The cybersecurity insurance market is projected to grow from USD 10.3 billion in 2023 to USD 17.6 billion by 2028, at a CAGR of 11.4% during the forecast period. The scarcity of skilled cybersecurity professionals’ challenges organizations in effectively managing cyber risks. Cybersecurity insurance offers expertise and resources to support organizations in responding to and recovering from cyber incidents.
The major vendors covered in the cybersecurity insurance market 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), Trellix (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). The insurance vendors covered in the cybersecurity 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 cybersecurity insurance market are At-Bay (US), Cybernance (US), Coalition (US), Resilience (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), Ivanti (US), SafeBreach (US), and Cronus Cyber Technologies (Israel). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, collaborations, and new product launches, to expand their presence in the cybersecurity insurance market.
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RedSeal offers a cybersecurity analytics platform to enterprises and develops Security Risk Management (SRM) software for managing and preventing network breaches and failures. It analyzes businesses’ networks, creates an analytics model for monitoring the network’s performance, and provides a digital resilience score enabling users to benchmark and set targets for network security. It provides insights for identifying at-risk assets and corrective actions that must be taken. Its Digital Resilience Score solutions aid clients, brokers, and underwriters to measure their network resilience and ensure network security. It caters to multiple industries, including governments, utilities, healthcare, banking, and insurance. Red Seal’s customer base includes Global 2000 companies and government agencies, such as US federal agencies (DoD), civilian, and intelligence communities. It serves other industries, such as finance, healthcare, retail, and technology sectors, and has presence across North America, Europe, and Asia.
SecurityScorecard is a cloud-based provider of risk scorecards and an information security company that rates the security postures of corporate entities. The product offers real-time threat intelligence and risk awareness by automated real-time monitoring of all risk factors. The product's features include the status of security levels of every organization and data sharing. Its comprehensive solution range includes enterprise cyber risks, third-party risks, executive-level reporting, cybersecurity insurance, due diligence, and compliance. Financial services, insurance, healthcare, government, retail, and ITeS are the major verticals that SecurityScorecard serves. It also offers monitoring signals of the company, partner networks, categories, and assesses signals at malware events, uses a real-time query to get a collective scorecard of any domain using a search engine. SecurityScorecard’s patented technology is used by organizations to assess their cybersecurity risks, insurance underwriting, and third-party risk management.
Cybersecurity Insurance Market by Component (Solutions and Services), Type (Standalone & Packaged), Coverage (Data Breach & Cyber Liability), Compliance Requirement, End User (Technology & Insurance) and Region - Global Forecast to 2028
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