DUBLIN – The “Cybersecurity Insurance Market by Component (Solutions and Services), Type (Standalone & Packaged), Coverage (Data Breach & Cyber Liability), Organization Size, End User (Technology & Insurance) and Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.

The global cybersecurity insurance market size in the post-COVID-19 scenario is projected to grow from USD 11.9 billion in 2022 to USD 29.2 billion by 2027, at a CAGR of 19.6% during the forecast period.

By insurance coverage, the cyber liability segment is expected to hold a larger market size during the forecast period
Cyber risk insurance or cyber liability insurance coverage helps an organization cover the cost to recover from a data breach, virus, or other cyber-attacks. Cyber liability insurance covers expenses related to first parties and also third-party claims. The cybersecurity insurance policy covers some reimbursable expenses such as investigation, business losses, lawsuits and extortion, and privacy and notification.

The growing sophistication of cyber-attacks and stringent regulatory mandates persuade enterprises to proactively adopt cybersecurity insurance solutions. Cyber liability coverage policies can assist insurers to offer first-party and third party cyber coverage to prevent from the post effects of a security breach that could result in critical business losses.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Increasing Cyber and Ransomware Attacks to Drive Market Growth
4.2 Cybersecurity Insurance Analytics Platforms and Cyber Liability Segment to Account for Largest Market Size in 2022
4.3 Cybersecurity Insurance Analytics Platforms and Cyber Liability Segment to Account for Largest Market Size in 2022
4.4 Cybersecurity Insurance Analytics Platforms and Cyber Liability Segment to Account for Largest Market Size in 2022
4.5 Singapore to Grow at Highest Rate During Forecast Period

5 Market Overview
5.1 Market Dynamics
5.1.1 Drivers
5.1.1.1 Surge in Mandatory Cybersecurity Regulations and Legislation to Boost Demand for Insurance Protection
5.1.1.2 High Rate of Recovery of Financial Losses to Promote Market Growth
5.1.1.3 Increase in Frequency and Sophistication of Cyber Threats
5.1.2 Restraints
5.1.2.1 Lack of Awareness Related to Cybersecurity Insurance and Reluctance in Choosing Cybersecurity Insurance Over Cybersecurity Solutions
5.1.2.2 Soaring Cybersecurity Insurance Costs
5.1.3 Opportunities
5.1.3.1 Exclusion of Cybersecurity 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
5.3 Value Chain Analysis
5.4 Ecosystem
5.5 Average Selling Price Trend
5.6 Technology Analysis
5.7 Cybersecurity Regulatory Implications
5.8 Use Cases
5.9 Patent Analysis
5.10 Porter’s Five Forces Model

6 Cybersecurity Insurance Market, by Component
6.1 Introduction
6.1.1 Component: Market Drivers
6.1.2 Component: COVID-19 Impact
6.2 Solutions
6.2.1 to Provide High Data Security and Prevent Data Breaches
6.2.2 Cybersecurity Insurance Analytics Platforms
6.2.3 Disaster Recovery and Business Continuity
6.2.4 Cybersecurity Solutions
6.2.4.1 Cyber Risk and Vulnerability Assessment
6.2.4.2 Cybersecurity Resilience
6.3 Services
6.3.1 Need for Professional Consultants to Provide 24/7 Service Response
6.3.2 Consulting/Advisory
6.3.3 Security Awareness Training
6.3.4 Other Services

7 Cybersecurity Insurance Market, by Insurance Coverage
7.1 Introduction
7.1.1 Insurance Coverage: Market Drivers
7.1.2 Insurance Coverage: COVID-19 Impact
7.2 Data Breach
7.2.1 to Protect Business Against Security and Cyber Breaches
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 to Reduce Data Recovery Cost from Data Breaches and Cyberattacks
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 Cybersecurity Insurance Market, by Insurance Type
8.1 Introduction
8.1.1 Insurance Types: Market Drivers
8.1.2 Insurance Types: COVID-19 Impact
8.2 Packaged
8.2.1 to Enhance Digital Transformation and Support Traditional Policies
8.3 Standalone
8.3.1 to Manage Complex Cyber Risks and Improve Cyber Risk Protection

9 Cybersecurity Insurance Market, by Organization Size
9.1 Introduction
9.1.1 Organization Size: Market Drivers
9.1.2 Organization Size: COVID-19 Impact
9.2 Large Enterprises
9.2.1 Large Enterprises Developing a Strong Security System to Prevent Cyberattacks
9.3 Small- and Medium-Sized Enterprises
9.3.1 to Reduce Financial Losses due to Cyberattacks

10 Cybersecurity Insurance Market, by End-User
10.1 Introduction
10.1.1 End-Users: Market Drivers
10.1.2 End-Users: COVID-19 Impact
10.2 Technology Providers
10.2.1 Need for Cybersecurity Insurance Packages Has Increased to Support Digital Transformation
10.2.2 End-Users: Cybersecurity Insurance Market Drivers
10.2.3 Insurance Companies
10.2.4 Third-Party Administrators, Brokers, and Consultancies
10.2.5 Government Agencies
10.3 Insurance Providers
10.3.1 to Underwrite Insurance Policies for Improving Cybersecurity Systems of Organizations
10.3.2 Financial Services
10.3.3 Healthcare and Life Sciences
10.3.4 Retail and Ecommerce
10.3.5 Telecom
10.3.6 Travel, Tourism, and Hospitality

11 Cybersecurity Insurance Market, by Region

12 Competitive Landscape

13 Company Profiles

 Companies Mentioned

  • Accenture
  • AIG
  • Allianz
  • AON
  • Arceo
  • Arthur J Gallagher
  • At-Bay
  • Attackiq
  • AXA Xl
  • Axis Capital
  • Beazley
  • Bitsight
  • Broadcom
  • Check Point
  • Chubb
  • Cisco
  • CNA
  • Coalition
  • Cronus Cyber Technologies
  • Cyber Indemnity Solutions
  • Cyberark
  • Cybernance
  • CYE
  • Cyence (Acquired by Guidewire Software)
  • Cylance
  • Fairfax
  • Fireeye
  • Founder Shield
  • Insurance Providers Profiles
  • Kovrr
  • Liberty Mutual Holding
  • Lloyd’s of London
  • Lockton
  • Microsoft
  • Munich RE
  • Prevalent
  • Redseal
  • Risksense
  • Safebreach
  • Sayata Labs
  • Securit
  • Securityscorecard
  • Sentinelone
  • Sompo International
  • Travelers
  • Upguard
  • Zeguro

Source: Research and Markets