Global Cybersecurity Insurance Market to Reach USD 33.4 Billion by 2028, Driven by Rising Cyber Threats and Regulatory Compliance

DUBLIN, Aug. 24, 2023 /PRNewswire/ — The “Global Cybersecurity Insurance Market by Component (Solutions and Services), Type (Standalone & Packaged), Coverage (Data Breach & Cyber Liability), Compliance Requirement, End User (Technology & Insurance) and Region – Forecast to 2028” report has been added to  ResearchAndMarkets.com’s offering.

Robust Growth Expected in the Global Cybersecurity Insurance Market

The global cybersecurity insurance market is poised for significant expansion, with an estimated value of USD 14.4 billion in 2023 and a projected CAGR of 18.3% from 2023 to 2028. This growth is attributed to the escalating cyber threats faced by organizations worldwide and the increasing need for compliance with data protection regulations.

Cybersecurity Insurance Fulfills Compliance and Protection Needs

Stricter data protection and privacy regulations, such as GDPR in Europe and CCPA in California, have heightened the responsibility of businesses to safeguard sensitive data. As a result, cybersecurity insurance has become a crucial tool for organizations to ensure compliance with these regulations and provide financial protection in the event of non-compliance.

Insurance Providers Lead the Market

Among various end-users, the insurance providers segment is expected to hold the largest market size during the forecast period. The increasing complexity of cyber risks, driven by the proliferation of connected devices, highlights the importance of cybersecurity insurance solutions and services. This demand has led insurance providers to offer tailored cyber policies that address the unique needs of organizations, especially in the face of evolving cyber threats.

Asia Pacific: A Hotspot for Growth

Asia Pacific is positioned for remarkable growth in the cybersecurity insurance market due to increasing security concerns and rapid technological advancements. Countries like China, Japan, ANZ, and Singapore are witnessing significant opportunities for market expansion. The region’s digital transformation and rapid connectivity growth expose it to cyber risks, making cybersecurity insurance a crucial consideration.

Key Players and Strategies

Prominent players in the cybersecurity insurance market include:

Technology Providers

BitsightPrevalentRedsealSecurityscorecardCyber Indemnity SolutionsCiscoUpguardMicrosoftCheck PointAttackiqSentineloneBroadcomAccentureCylanceTrellixCyberarkCyeSecurit3Founder Shield

Insurance Providers

ChubbAxa XlAigTravelersBeazleyAllianzAonArthur J. GallagherAxis CapitalCnaFairfaxLiberty Mutual HoldingLloyd’s of LondonLocktonMunich ReSompo International

Startups/SMEs

At-BayCybernanceCoalitionResilienceKovrrSayata LabsZeguroIvantiSafebreachCronus Cyber Technologies

These players have adopted diverse strategies, including partnerships, acquisitions, and product enhancements, to cater to evolving industry demands.

Insightful Case Studies and Market Dynamics

The market dynamics of the cybersecurity insurance landscape are influenced by factors such as mandatory cybersecurity regulations, recovery of financial losses, and the growing sophistication of cyber threats. The report presents informative case studies highlighting the benefits of cybersecurity insurance solutions in real-world scenarios, enhancing understanding of its value.

Future Prospects and Beyond

With the persistent rise of cyber threats and evolving regulatory landscapes, the cybersecurity insurance market is poised for robust growth. As organizations worldwide grapple with the challenge of safeguarding sensitive data and complying with regulations, the role of cybersecurity insurance in mitigating risks and ensuring financial protection is expected to become increasingly prominent.

Key Attributes:

For more information about this report visit https://www.researchandmarkets.com/r/kwu19f

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SOURCE Research and Markets