Cybersecurity Insurance Market Size, Share, Growth Analysis, By Offering (Solutions, Services), By Insurance Coverage (Data Breach, Cyber Liability), By Insurance Type (Packaged, Standalone), By Compliance Requirement (Healthcare Compliance, Financial Services Compliance), By End User (Technology Providers, Insurance Providers), By Region - Industry Forecast 2024-2031

Global Cybersecurity Insurance Market size was valued at USD 9.8 billion in 2022 and is poised to grow from USD 10.93 billion in 2023 to USD 26.1 billion by 2031, growing at a CAGR of 11.50% during the forecast period (2024-2031).

Prominent industry participants are making significant investments in R&D to broaden their product offerings, contributing to the further expansion of the Cyber Insurance market. The US-based Guy Carpenter and Company LLC, the Indian company Tata Consultancy Services Limited, and the US-based At-Bay Inc. are among the major participants in the cyber insurance market that are trying to boost demand by investing in R&D. A company called Spring Insure works hard to strike the ideal mix between properly managing complicated risks and accepting accountability for the capacity that is under its control. Their primary objective is to cultivate enduring connections with their clients, brokers, and insurance partners. 'Bitsight (US) ', 'Prevalent (US) ', 'RedSeal (US) ', 'Security Scorecard (US) ', 'Cyber Indemnity Solutions (UK) ', 'Microsoft (US) ', 'Check Point (Israel) ', 'AttackIQ (US) ', 'SentinelOne (US) ', 'CyberArk (Israel) ', 'CYE (Israel) ', 'SecurIT360 (US) ', 'Founder Shield (US) ', 'Chubb (Switzerland) ', 'AIG (US) ', 'Travelers (US) ', 'Beazley (UK) ', 'Allianz (Germany) ', 'Aon (UK) ', 'Arthur J. Gallagher (US) ', 'Axis Capital (Bermuda) ', 'CNA (US) ', 'Fairfax (Canada) ', 'Liberty Mutual Holding (US) ', 'Lloyd’s of London (UK) ', 'Lockton (US) ', 'Munich Re (Germany) ', 'Sompo International (Bermuda) ', 'At-Bay (US) ', 'Coalition (US) ', 'Resilience (US) ', 'Kovrr (Israel) ', 'Sayata Labs (Israel) ', 'Zeguro (US) ', 'SafeBreach (US) ', 'Cronus Cyber Technologies (Israel)'

Massive cyberattacks are becoming more commonplace worldwide, costing people, businesses, and governments a great deal of money. Cybercriminals target a variety of IT infrastructures to achieve radical, financial, political, or reputational goals. Ransomware that has impacted a lot of organizations include WannaCry, Petya, NotPetya, and BadRabbit. Due to this, businesses are spending more money on cybersecurity services and goods to reduce the likelihood of data breaches.

Rising Threats and Escalating Impact of Cyberattacks & Data Breaches on Global Industries: Worldwide, cyberattacks and data breaches are becoming increasingly commonplace for companies of all sizes. For example, ransomware assaults surged by 93% in 2020, impacting a substantial number of firms. Hackers target industries with huge amounts of stored consumer data, such retail, healthcare, and BFSI. The risk of data breaches has increased in industries including internet banking, mobile banking, online shopping, digital payments, and electronic medical records due to increased digitization in these fields.

Due to the substantial presence of large international corporations across a variety of industries, including technology, finance, healthcare, and retail, the North American cyber insurance industry is positioned to dominate the worldwide scene. As these industries are more vulnerable to cyberattacks, comprehensive insurance plans are required. US businesses are making significant investments in cybersecurity safeguards, such as insurance, to guard against monetary losses, data breaches, and interruptions to business operations. The necessity to continuously monitor and investigate cyber threats in order to ensure compliance with laws like the CCPA and GDPR is another driving force behind this spending. As a result, North America continues to have a dominant position in the cyber insurance market thanks to a combination of governmental pressure, the high cost of data breaches, and the proactive stance of multinational firms.