Cybersecurity Insurance Market by Component (Solutions (Analytics & Cybersecurity) and Services), Type (Standalone & Packaged), Coverage (Data Breach & Cybersecurity Liability), Organization Size, End User (Technology & Insurance), and Region - Global Forecast to 2025
[290 Pages Report] The global cyber insurance market size in the post-COVID-19 scenario is projected to grow from USD 7.8 billion in 2020 to USD 20.4 billion by 2025, at a CAGR of 21.2% during the forecast period.
The major factors fueling the cyber insurance market include data breaches that cost millions of dollars to businesses, surge in mandatory cybersecurity regulations and legislations, high rate of recovery of financial losses to promote growth of cyber insurance market, and Increase in the frequency and sophistication of cyber threats.
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COVID 19 IMPACT
- Amidst the COVID-19 pandemic crisis, various governments and regulatory authorities mandate both public and private organizations to embrace new practices for working remotely and maintaining social distancing. Since then, the digital ways of doing business became the new business continuity plan (BCP) for various organizations. The market is impacted due to the slowdown in hardware supply.
- The pandemic resulted in a rapid transition to ‘work from home’ setups, which made the work environments more vulnerable to sophisticated cyber attacks.
- With the widespread use of BYOD device, WFH trend, and internet penetration across the corners of the globe, individuals are progressively inclined towards the use of digital technologies, driving the need for cyber insurance measures for protection against the aftermath of cyber-attacks.
- Cyber insurance solutions enable organizations to ensure business continuity and maintain their security postures from the threat of cybercrimes and malicious threat actors.
MARKET DYNAMICS
Driver: Surge in mandatory cybersecurity regulations and legislations to boost demand for insurance protection
The government regulatory bodies and law enforcement agencies worldwide have taken numerous initiatives to enhance data security and protection. The advent of COVID-19 has led to a rise in need for a cyber insurance policy by policyholders, brokers, insurers, and agents. For example, in February 2020, the Californian assembly introduced a bill to make cyber insurance mandatory to process regulated and protected personal information for all state contractors. The rise in data privacy laws, such as the Personally Identifiable Information (PII) and the Health Insurance Portability and Accountability Act (HIPAA), in the US; the global standard, Payment Card Industry-Data Security Standard (PCI-DSS); and the European Union’s (EU) General Data Protection Regulation (GDPR) are persuading insurance providers to focus on cyber insurance measures.
Restraint: Lack of awareness related to cyber insurance and reluctance in choosing cyber insurance over cybersecurity solutions
The awareness about security risks and potential losses due to threats has induced governments and organizations to increase the expenditure on cybersecurity. Enterprises worldwide are heavily investing in security solutions, and little heed is paid toward cyber insurance. Given the alarming rise in cyberattacks and crimes, enterprises should necessarily invest in cyber insurance as a measure to combat risks and financial losses. According to Cyber Risk Management Response and Recovery handbook by Marsh & McLennan’s, the annual cybercrime costs are projected at USD 1.5 trillion with only 15% of that financial loss being covered by insurance companies. Security training and awareness has become a vital need during the COVID-19 pandemic. With more than 70% of the workforce working remotely, it has become a top priority of businesses to train and educate their workforce about the importance of cyber insurance. According to a survey conducted by Greyhound Knowledge Group, only 12% of enterprises had clarity about cyber risk insurance while others confused cyber insurance with Errors and Omissions (E&O) insurance. In developing countries, such as India, the concept of cyber insurance is relatively new. Enterprises worldwide do not have cyber insurance in the first place as they feel their cybersecurity is well controlled and they have not yet realized the financial damage after the security incident could be worse than the initial cyber insurance investment. Hence, the lack of awareness related to employing cyber insurance to prevent hefty financial losses could be a hindrance to the cyber insurance market growth.
Opportunity: Exclusion of cyber insurance cover from Property and Casualty (P&C) insurance
With the rise in social media usage and IoT, the risks of cyberattacks are growing massively. In the past, casualty policies only insured against third-party damage to only tangible computer property. However, with the proliferation of digital devices and advancements in new technologies, casualty insurers have realized that the rise of cyber exposures has also soared. The regulatory pressure from the EU GDPR and the Prudential Regulatory Authority (PRA) are also persuading insurers to manage cyber risks with a dedicated cyber insurance policy. In 2019, the PRA set out plans to take action on ‘silent cyber’ or non-affirmative cyber risks. In July 2019, Lloyd’s of London released a bulletin wherein all insurers and reinsurers must clearly state whether an exclusive cyber coverage would be provided to cover cyber-related losses. High profile and devastating cyberattacks, such as the NotPetya virus, which infected more than 2,000 companies in 65 countries reporting millions of losses, is a wakeup call for explicitly mentioning cyber coverage. Insurers and regulators are concentrating on developing standalone cyber insurance policies for better clarity and eliminating the ‘silent cyber’ claims. Hence, insurers are looking forward to adopting the usage of exclusive cyber insurance policies to prevent unintended exposure from unclear cyber cover.
Challenge: Cyber insurers grapple to gain traction despite soaring cybersecurity risks
Despite the rise in the number of security incidents, insurance companies are struggling to sell standalone cyber insurance policies. Mid-sized enterprises, with the rise in ransomware and security incidents, are slow when it comes to adopting standalone cyber insurance policies. As per the 2018 Allianz Risk Barometer report, cyber risks is the major concern for risk managers of both SMEs and large enterprises in the US. In 2018, the net written premiums in the US, including standalone policies and standard commercial policies totaled only USD 1.94 billion. As per Global Cyber Risk Perception Survey 2019, conducted in partnership with Microsoft, revealed that 43% of enterprises with annual revenues below USD 1 billion did not have a standalone cyber insurance policy. According to Cyber Readiness Report by Hiscox, a global specialist insurer, only a mere 30% of businesses are planning to adopt cyber insurance in 2020. Cisco’s 2018 annual cybersecurity report revealed that 53% of attacks resulted in financial damages of more than USD 500,000. High costs, fewer coverage limits, complex coverage terms, and lack of awareness related to cyber insurance policies are some of the factors that are inhibiting the growth of the cyber insurance market.
By Insurance type, the standalone segment is expected to have the largest market share during the forecast period
With the need for dedicated cyber insurance policies and to avoid cases of ‘silent cyber,’ standalone cyber insurance policies have gained momentum in the market. Standalone cyber policies are expected to outpace packaged cyber insurance policies. Organizations’ growing concerns about cyber risks and their sole motive to purchase strategies only for cyber risk protection are driving the market growth for standalone cyber policies. Standalone policies continue to grow with insurance providers, such as AIG, Lloyd, and Allianz, embracing affirmative cyber. These policies handle more complex cyber risks than packaged cyber insurance. AIG offers its clients both cyber insurance package policy with traditional property and casualty policies and standalone CyberEdge policy. The CyberEdge policy provides a comprehensive scale of security protection to its policyholders than the packaged endorsement. AXA XL, AIG, Travelers Insurance, Beazley, Zurich, Fairfax, Tokio Marine, Liberty Mutual, and CNA are among the key players that offer standalone cyber insurance solutions.
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North America to hold the largest market size during the forecast period
North American has sustainable and well-established economies, which empower it to invest significantly in Research and Development (R&D) activities, thereby contributing to the development of new technologies in the cyber insurance market. The presence of majority of key players in the cyber insurance market is expected to be the major factor driving the growth of the market in this region. Key players, such as BitsSight Technologies, Prevalent, RedSeal, SecurityScorecard, Cisco, Microsoft, UpGuard, FireEye, among others along with several start-ups such as At-Bay, Cybernance, Coalition, Arceo.ai, Zeguro, etc. in the region offer immense opportunity for the growth of cyber insurance solutions and services.
Asia Pacific to grow at the highest CAGR during the forecast period
APAC countries are highly concerned about the increase in security spending due to the ever-growing threat landscape. The region comprises emerging economies, such China, Japan, ANZ, and Singapore. With effective government regulations and technological advancements, cyber insurance is witnessing high growth opportunities in this region. Various developments are taking place in APAC, concerning the adoption of technologies, such as BI tools, cloud, analytics, and rapid infrastructure development. A survey conducted by Palo Alto Networks, among 500 respondents from various industries related to large enterprises across five countries in APAC (Australia, China, Hong Kong, India, and Singapore), revealed that insecure interfaces and Application Programming Interfaces (APIs), data breaches, and data losses are the top cybersecurity risks in the region. The rapid growth in connectivity and the accelerating pace of digital transformation is making the region particularly vulnerable to cyber exploitation. As per Marsh and McLennan’s report, Japan and South Korea are technology pioneers in IoT and machine-to-machine technology. Asia is 80% more prone to be attacked by hackers than other parts of the world. According to the Chubb Asia Pacific SME Cyber Preparedness Report 2019, SMEs across Hong Kong, Australia, Malaysia, and Singapore are under-prepared to manage cyber risks with 40% of them not having cyber insurance policies. The increase in regulatory developments, with surge in fines and penalties from non-compliance, is expected to uptake the demand for the cyber insurance market in APAC in the future. Zurich Insurance stated that the cyber insurance market is set to grow significantly in APAC. AIG, Allianz, Chubb, and Zurich are among the prominent players for cyber insurance in APAC.
Key Market Players
Major vendors in the global Industrial Control Security market include The technology vendors covered in the cyber 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), Kenna Security (US), Cylance (US), FireEye (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). The insurance vendors covered in the cyber insurance market are Allianz (Germany), AIG (US), Aon (UK), Arthur J. Gallagher & Co (US), Travelers Insurance (US), AXA XL (US), AXIS Capital (Bermuda), Beazley (UK), Chubb (Switzerland), CNA Financial (US), Fairfax Financial (Canada), Liberty Mutual (US), Lloyd’s of London (UK), Lockton (US), Munich Re Group (Germany), and Sompo International (Bermuda). The startup vendors covered in the cyber insurance market are At-Bay (US), Cybernance (US), CyberCube (US), Coalition (US), Arceo.ai (US), Kovrr (Israel), Sayata Labs (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 cyber insurance market.
Founded in 2011, BitSight is an information security company that manages third-party risks, underwrite cyber insurance policies, assess aggregate risks, and conducts Merger and Acquisitions (M&A) due diligence. BitSight provides cyber insurance carriers, brokers, insurers, and risk managers with solutions to identify risks associated with underwriting cyber liability and monitor security vulnerabilities. BitSight’s Security Ratings is used by over 1,000 users and organizations worldwide, including top cyber insurers and investment banks, and 20% of Fortune 500 companies. The BitSight Security Ratings for cyber insurance helps brokers, risk managers, reinsurers, and cyber insurance carriers to manage their security posture. The solutions provide insurers with a comprehensive report to measure 12 months of historical data and comparisons with industry benchmarks. The BitSight Security Ratings helps tackle cyber insurance underwriting issues, improve underwriting effectiveness, proactively address security events on the insured’s network, provide valuable insights to insureds, and identify and mitigate cyber liability risks.
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Report Metric |
Details |
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Market size available for years |
2014-2025 |
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Base year considered |
2019 |
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Forecast period |
2020–2025 |
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Forecast units |
Value (USD) |
|
Segments covered |
Component, Insurance coverage, Insurance type, Organization size, End user, and Region |
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Geographies covered |
North America, Europe, APAC, MEA, and Latin America |
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Companies covered |
Technology Vendors - 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), Kenna Security (US), Cylance (US), FireEye (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). |
This research report categorizes the cybersecurity insurance market to forecast revenues and analyze trends in each of the following submarkets:
Based on component:
- Solution
- Cybersecurity insurance analytics platform
- Disaster recovery and business continuity
- Cybersecurity solution
- Cybersecurity risk and vulnerability assessment
- Cybersecurity resilience
- Service
- Consulting/ Advisory
- Security awareness training
- Others (infrastructure services, implementation, and support and maintenance)
Based on insurance coverage:
- Data breach
- Data loss
- Denial of service and down-time
- Ransomware attacks
- Others (third party data, business disruption, and social engineering)
- Cybersecurity liability
- Type
- Data protection and privacy costs
- Non-compliance penalty
- Brand and related intellectual property protection
- Others (human error, systems failure, controls framework, Inadequate IT security measures, and non-security related IT)
- Source/ Target
- Internal
- External
- Type
Based on the insurance type:
- Packaged
- Stand-alone
Based on the organization size:
- Large Enterprises
- SMEs
Based on the end user:
- Technology provider
- Insurance companies
- Third-party administrators, brokers, and consultancies
- Government agencies
- Insurance provider
- Financial services
- IT and ITES
- Healthcare and life science
- Retail and ecommerce
- Telecom
- Travel, tourism, and hospitality
- Others (Education, Manufacturing, Energy and Utilities, and Government)
Based on the region:
- North America
- United States (US)
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- APAC
- Australia and New Zealand
- China
- Japan
- Singapore
- Rest of APAC
- MEA
- Middle East
- Africa
- Latin America
- Brazil
- Mexico
- Rest of Latin America
Recent Developments
- In March 2020, BitSight partnered with Duck Creek Technologies, a provider of comprehensive P&C insurance software and services for insurers. This partnership enabled the integration of BitSight Rating Assessment and Duck Creek Cyber Liability product and helped insurers underwrite cyber insurance coverage and model cyber risks with industry-leading security ratings.
- In February 2020, BitSight partnered with OneTrust Vendorpedia, a third-party risk assessment platform. The joint partnership would enable customers to manage security, privacy, and third-party risks. The two platforms, when used together, aid the third-party risk management teams with rich monitoring capabilities and identify vendor risks.
Frequently Asked Questions (FAQ):
What is the definition of cyber insurance?
According to Cisco, McAfee, Cyber Insure One; Cyber insurance can be defined as an insurance policy designed to protect the business and individuals from cybercrimes and cyber threats. The insured business can compensate for the losses occurred due to a cyber incident and demand compensation from affected parties.
There are two aspects of cyber insurance.
Technology provider: The technology provider assists the insurance companies in building the cyber insurance product. They offer cyber risk and resiliency assessment of the enterprises/business who aim to procure the cyber insurance coverage for their data and assets
Insurance provider: The cyber insurance provider underwrites the actual cyber insurance policy for the enterprise/business based on the security risk assessment of the technology provider.
What are the top trends that are impacting Cyber insurance market?
Trends that are impacting Cyber insurance market include:
- Surge in mandatory cybersecurity regulations and legislations to boost demand for insurance protection
- High rate of recovery of financial losses to promote growth of cyber insurance market
- Increase in the frequency and sophistication of cyber threats
- Lack of awareness related to cyber insurance and reluctance in choosing cyber insurance over cybersecurity solutions
- Soaring cyber insurance costs
- Exclusion of cyber insurance cover from Property and Casualty (P&C) insurance
- Adoption of artificial intelligence and blockchain technology for risk analytics
- Cyber insurers grapple to gain traction despite soaring cybersecurity risks
- Lack of understanding, technical knowledge, and absence of historical cyber data for effective underwriting
Who are the prominent players in the Cyber insurance market?
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), Kenna Security (US), Cylance (US), FireEye (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). The insurance vendors covered in the cyber insurance market are Allianz (Germany), AIG (US), Aon (UK), Arthur J. Gallagher & Co (US), Travelers Insurance (US), AXA XL (US), AXIS Capital (Bermuda), Beazley (UK), Chubb (Switzerland), CNA Financial (US), Fairfax Financial (Canada), Liberty Mutual (US), Lloyd’s of London (UK), Lockton (US), Munich Re Group (Germany), and Sompo International (Bermuda). The startup vendors covered in the cyber insurance market are At-Bay (US), Cybernance (US), CyberCube (US), Coalition (US), Arceo.ai (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), RiskSense (US), Cyence (US), SafeBreach (US), and Cronus Cyber Technologies (Israel).
What are the major types of Cyber insurance?
The major types of Cyber insurance are as follows:
- Packaged
- Standalone
What is the Cyber insurance market size?
The global cyber insurance market size in the post-COVID-19 scenario is projected to grow from USD 7.8 billion in 2020 to USD 20.4 billion by 2025, at a CAGR of 21.2% during the forecast period. .
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TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 38)
1.1 INTRODUCTION TO COVID-19
1.2 COVID-19 HEALTH ASSESSMENT
FIGURE 1 COVID-19: GLOBAL PROPAGATION
FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES
1.3 COVID-19 ECONOMIC ASSESSMENT
FIGURE 3 REVISED GROSS DOMESTIC PRODUCT FORECASTS FOR SELECT G20 COUNTRIES IN 2020
1.3.1 COVID-19 ECONOMIC IMPACT—SCENARIO ASSESSMENT
FIGURE 4 FACTORS IMPACTING GLOBAL ECONOMY
FIGURE 5 SCENARIOS IN TERMS OF RECOVERY OF GLOBAL ECONOMY
1.4 OBJECTIVES OF THE STUDY
1.5 MARKET DEFINITION
1.5.1 INCLUSIONS AND EXCLUSIONS
1.6 MARKET SCOPE
1.6.1 MARKET SEGMENTATION
1.6.2 REGIONS COVERED
1.6.3 YEARS CONSIDERED FOR THE STUDY
1.7 CURRENCY CONSIDERED
TABLE 1 UNITED STATES DOLLAR EXCHANGE RATE, 2018–2020
1.8 STAKEHOLDERS
2 RESEARCH METHODOLOGY (Page No. - 49)
2.1 RESEARCH DATA
FIGURE 6 CYBER INSURANCE MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.2 PRIMARY DATA
2.1.2.1 Breakup of primary profiles
2.1.2.2 Key industry insights
2.2 MARKET BREAKUP AND DATA TRIANGULATION
2.3 MARKET SIZE ESTIMATION
FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY—APPROACH 1 (SUPPLY SIDE): REVENUE FROM SOLUTIONS/SERVICES AND INSURANCE OF CYBER INSURANCE VENDORS
FIGURE 8 MARKET SIZE ESTIMATION METHODOLOGY—APPROACH 2, BOTTOM-UP (SUPPLY SIDE): COLLECTIVE REVENUE FROM ALL SOLUTIONS, SERVICES, AND INSURANCE POLICY OF CYBER INSURANCE VENDORS
FIGURE 9 MARKET SIZE ESTIMATION METHODOLOGY—APPROACH 3, TOP DOWN (DEMAND SIDE): SHARE OF CYBER INSURANCE IN OVERALL INFORMATION TECHNOLOGY MARKET
2.4 IMPLICATION OF COVID-19 ON CYBER INSURANCE MARKET
FIGURE 10 MARKET SIZE ESTIMATION METHODOLOGY: COVID-19 CYBER INSURANCE MARKET
2.4.1 IMPACT OF COVID-19 PANDEMIC
2.5 MARKET FORECAST
TABLE 2 FACTOR ANALYSIS
2.6 COMPETITIVE EVALUATION MATRIX METHODOLOGY
FIGURE 11 COMPETITIVE EVALUATION MATRIX: CRITERIA WEIGHTAGE
2.7 STARTUP/SME EVALUATION MATRIX METHODOLOGY
FIGURE 12 STARTUP/SME EVALUATION MATRIX: CRITERIA WEIGHTAGE
2.8 ASSUMPTIONS FOR THE STUDY
2.9 LIMITATIONS OF THE STUDY
3 EXECUTIVE SUMMARY (Page No. - 64)
FIGURE 13 NUMBER OF CYBER ATTACK EVENTS, 2018 VS 2019 VS 2020
FIGURE 14 TYPE OF DATA LOST DURING DATA BREACH
3.1 CYBER INSURANCE COVERAGE
FIGURE 15 DISTRIBUTION OF CYBERATTACK EVENTS, Q1 2020
3.2 CYBER INSURANCE CLAIMS
FIGURE 16 CAUSE OF FOR CYBER LOSSES COVERED BY CYBER INSURANCE
FIGURE 17 GLOBAL CYBER INSURANCE MARKET TO WITNESS HIGH GROWTH DURING FORECAST PERIOD
FIGURE 18 MARKET TO WITNESS MODERATE GROWTH DURING COVID-19 PERIOD
FIGURE 19 SEGMENTS WITH HIGH GROWTH RATES DURING FORECAST PERIOD
FIGURE 20 MARKET: REGIONAL SNAPSHOT
FIGURE 21 GEOGRAPHIC DISTRIBUTION OF MARKET
4 PREMIUM INSIGHTS (Page No. - 72)
4.1 ATTRACTIVE OPPORTUNITIES IN CYBER INSURANCE MARKET
FIGURE 22 INCREASING CYBER AND RANSOMWARE ATTACKS TO DRIVE MARKET GROWTH
4.2 MARKET, BY COMPONENT, 2020 VS. 2025
FIGURE 23 SOLUTIONS SEGMENT TO HOLD LARGER MARKET SHARE DURING FORECAST PERIOD
4.3 MARKET, BY SOLUTION, 2020 VS. 2025
FIGURE 24 CYBER INSURANCE ANALYTICS PLATFORMS SEGMENT TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD
4.4 MARKET, BY SERVICE, 2020 VS. 2025
FIGURE 25 SECURITY AWARENESS TRAINING SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE DURING FORECAST PERIOD
4.5 MARKET, BY INSURANCE COVERAGE, 2020 VS. 2025
FIGURE 26 CYBER LIABILITY SEGMENT TO LEAD MARKET IN 2020
4.6 CYBER INSURANCE MARKET, BY INSURANCE TYPE, 2020 VS. 2025
FIGURE 27 STANDALONE SEGMENT TO LEAD MARKET IN 2020
4.7 MARKET, BY ORGANIZATION SIZE, 2020 VS. 2025
FIGURE 28 LARGE ENTERPRISES SEGMENT TO LEAD MARKET IN 2020
4.8 MARKET, BY END USER, 2020 VS. 2025
FIGURE 29 INSURANCE PROVIDER SEGMENT TO LEAD MARKET DURING FORECAST PERIOD
4.9 MARKET, BY TECHNOLOGY PROVIDER, 2020–2025
FIGURE 30 INSURANCE COMPANIES SEGMENT TO HOLD LARGEST SHARE DURING FORECAST PERIOD
4.1 MARKET, BY INSURANCE PROVIDER, 2020–2025
FIGURE 31 HEALTHCARE AND LIFE SCIENCES SEGMENT TO HOLD LARGEST SHARE IN 2020
4.11 MARKET INVESTMENT SCENARIO
FIGURE 32 ASIA PACIFIC TO EMERGE AS BEST MARKET FOR INVESTMENTS DURING FORECAST PERIOD
5 MARKET OVERVIEW (Page No. - 78)
5.1 MARKET DYNAMICS
FIGURE 33 CYBER INSURANCE MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.1.1 DRIVERS
5.1.1.1 Surge in mandatory cybersecurity regulations and legislations to boost demand for insurance protection
5.1.1.2 High rate of recovery of financial losses to promote growth of market
FIGURE 34 CYBER INSURANCE RECOVERY OF FUND AFTER CYBER INCIDENT, 2018
5.1.1.3 Increase in the frequency and sophistication of cyber threats
FIGURE 35 CYBER ATTACKS CAUSING MORE THAN USD ONE MILLION LOSSES, 2018
5.1.2 RESTRAINTS
5.1.2.1 Lack of awareness related to cyber insurance and reluctance in choosing cyber insurance over cybersecurity solutions
5.1.2.2 Soaring cyber insurance costs
TABLE 3 DIRECT WRITTEN PREMIUMS YOY GROWTH OF STANDALONE AND PACKAGE CYBER INSURANCE UNDERWRITERS
5.1.3 OPPORTUNITIES
5.1.3.1 Exclusion of cyber insurance cover from Property and Casualty (P&C) insurance
5.1.3.2 Adoption of artificial intelligence and blockchain technology for risk analytics
5.1.4 CHALLENGES
5.1.4.1 Cyber insurers grapple to gain traction despite soaring cybersecurity risks
5.1.4.2 Data privacy concerns
5.1.4.3 Lack of understanding, technical knowledge, and absence of historical cyber data for effective underwriting
5.2 COVID-19-DRIVEN MARKET DYNAMICS
5.2.1 DRIVERS AND OPPORTUNITIES
5.2.2 RESTRAINTS AND CHALLENGES
5.2.3 CUMULATIVE GROWTH ANALYSIS
TABLE 4 COVID-19 IMPACT: CYBER INSURANCE MARKET, USD BILLION
5.3 INDUSTRY TRENDS
5.4 VALUE CHAIN ANALYSIS
FIGURE 36 VALUE CHAIN ANALYSIS: MARKET
5.5 ECOSYSTEM
FIGURE 37 MARKET: ECOSYSTEM
5.6 AVERAGE SELLING PRICE TREND
5.6.1 CYBER INSURANCE AVERAGE SELLING PRICE FOR SMALL AND MEDIUM-SIZED ENTERPRISES
FIGURE 38 CYBER INSURANCE AVERAGE SELLING PRICE TREND IN SMALL AND MEDIUM-SIZED ENTERPRISES
FIGURE 39 CYBER INSURANCE AVERAGE SELLING PRICE, BY EMPLOYEE SIZE
5.6.2 CYBER INSURANCE PREMIUMS TREND
TABLE 5 CYBER INSURANCE PREMIUMS TREND
5.7 TECHNOLOGY ANALYSIS
5.7.1 ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING
5.7.2 BIG DATA ANALYTICS
5.7.3 INTERNET OF THINGS SECURITY
5.7.4 BLOCKCHAIN
5.7.5 CLOUD
5.8 CYBERSECURITY REGULATORY IMPLICATIONS
5.8.1 GENERAL DATA PROTECTION REGULATION
5.8.2 PAYMENT CARD INDUSTRY-DATA SECURITY STANDARD
5.8.3 HEALTH INSURANCE PORTABILITY AND ACCOUNTABILITY ACT
5.8.4 FEDERAL INFORMATION SECURITY MANAGEMENT ACT
5.8.5 GRAMM-LEACH-BLILEY ACT
5.8.6 SARBANES-OXLEY ACT
5.8.7 INTERNATIONAL ORGANIZATION FOR STANDARDIZATION 27001
5.9 USE CASES
5.9.1 EUROPEAN FINANCIAL SERVICE PROVIDER LEVERAGED BITSIGHT FOR SECURITY PERFORMANCE MANAGEMENT
5.9.2 COUNTRY MUTUAL INSURANCE COMPANY LEVERAGED CYBERARK’S PRIVILEGED SECURITY ACCESS PLATFORM
5.9.3 A GLOBAL 500 INSURANCE COMPANY CHOSE PREVALENT’S THIRD-PARTY RISK MANAGEMENT SOLUTION
5.9.4 AON SECURED FINANCIAL INSTITUTION’S FUNDS AND DATA FROM THIRD-PARTY CYBER RISKS
5.9.5 CHUBB’S CYBER INSURANCE COVER ASSISTED A SMALL AND MEDIUM-SIZED ENTERPRISE IN RECOVERING THEIR FINANCIAL LOSSES
5.10 PATENT ANALYSIS
FIGURE 40 COUNTRY-SPECIFIC TECHNOLOGY PATENTS, 2019
FIGURE 41 TECHNOLOGY PATENTS, BY COUNTRY, 2018 VS. 2019
FIGURE 42 TECHNOLOGY PATENTS, BY TOP APPLICANT, 2019
5.10.1 INSURANCE PATENTS
FIGURE 43 INSURANCE PATENTS, BY TOP APPLICANT, IN UNITED STATES
TABLE 6 CYBER INSURANCE PATENTS
5.11 ADJACENT MARKETS
6 CYBER INSURANCE MARKET, BY COMPONENT (Page No. - 100)
6.1 INTRODUCTION
FIGURE 44 SERVICES SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
TABLE 7 COMPONENTS: MARKET SIZE, 2018–2025 (USD MILLION)
TABLE 8 COMPONENTS: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
6.2 SOLUTIONS
6.2.1 SOLUTIONS: MARKET DRIVERS
FIGURE 45 CYBER INSURANCE ANALYTICS PLATFORMS SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 9 MARKET SIZE, BY SOLUTION, 2018–2025 (USD MILLION)
TABLE 10 SOLUTIONS: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
6.2.2 CYBER INSURANCE ANALYTICS PLATFORMS
TABLE 11 CYBER INSURANCE ANALYTICS PLATFORMS: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
6.2.3 DISASTER RECOVERY AND BUSINESS CONTINUITY
TABLE 12 DISASTER RECOVERY AND BUSINESS CONTINUITY: CYBER INSURANCE MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
6.2.4 CYBERSECURITY SOLUTIONS
6.2.4.1 CYBER RISK AND VULNERABILITY ASSESSMENT
6.2.4.2 CYBERSECURITY RESILIENCE
TABLE 13 CYBERSECURITY SOLUTIONS: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
6.3 SERVICES
6.3.1 SERVICES: MARKET DRIVERS
FIGURE 46 SECURITY AWARENESS TRAINING SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 14 SERVICES: MARKET SIZE, 2018–2025 (USD MILLION)
TABLE 15 SERVICES: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
6.3.2 CONSULTING/ADVISORY
TABLE 16 CONSULTING/ADVISORY: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
6.3.3 SECURITY AWARENESS TRAINING
TABLE 17 SECURITY AWARENESS TRAINING: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
6.3.4 OTHER SERVICES
TABLE 18 OTHER SERVICES: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
7 CYBER INSURANCE MARKET, BY INSURANCE COVERAGE (Page No. - 110)
7.1 INTRODUCTION
FIGURE 47 CYBER LIABILITY SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
TABLE 19 INSURANCE COVERAGE: MARKET SIZE, 2018–2025 (USD MILLION)
TABLE 20 INSURANCE COVERAGE: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
7.2 DATA BREACH
7.2.1 DATA BREACH: MARKET DRIVERS
TABLE 21 DATA BREACH: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
7.2.2 DATA LOSS
7.2.3 DENIAL OF SERVICE AND DOWNTIME
7.2.4 RANSOMWARE ATTACKS
7.2.5 OTHER PROVIDERS
7.3 CYBER LIABILITY
7.3.1 CYBER LIABILITY: CYBER INSURANCE MARKET DRIVERS
TABLE 22 CYBER LIABILITY: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
7.3.2 TYPE
7.3.2.1 DATA PROTECTION AND PRIVACY COSTS
7.3.2.2 NON-COMPLIANCE PENALTY
7.3.2.3 BRAND AND RELATED INTELLECTUAL PROPERTY PROTECTION
7.3.2.4 OTHER CYBER LIABILITY TYPE
7.3.3 SOURCE/TARGET
7.3.3.1 INTERNAL
7.3.3.2 EXTERNAL
8 CYBER INSURANCE MARKET, BY INSURANCE TYPE (Page No. - 117)
8.1 INTRODUCTION
FIGURE 48 STANDALONE SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
TABLE 23 MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 24 INSURANCE TYPE: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
8.2 PACKAGED
8.2.1 PACKAGED: MARKET DRIVERS
TABLE 25 PACKAGED: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
8.3 STANDALONE
8.3.1 STANDALONE: MARKET DRIVERS
TABLE 26 STANDALONE: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
9 CYBER INSURANCE MARKET, BY ORGANIZATION SIZE (Page No. - 122)
9.1 INTRODUCTION
FIGURE 49 SMALL AND MEDIUM-SIZED ENTERPRISES TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
TABLE 27 MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
TABLE 28 ORGANIZATION SIZE: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
9.2 LARGE ENTERPRISES
9.2.1 LARGE ENTERPRISES: MARKET DRIVERS
TABLE 29 LARGE ENTERPRISES: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
9.3 SMALL AND MEDIUM-SIZED ENTERPRISES
9.3.1 SMALL AND MEDIUM-SIZED ENTERPRISES: MARKET DRIVERS
TABLE 30 SMALL AND MEDIUM-SIZED ENTERPRISES: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
10 CYBER INSURANCE MARKET, BY END USER (Page No. - 127)
10.1 INTRODUCTION
FIGURE 50 INSURANCE PROVIDER SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
TABLE 31 MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 32 END USERS: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
10.2 TECHNOLOGY PROVIDERS
10.2.1 TECHNOLOGY PROVIDERS: MARKET DRIVERS
FIGURE 51 GOVERNMENT AGENCIES SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 33 TECHNOLOGY PROVIDERS: MARKET SIZE, 2018–2025 (USD MILLION)
TABLE 34 TECHNOLOGY PROVIDERS: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
10.2.2 INSURANCE COMPANIES
TABLE 35 INSURANCE COMPANIES: CYBER INSURANCE MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
10.2.3 THIRD-PARTY ADMINISTRATORS, BROKERS, AND CONSULTANCIES
TABLE 36 THIRD-PARTY ADMINISTRATORS, BROKERS, AND CONSULTANCIES: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
10.2.4 GOVERNMENT AGENCIES
TABLE 37 GOVERNMENT AGENCIES: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
10.3 INSURANCE PROVIDERS
10.3.1 INSURANCE PROVIDERS: MARKET DRIVERS
FIGURE 52 HEALTHCARE AND LIFE SCIENCES SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 38 MARKET SIZE, BY INSURANCE PROVIDER, 2018–2025 (USD MILLION)
TABLE 39 INSURANCE PROVIDERS: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
10.3.2 FINANCIAL SERVICES
TABLE 40 FINANCIAL SERVICES: CYBER INSURANCE MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
10.3.3 IT AND ITES
TABLE 41 IT AND ITES: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
10.3.4 HEALTHCARE AND LIFE SCIENCES
TABLE 42 HEALTHCARE AND LIFE SCIENCES: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
10.3.5 RETAIL AND ECOMMERCE
TABLE 43 RETAIL AND ECOMMERCE: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
10.3.6 TELECOM
TABLE 44 TELECOM: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
10.3.7 TRAVEL, TOURISM, AND HOSPITALITY
TABLE 45 TRAVEL, TOURISM, AND HOSPITALITY: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
10.3.8 OTHER INSURANCE PROVIDERS
TABLE 46 OTHER INSURANCE PROVIDERS: MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
11 CYBER INSURANCE MARKET, BY REGION (Page No. - 140)
11.1 INTRODUCTION
FIGURE 53 ASIA PACIFIC TO ACCOUNT FOR HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 54 SINGAPORE TO ACCOUNT FOR HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 55 NORTH AMERICA TO HAVE LARGEST MARKET SIZE DURING FORECAST PERIOD
FIGURE 56 ASIA PACIFIC: HOTSPOT FOR INVESTMENTS DURING FORECAST PERIOD
TABLE 47 MARKET SIZE, BY REGION, 2018–2025 (USD MILLION)
11.2 NORTH AMERICA
11.2.1 NORTH AMERICA: MARKET DRIVERS
11.2.2 CYBERSECURITY SPENDING: BY NORTH AMERICA, 2019 (USD BILLION)
TABLE 48 NORTH AMERICA, CYBERSECURITY SPENDING, 2019 (USD BILLION)
11.2.3 NORTH AMERICA: REGULATORY LANDSCAPE
TABLE 49 NORTH AMERICA: COUNTRY-WISE REGULATION BODIES
FIGURE 57 NORTH AMERICA: MARKET SNAPSHOT
FIGURE 58 INSURANCE PROVIDER SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD IN NORTH AMERICA
TABLE 50 NORTH AMERICA: CYBER INSURANCE MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 51 NORTH AMERICA: MARKET SIZE, BY SOLUTIONS, 2018–2025 (USD MILLION)
TABLE 52 NORTH AMERICA: MARKET SIZE, BY SERVICES, 2018–2025 (USD MILLION)
TABLE 53 NORTH AMERICA: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 54 NORTH AMERICA: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 55 NORTH AMERICA: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
TABLE 56 NORTH AMERICA: MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 57 NORTH AMERICA: MARKET SIZE, BY TECHNOLOGY PROVIDER, 2018–2025 (USD MILLION)
TABLE 58 NORTH AMERICA: MARKET SIZE, BY INSURANCE PROVIDER, 2018–2025 (USD MILLION)
FIGURE 59 NORTH AMERICA: COUNTRY-WISE ANALYSIS
TABLE 59 NORTH AMERICA: MARKET SIZE, BY COUNTRY, 2018–2025 (USD MILLION)
11.2.4 UNITED STATES
TABLE 60 UNITED STATES: CYBER INSURANCE MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 61 UNITED STATES: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 62 UNITED STATES: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 63 UNITED STATES: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
TABLE 64 UNITED STATES: MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
11.2.5 CANADA
TABLE 65 CANADA: CYBER INSURANCE MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 66 CANADA: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 67 CANADA: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 68 CANADA: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
TABLE 69 CANADA: MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
11.3 EUROPE
11.3.1 EUROPE: CYBER INSURANCE MARKET DRIVERS
11.3.2 CYBERSECURITY SPENDING: BY EUROPE, 2019 (USD BILLION)
TABLE 70 EUROPE, CYBERSECURITY SPENDING, 2019 (USD BILLION)
11.3.3 EUROPE: REGULATORY LANDSCAPE
TABLE 71 EUROPE: COUNTRY-WISE REGULATION BODIES
FIGURE 60 INSURANCE PROVIDER SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD IN EUROPE
TABLE 72 EUROPE: CYBER INSURANCE MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 73 EUROPE: MARKET SIZE, BY SOLUTIONS, 2018–2025 (USD MILLION)
TABLE 74 EUROPE: MARKET SIZE, BY SERVICES, 2018–2025 (USD MILLION)
TABLE 75 EUROPE: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 76 EUROPE: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 77 EUROPE: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
TABLE 78 EUROPE: MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 79 EUROPE: MARKET SIZE, BY TECHNOLOGY PROVIDER, 2018–2025 (USD MILLION)
TABLE 80 EUROPE: MARKET SIZE, BY INSURANCE PROVIDER, 2018–2025 (USD MILLION)
FIGURE 61 EUROPE: COUNTRY-WISE ANALYSIS
TABLE 81 EUROPE: MARKET SIZE, BY COUNTRY, 2018–2025 (USD MILLION)
11.3.4 UNITED KINGDOM
TABLE 82 UNITED KINGDOM: CYBER INSURANCE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 83 UNITED KINGDOM: MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 84 UNITED KINGDOM: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 85 UNITED KINGDOM: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 86 UNITED KINGDOM: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
11.3.5 GERMANY
TABLE 87 GERMANY: CYBER INSURANCE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 88 GERMANY: MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 89 GERMANY: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 90 GERMANY: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 91 GERMANY: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
11.3.6 FRANCE
TABLE 92 FRANCE: CYBER INSURANCE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 93 FRANCE: MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 94 FRANCE: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 95 FRANCE: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 96 FRANCE: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
11.3.7 REST OF EUROPE
TABLE 97 REST OF EUROPE: CYBER INSURANCE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 98 REST OF EUROPE: MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 99 REST OF EUROPE: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 100 REST OF EUROPE: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 101 REST OF EUROPE: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
11.4 ASIA PACIFIC
11.4.1 ASIA PACIFIC: CYBER INSURANCE MARKET DRIVERS
11.4.2 CYBERSECURITY SPENDING: BY ASIA PACIFIC, 2019 (USD BILLION)
TABLE 102 ASIA PACIFIC, CYBERSECURITY SPENDING, 2019 (USD BILLION)
11.4.3 ASIA PACIFIC: REGULATORY LANDSCAPE
TABLE 103 ASIA PACIFIC: COUNTRY-WISE REGULATION BODIES
FIGURE 62 ASIA PACIFIC: MARKET SNAPSHOT
FIGURE 63 INSURANCE PROVIDER SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD IN ASIA PACIFIC
TABLE 104 ASIA PACIFIC: CYBER INSURANCE MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 105 ASIA PACIFIC: MARKET SIZE, BY SOLUTIONS, 2018–2025 (USD MILLION)
TABLE 106 ASIA PACIFIC: MARKET SIZE, BY SERVICES, 2018–2025 (USD MILLION)
TABLE 107 ASIA PACIFIC: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 108 ASIA PACIFIC: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 109 ASIA PACIFIC: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
TABLE 110 ASIA PACIFIC: MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 111 ASIA PACIFIC: MARKET SIZE, BY TECHNOLOGY PROVIDER, 2018–2025 (USD MILLION)
TABLE 112 ASIA PACIFIC: MARKET SIZE, BY INSURANCE PROVIDER, 2018–2025 (USD MILLION)
FIGURE 64 ASIA PACIFIC: COUNTRY-WISE ANALYSIS
TABLE 113 ASIA PACIFIC: MARKET SIZE, BY COUNTRY, 2018–2025 (USD MILLION)
11.4.4 AUSTRALIA AND NEW ZEALAND
TABLE 114 AUSTRALIA AND NEW ZEALAND: CYBER INSURANCE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 115 AUSTRALIA AND NEW ZEALAND: MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 116 AUSTRALIA AND NEW ZEALAND: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 117 AUSTRALIA AND NEW ZEALAND: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 118 AUSTRALIA AND NEW ZEALAND: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
11.4.5 CHINA
TABLE 119 CHINA: CYBER INSURANCE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 120 CHINA: MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 121 CHINA: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 122 CHINA: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 123 CHINA: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
11.4.6 JAPAN
TABLE 124 JAPAN: CYBER INSURANCE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 125 JAPAN: MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 126 JAPAN: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 127 JAPAN: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 128 JAPAN: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
11.4.7 SINGAPORE
TABLE 129 SINGAPORE: CYBER INSURANCE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 130 SINGAPORE: MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 131 SINGAPORE: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 132 SINGAPORE: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 133 SINGAPORE: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
11.4.8 REST OF ASIA PACIFIC
TABLE 134 REST OF ASIA PACIFIC: CYBER INSURANCE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 135 REST OF ASIA PACIFIC: MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 136 REST OF ASIA PACIFIC: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 137 REST OF ASIA PACIFIC: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 138 REST OF ASIA PACIFIC: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
11.5 MIDDLE EAST AND AFRICA
11.5.1 MIDDLE EAST AND AFRICA: CYBER INSURANCE MARKET DRIVERS
11.5.2 CYBERSECURITY SPENDING: BY MIDDLE EAST AND AFRICA, 2019 (USD BILLION)
TABLE 139 MIDDLE EAST AND AFRICA, CYBERSECURITY SPENDING, 2019 (USD BILLION)
11.5.3 MIDDLE EAST AND AFRICA: REGULATORY LANDSCAPE
TABLE 140 MIDDLE EAST AND AFRICA: COUNTRY-WISE REGULATION BODIES
FIGURE 65 INSURANCE PROVIDER SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD IN MIDDLE EAST AND AFRICA
TABLE 141 MIDDLE EAST AND AFRICA: CYBER INSURANCE MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 142 MIDDLE EAST AND AFRICA: MARKET SIZE, BY SOLUTIONS, 2018–2025 (USD MILLION)
TABLE 143 MIDDLE EAST AND AFRICA: MARKET SIZE, BY SERVICES, 2018–2025 (USD MILLION)
TABLE 144 MIDDLE EAST AND AFRICA: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 145 MIDDLE EAST AND AFRICA: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 146 MIDDLE EAST AND AFRICA: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
TABLE 147 MIDDLE EAST AND AFRICA: MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 148 MIDDLE EAST AND AFRICA: MARKET SIZE, BY TECHNOLOGY PROVIDER, 2018–2025 (USD MILLION)
TABLE 149 MIDDLE EAST AND AFRICA: MARKET SIZE, BY INSURANCE PROVIDER, 2018–2025 (USD MILLION)
TABLE 150 MIDDLE EAST AND AFRICA: MARKET SIZE, BY SUB REGION, 2018–2025 (USD MILLION)
11.5.4 MIDDLE EAST
TABLE 151 MIDDLE EAST: CYBER INSURANCE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 152 MIDDLE EAST: MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 153 MIDDLE EAST: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 154 MIDDLE EAST: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 155 MIDDLE EAST: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
11.5.5 AFRICA
TABLE 156 AFRICA: CYBER INSURANCE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 157 AFRICA: MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 158 AFRICA: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 159 AFRICA: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 160 AFRICA: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
11.6 LATIN AMERICA
11.6.1 LATIN AMERICA: CYBER INSURANCE MARKET DRIVERS
11.6.2 CYBERSECURITY SPENDING: BY LATIN AMERICA, 2019 (USD BILLION)
TABLE 161 LATIN AMERICA, CYBERSECURITY SPENDING, 2019 (USD BILLION)
11.6.3 LATIN AMERICA: REGULATORY LANDSCAPE
TABLE 162 LATIN AMERICA: COUNTRY-WISE REGULATION BODIES
FIGURE 66 INSURANCE PROVIDER SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD IN LATIN AMERICA
TABLE 163 LATIN AMERICA: CYBER INSURANCE MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 164 LATIN AMERICA: MARKET SIZE, BY SOLUTIONS, 2018–2025 (USD MILLION)
TABLE 165 LATIN AMERICA: MARKET SIZE, BY SERVICES, 2018–2025 (USD MILLION)
TABLE 166 LATIN AMERICA: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 167 LATIN AMERICA: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 168 LATIN AMERICA: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
TABLE 169 LATIN AMERICA: MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 170 LATIN AMERICA: MARKET SIZE, BY TECHNOLOGY PROVIDER, 2018–2025 (USD MILLION)
TABLE 171 LATIN AMERICA: MARKET SIZE, BY INSURANCE PROVIDER, 2018–2025 (USD MILLION)
TABLE 172 LATIN AMERICA: MARKET SIZE, BY COUNTRY, 2018–2025 (USD MILLION)
11.6.4 BRAZIL
TABLE 173 BRAZIL: CYBER INSURANCE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 174 BRAZIL: MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 175 BRAZIL: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 176 BRAZIL: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 177 BRAZIL: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
11.6.5 MEXICO
TABLE 178 MEXICO: CYBER INSURANCE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 179 MEXICO: MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 180 MEXICO: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 181 MEXICO: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 182 MEXICO: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
11.6.6 REST OF LATIN AMERICA
TABLE 183 REST OF LATIN AMERICA: CYBER INSURANCE MARKET SIZE, BY END USER, 2018–2025 (USD MILLION)
TABLE 184 REST OF LATIN AMERICA: MARKET SIZE, BY COMPONENT, 2018–2025 (USD MILLION)
TABLE 185 REST OF LATIN AMERICA: MARKET SIZE, BY INSURANCE COVERAGE, 2018–2025 (USD MILLION)
TABLE 186 REST OF LATIN AMERICA: MARKET SIZE, BY INSURANCE TYPE, 2018–2025 (USD MILLION)
TABLE 187 REST OF LATIN AMERICA: MARKET SIZE, BY ORGANIZATION SIZE, 2018–2025 (USD MILLION)
12 COMPETITIVE LANDSCAPE (Page No. - 208)
12.1 INTRODUCTION
12.2 MARKET EVALUATION FRAMEWORK
FIGURE 67 MARKET EVALUATION FRAMEWORK
12.3 KEY PLAYER STRATEGIES/RIGHT TO WIN
12.3.1 OVERVIEW OF STRATEGIES DEPLOYED BY KEY CYBER INSURANCE TECHNOLOGY VENDORS
12.4 REVENUE ANALYSIS OF TOP MARKET PLAYERS
FIGURE 68 REVENUE ANALYSIS OF CYBER INSURANCE MARKET IN 2020
12.5 COVID-19 IMPACT: REVENUE ANALYSIS OF INSURANCE PROVIDERS
12.5.1 COVID-19 IMPACT AND REVENUE ANALYSIS OF INSURANCE PROVIDERS
12.6 HISTORIC REVENUE ANALYSIS
FIGURE 69 HISTORIC FIVE YEARS REVENUE ANALYSIS OF LEADING CYBER INSURANCE PROVIDERS
12.7 COMPETITIVE EVALUATION MATRIX, 2020
12.7.1 STAR
12.7.2 EMERGING LEADER
12.7.3 PERVASIVE
12.7.4 PARTICIPANT
FIGURE 70 CYBER INSURANCE MARKET (GLOBAL), COMPETITIVE EVALUATION MATRIX, 2020
12.8 STRENGTH OF PRODUCT PORTFOLIO ANALYSIS OF TOP TECHNOLOGY PLAYERS
FIGURE 71 PRODUCT FOOTPRINT ANALYSIS OF TOP TECHNOLOGY PLAYERS IN MARKET
12.9 BUSINESS STRATEGY EXCELLENCE ANALYSIS OF TOP TECHNOLOGY PLAYERS
FIGURE 72 BUSINESS STRATEGY EXCELLENCE ANALYSIS OF TOP TECHNOLOGY PLAYERS IN MARKET
12.10 STARTUP/SME EVALUATION MATRIX, 2020
12.10.1 PROGRESSIVE COMPANIES
12.10.2 RESPONSIVE COMPANIES
12.10.3 DYNAMIC COMPANIES
12.10.4 STARTING BLOCKS
FIGURE 73 CYBER INSURANCE MARKET (GLOBAL), STARTUP/SME EVALUATION MATRIX, 2020
12.11 RANKING OF KEY TECHNOLOGY PLAYERS IN MARKET, 2020
FIGURE 74 RANKING OF KEY TECHNOLOGY PLAYERS, 2020
12.12 RANKING OF KEY INSURANCE PROVIDERS IN MARKET, 2020
FIGURE 75 RANKING OF CYBER INSURANCE PROVIDERS, 2020
13 COMPANY PROFILES (Page No. - 220)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
13.1 INTRODUCTION
13.2 TECHNOLOGY PROVIDERS PROFILES
13.3 BITSIGHT
13.4 PREVALENT
13.5 REDSEAL
13.6 SECURITYSCORECARD
13.7 CYBER INDEMNITY SOLUTIONS
13.8 CISCO
FIGURE 76 CISCO: COMPANY SNAPSHOT
13.9 UPGUARD
13.10 MICROSOFT
FIGURE 77 MICROSOFT: COMPANY SNAPSHOT
13.11 CHECK POINT
FIGURE 78 CHECK POINT: COMPANY SNAPSHOT
13.12 ATTACKIQ
13.13 SENTINELONE
13.14 BROADCOM
13.15 ACCENTURE
13.16 KENNA SECURITY
13.17 CYLANCE
13.18 FIREEYE
13.19 CYBERARK
13.20 CYE
13.21 SECURIT360
13.22 FOUNDER SHIELD
13.23 INSURANCE PROVIDERS PROFILES
13.24 CHUBB
13.25 AXA XL
13.26 AIG
13.27 TRAVELERS
13.28 BEAZLEY
13.29 ALLIANZ
13.30 AON
13.31 ARTHUR J. GALLAGHER
13.32 AXIS CAPITAL
13.33 CNA
13.34 FAIRFAX
13.35 LIBERTY MUTUAL HOLDING
13.36 LLOYD’S OF LONDON
13.37 LOCKTON
13.38 MUNICH RE
13.39 SOMPO INTERNATIONAL
13.40 STARTUP/SME PROFILES
13.40.1 AT-BAY
13.40.2 CYBERNANCE
13.40.3 COALITION
13.40.4 ARCEO
13.40.5 KOVRR
13.40.6 SAYATA LABS
13.40.7 ZEGURO
13.40.8 RISKSENSE
13.40.9 CYENCE (ACQUIRED BY GUIDEWIRE SOFTWARE)
13.40.10 SAFEBREACH
13.40.11 CRONUS CYBER TECHNOLOGIES
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
14 ADJACENT MARKET (Page No. - 276)
14.1 INTRODUCTION
14.2 LIMITATIONS
14.3 CYBERSECURITY
14.3.1 INTRODUCTION
14.3.2 MARKET ESTIMATES AND FORECAST, BY COMPONENT, 2016–2023 (USD BILLION)
TABLE 188 CYBERSECURITY MARKET SIZE, BY COMPONENT, 2016–2023 (USD BILLION)
14.3.3 MARKET ESTIMATES AND FORECAST, BY VERTICAL, 2016–2023 (USD BILLION)
TABLE 189 CYBERSECURITY MARKET SIZE, BY INDUSTRY VERTICAL, 2016–2023 (USD BILLION)
14.4 DIGITAL INSURANCE PLATFORM
14.4.1 INTRODUCTION
14.4.2 DIGITAL INSURANCE PLATFORM MARKET SIZE, BY COMPONENT, 2016–2023 (USD BILLION)
FIGURE 79 SERVICES SEGMENT TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
TABLE 190 DIGITAL INSURANCE PLATFORM MARKET SIZE, BY COMPONENT, 2016–2023 (USD BILLION)
14.4.3 DIGITAL INSURANCE PLATFORM MARKET SIZE, BY END USER, 2016–2023 (USD BILLION)
FIGURE 80 AGGREGATORS SEGMENT TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
TABLE 191 DIGITAL INSURANCE PLATFORM MARKET SIZE, BY END USER, 2016–2023 (USD BILLION)
14.5 INSURANCE ANALYTICS
14.5.1 INTRODUCTION
14.5.2 INSURANCE ANALYTICS MARKET SIZE, BY COMPONENT, 2016–2023 (USD MILLION)
FIGURE 81 TOOLS SEGMENT TO HAVE LARGER MARKET SIZE DURING FORECAST PERIOD
TABLE 192 INSURANCE ANALYTICS MARKET SIZE, BY COMPONENT, 2016–2023 (USD MILLION)
14.5.3 INSURANCE ANALYTICS MARKET SIZE, BY END USER, 2016–2023 (USD MILLION)
FIGURE 82 INSURANCE COMPANIES SEGMENT TO HAVE LARGEST MARKET SIZE DURING FORECAST PERIOD
TABLE 193 INSURANCE ANALYTICS MARKET SIZE, BY END USER, 2016–2023 (USD MILLION)
15 APPENDIX (Page No. - 282)
15.1 DISCUSSION GUIDE
15.2 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
15.3 AVAILABLE CUSTOMIZATIONS
15.4 RELATED REPORTS
15.5 AUTHOR DETAILS
The study involved 4 major activities in estimating the current size of the cybersecurity insurance market. An exhaustive secondary research was done to collect information on the cybersecurity insurance industry. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Both top-down and bottom-up approaches were employed to estimate the overall market size. Thereafter, market breakup and data triangulation procedures were used to estimate the size of the segments and subsegments of the market.
Secondary Research
In the secondary research process, various sources were used to identify and collect information for this study. Secondary sources included annual reports, press releases, and investor presentations of companies; white papers, journals, and certified publications; and articles from recognized authors, directories, and databases. Data was also collected from Information Systems Security Association (ISSA), Information Security Forum (ISF), European Cyber Security Organization (ECSO), European Union Agency for Cybersecurity (ENISA), UK Cyber Security Association (UKCSA), Association of Information Security Professionals (AISP), Japan Network Security Association (JNSA), National Association of Software and Services Companies (NASSCOM), Professional Information Security Association (PISA), Australian Information Security Association (AISA), Information Systems Security Association (ISSA), National Cyber Security Authority (NCA), American Risk and Insurance Association (ARIA), American Association of Insurance Services (AAIS), Cyber Insurance Association, European Insurance and Occupational Pensions Authority (EIOPA), ASEAN Insurance Council (AIC), DIFC Insurance Association NPIO, Association of Insurance Supervisors in Latin America (ASSAL), and OECD. These secondary sources included annual reports, press releases and investor presentations of companies, whitepapers, certified publications and articles by recognized authors, gold standard and silver standard websites, regulatory bodies, trade directories, and databases.
Primary Research
The cybersecurity insurance market comprises several stakeholders, such as service providers, solution vendors, system integrators, technology partners, consulting firms, research organizations, Managed Service Providers (MSPs), government agencies, financial bodies, resellers and distributors, enterprise users, and technology providers. The demand side of the market consists of financial institutions, investors, and insurance companies. The supply side includes cybersecurity insurance solutions providers. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is the breakup of the primary respondents:
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the cybersecurity insurance market. These methods were extensively used to estimate the size of various segments in the market. The research methodology used to estimate the market size includes the following:
- Key players in the market have been identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.
- All percentage shares, splits, and breakups have been determined using secondary sources and verified through primary sources.
Data Triangulation
After arriving at the overall cybersecurity insurance market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakup procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Report Objectives
- To determine and forecast the cybersecurity insurance market (with COVID-19 Impact Analysis) by application, service model, security type, organization size, vertical, and region from 2020 to 2025, and analyze the various macroeconomic and microeconomic factors that affect the market growth
- To forecast the size of the market segments with respect to 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall cybersecurity insurance market
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the cybersecurity insurance market.
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the IDPS market report:
Geographic Analysis
- Further breakup of the APAC market into countries contributing 75% to the regional market size
- Further breakup of the North American market into countries contributing 75% to the regional market size
- Further breakup of the Latin American market into countries contributing 75% to the regional market size
- Further breakup of the MEA market into countries contributing 75% to the regional market size
- Further breakup of the European market into countries contributing 75% to the regional market size
Company Information
- Detailed analysis and profiling of additional market players (up to 5)
- Triangulate with your Own Data
- Get Data as per your Format and Definition
- Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
- Any level of Personalization
- What are the Known and Unknown Adjacencies Impacting the Cybersecurity Insurance Market
- What will your New Revenue Sources be?
- Who will be your Top Customer; what will make them switch?
- Defend your Market Share or Win Competitors
- Get a Scorecard for Target Partners
Growth opportunities and latent adjacency in Cybersecurity Insurance Market