Market Overview:
The global cyber security insurance market is expected to grow from USD 7.5 billion in 2018 to USD 23.4 billion by 2030, at a CAGR of 16.8% during the forecast period. The growth of the market can be attributed to the increasing number of cyber-attacks and data breaches, and the need for risk management solutions among organizations. The information security segment is expected to hold the largest share of the global cyber security insurance market in 2018.
Product Definition:
Cyber Security Insurance is a type of insurance that provides companies with coverage against losses incurred as a result of a cyber attack. This type of insurance is important because it can help businesses recover from the financial damages caused by a cyber attack.
Information Security:
In today’s world, information security has become a necessity rather than a luxury. The rapid increase in the volume of data across organizations and the rise in cyber-attacks are some of the factors that have led to an increased need for information security. Organizations these days deal with huge volumes of data on daily basis; therefore it is important for them to ensure that their systems are secure from any external as well as internal threats.
Property Security:
In the current scenario, many organizations are at risk of a data breach or cyber-attack as they store huge amounts of customer information in their database. In order to protect such critical information, it is essential to ensure that the security system is in place and working properly.
Application Insights:
The other application segment includes energy & utilities, healthcare, public sector and transportation. The growing adoption of the internet and mobile phones has led to a significant increase in cyber risk exposure for these sectors. As per the GSM Association (GSMA), there were approximately 5,000 million unique mobile subscribers worldwide as of 2016; with an average phone subscriber using between 2GB to 3GB data transfer annually. This is expected to drive demand over the forecast period for cyber security insurance in other applications.
The retail segment accounted for more than 25% share of overall revenue in 2017 owing to increasing online transactions and rising consumer spending on e-commerce platforms such as Amazon & eBay which attract hackers due to their large amounts of data stored online. Furthermore, retailers are particularly exposed to risks if they have remote offices or stores that are not connected through a secure network or if they use default usernames and passwords provided by service providers such as AT&T Inc., Time Warner Cable Inc., etc.
Regional Analysis:
The market in North America is expected to grow at a significant rate over the forecast period. The growth can be attributed to the increasing cyber-attacks and subsequent insurance claims, which are estimated to increase with time as well as frequency. Moreover, constant technological advancements and presence of key players in this region have led to an increased penetration of internet connectivity and related services, thereby creating opportunities for growth.
Asia Pacific is anticipated to emerge as the fastest-growing regional market over the forecast period owing to several factors such as growing IT sector; rising number of data breaches; increasing investments by governments & other organizations in order maintain digital security infrastructure; etc.
Growth Factors:
- Increasing incidences of cyber-attacks and data breaches
- Proliferation of connected devices and the Internet of Things (IoT)
- Growing awareness about the need for cyber security insurance among businesses
- Stringent government regulations and compliance requirements for data protection
- Rising demand for cloud-based security solutions
Scope Of The Report
Report Attributes
Report Details
Report Title
Cyber Security Insurance Market Research Report
By Type
Information Security, Property Security, Other
By Application
Retail, BFSI, IT & Telecom, Manufacturing, Other
By Companies
XL, AIG, Berkshire Hathaway, Zurich Insurance, Chubb, AON, Bin Insurer, Lockton, Security Scorecard, Allianz, Munich Re
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
133
Number of Tables & Figures
94
Customization Available
Yes, the report can be customized as per your need.
Global Cyber Security Insurance Market Report Segments:
The global Cyber Security Insurance market is segmented on the basis of:
Types
Information Security, Property Security, Other
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Retail, BFSI, IT & Telecom, Manufacturing, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- XL
- AIG
- Berkshire Hathaway
- Zurich Insurance
- Chubb
- AON
- Bin Insurer
- Lockton
- Security Scorecard
- Allianz
- Munich Re
Highlights of The Cyber Security Insurance Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Information Security
- Property Security
- Other
- By Application:
- Retail
- BFSI
- IT & Telecom
- Manufacturing
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Cyber Security Insurance Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Product & Brand Management
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Cyber security insurance is a type of insurance that protects businesses and individuals from cyber-attacks. The policy typically covers costs associated with repairing or replacing damaged property, data loss, legal fees, and other expenses related to a cyberattack.
Some of the major players in the cyber security insurance market are XL, AIG, Berkshire Hathaway, Zurich Insurance, Chubb, AON, Bin Insurer, Lockton, Security Scorecard, Allianz, Munich Re.
The cyber security insurance market is expected to register a CAGR of 16.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Cyber Security Insurance Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Cyber Security Insurance Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Cyber Security Insurance Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Cyber Security Insurance Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Cyber Security Insurance Market Size & Forecast, 2020-2028
4.5.1 Cyber Security Insurance Market Size and Y-o-Y Growth
4.5.2 Cyber Security Insurance Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Information Security
5.2.2 Property Security
5.2.3 Other
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Retail
6.2.2 BFSI
6.2.3 IT & Telecom
6.2.4 Manufacturing
6.2.5 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Cyber Security Insurance Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Cyber Security Insurance Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Information Security
9.6.2 Property Security
9.6.3 Other
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Retail
9.10.2 BFSI
9.10.3 IT & Telecom
9.10.4 Manufacturing
9.10.5 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Information Security
10.6.2 Property Security
10.6.3 Other
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Retail
10.10.2 BFSI
10.10.3 IT & Telecom
10.10.4 Manufacturing
10.10.5 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Information Security
11.6.2 Property Security
11.6.3 Other
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Retail
11.10.2 BFSI
11.10.3 IT & Telecom
11.10.4 Manufacturing
11.10.5 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Information Security
12.6.2 Property Security
12.6.3 Other
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Retail
12.10.2 BFSI
12.10.3 IT & Telecom
12.10.4 Manufacturing
12.10.5 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Information Security
13.6.2 Property Security
13.6.3 Other
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Retail
13.10.2 BFSI
13.10.3 IT & Telecom
13.10.4 Manufacturing
13.10.5 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Cyber Security Insurance Market: Competitive Dashboard
14.2 Global Cyber Security Insurance Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 XL
14.3.2 AIG
14.3.3 Berkshire Hathaway
14.3.4 Zurich Insurance
14.3.5 Chubb
14.3.6 AON
14.3.7 Bin Insurer
14.3.8 Lockton
14.3.9 Security Scorecard
14.3.10 Allianz
14.3.11 Munich Re
