Cybersecurity Insurance Market

Cybersecurity Insurance Market Size & Share: Latest Growth Factors

At a compound annual growth rate (CAGR) of 11.4%, the cybersecurity insurance market is expected to increase from USD 10.3 billion in 2023 to USD 17.6 billion by 2028. Organizations face difficulties in successfully managing cyber threats due to a shortage of qualified cybersecurity specialists. Organizations can receive support in responding to and recovering from cyber incidents from cybersecurity insurance, which provides resources and experience.

The growth of the cybersecurity insurance market is influenced by several key factors:

  • Increasing Frequency and Complexity of Cyber Threats
  • Regulatory Requirements and Compliance
  • Rising Awareness and Adoption
  • Cost of Cyber Incidents
  • Expansion of Coverage and Services
  • Increased Targeting of SMEs

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Increasing Frequency and Complexity of Cyber Threats:

  • The rising number and sophistication of cyber attacks, including ransomware, data breaches, and phishing, are driving demand for cybersecurity insurance as businesses seek financial protection against potential losses.

Regulatory Requirements and Compliance:

  • Stringent data protection regulations and cybersecurity laws worldwide are compelling organizations to invest in cybersecurity measures, including insurance, to mitigate regulatory fines and penalties in case of data breaches or non-compliance.

Rising Awareness and Adoption:

  • Growing awareness among businesses about the financial and reputational impacts of cyber incidents is prompting increased adoption of cybersecurity insurance as a critical component of comprehensive risk management strategies.

Cost of Cyber Incidents:

  • The high costs associated with cyber incidents, including data recovery, legal fees, notification costs, and business interruption expenses, are motivating organizations to transfer these financial risks to insurance providers through cybersecurity insurance policies.

Expansion of Coverage and Services:

  • Insurers are expanding coverage options to address evolving cyber risks, offering policies that include business interruption coverage, cyber extortion coverage, forensic investigation costs, and crisis management services.

Increased Targeting of SMEs:

  • Small and medium-sized enterprises (SMEs) are increasingly vulnerable to cyber attacks but may lack resources for robust cybersecurity measures. Insurers are developing tailored insurance solutions to meet the specific needs and budgets of SMEs, driving market growth.

Cybersecurity Insurance Market Share - Global Industry Landscape

The leading companies in the Cybersecurity Insurance industry and their key offerings include:

  • AttackIQ (US)
  • SentinelOne (US)
  • Broadcom (US)
  • Accenture (Ireland)
  • Cylance (US)

When it comes to cybersecurity insurance, leaders offer options for every need. Chubb covers all bases, while Zurich tackles cyber liability risks. AIG protects financial institutions, Beazley shields healthcare providers, and Hiscox offers budget-friendly solutions for small businesses.

AttackIQ (US):

  • Market Share: AttackIQ specializes in continuous security validation and breach and attack simulation (BAS) solutions.
  • Key Offerings: Their platform allows organizations to test and validate their cybersecurity defenses against real-world threats, helping improve security posture and optimize security investments.

SentinelOne (US):

  • Market Share: SentinelOne is a leading provider of autonomous cybersecurity platforms focused on endpoint protection.
  • Key Offerings: Their platform uses AI and machine learning to provide endpoint detection and response (EDR), endpoint protection platform (EPP), and managed detection and response (MDR) capabilities to defend against malware, ransomware, and other cyber threats.

Broadcom (US):

  • Market Share: Broadcom is a global technology company with a significant presence in the cybersecurity market through its Symantec Enterprise Security division.
  • Key Offerings: Broadcom offers a range of cybersecurity solutions including endpoint security, network security, identity security, and security analytics, serving enterprise customers worldwide.

Accenture (Ireland):

  • Market Share: Accenture is a multinational professional services firm offering a broad range of services, including cybersecurity consulting and managed security services.
  • Key Offerings: Accenture provides cybersecurity strategy, risk management, digital identity, cloud security, and incident response services, leveraging industry expertise and advanced technologies to help clients address cybersecurity challenges.

Cylance (US):

  • Market Share: Cylance, now part of BlackBerry, is known for its AI-driven endpoint security solutions.
  • Key Offerings: Their flagship product, CylancePROTECT, uses AI and machine learning to prevent advanced threats and malware, offering endpoint protection, threat detection, and response capabilities.

These companies play significant roles in the cybersecurity industry, offering innovative solutions to protect organizations from evolving cyber threats and ensure robust security posture across endpoints, networks, and cloud environments. Market share may vary based on specific market segments and regions.

Related Reports:

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

Cybersecurity Insurance Market Size,  Share & Growth Report
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