Cyber Insurance Market to Reach USD 28.445 Billion by 2028

Cyber Insurance
  • Cyber Insurance Market

The Global Cyber Insurance Market size is expected to grow fromUSD 7.49 billionin 2021 toUSD 28.445 Billionby 2028 at a Compound Annual Growth Rate (CAGR) of24.90%.The Cyber Insurance helps cyber security by providing coverages related to first parties and claims by third parties to avoid risk exposures and internet-based cycle losses. Cyber Insurance gives data breach coverage, forensic support, legal support, cyber extortion defense, and coverage beyond a general liability policy. Cyber Insurance policy includes digital data exchange including internet data privacy and network usage as well as cyber defense.

The factors influencing the Cyber Insurance are data breaches costing millions of dollars to businesses, a high rate of recovery of financial losses to promote the growth of the Cyber Insurance Market, the surge in mandatory cyber security regulations and legislations, increase in the frequency and sophistication of cyber threats. The pandemic in 2020 has affected the corporate world and it has set the market to work from home which has affected the cyber-attacks and Cyber Insurance Market. A growing number of cyber-attacks in several sectors such as banking, healthcare, retail, financial institutions, and others, has led to data security and reputational loss concerns. Lack of standardized policies and changes in perils are projected to limit the market growth. As the Cyber Insurance needs more money for running the market. Many companies spend lots of money on Cyber Insurance depending upon the type of company and the type of protection they want to have. Insurers have been now lying on the concepts like reinsurance for the good growth in the cyber insurance market.

The Global Cyber Insurance Market is segmented into company size, industry vertical, and region. In terms of company size, it is bifurcated into large companies and small-medium-sized companies. Based on industry vertical, the market is segmented into BFSI, IT & telecom, retail and e-commerce, healthcare, manufacturing, government and public sector, and others. The BFSI component is seen to be dominating the segment as the intensity of risk at banks and financial institutes is comparatively higher.

Region-wise, the Cyber Insurance Market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America region dominates the global market with 43.90% share. A growing number of cyber-attacks in Asian countries such as China and India have led to the adoption of cyber liability insurance products among various organizations, which is expected to provide lucrative opportunities for the Cyber Insurance during the forecast period.

Key players in the Global Cyber Insurance Market include Allianz, American International Group, Inc., Aon plc, AXA, Berkshire Hathway Inc., Lloyd’s of London Ltd., Lockton Companies Inc., Munich Re, The Chubb Corporation, Zurich