, Chubb and Zürich are among the leading players in cybersecurity insurance in Asia Pacific.
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Technology providers covered by the cybersecurity insurance market report include BitSight (US), Prevalent (US), RedSeal (US), SecurityScorecard (US), Cyber Indemnity Solutions (Australia), Cisco (US), UpGuard (US), Microsoft (US), Check Point (US), AttackIQ (US), SentinelOne (US), Broadcom (US ), Accenture (Ireland), Cylance (US), FireEye (US), CyberArk (US), CYE (Israel), SecurIT360 (US) and Founder Shield (US). Insurance vendors covered in the Cyber Security Insurance market are Allianz (Germany)AIG (USA), Aon (UK), Arthur J. Gallagher & Co (United States), Travelers Insurance (United States), AXA XL (United States), AXIS Capital (Bermuda), Beazley (UK), Chubb (Swiss), CNA Financial (USA), Fairfax Financial (Canada), Liberty Mutual (USA), Lloyd’s of London (UK), Lockton (USA), Munich Re Group (Germany) and Sompo International (Bermuda). The startup vendors covered in the cybersecurity insurance market are At-Bay (US), Cybernance (US), CyberCube (US), Coalition (US), Arceo.ai (US) United), Kovrr (Israel), Sayata Laboratories (Israel), Zeguro (US), RiskSense (US), Cyence (US), SafeBreach (US) and Cronus Cyber Technologies (Israel). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the cybersecurity insurance market.
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