Cybersecurity Insurance Market Size Is Projected To Reach Usd 38 7 Billion By 2030 Growing At A Cagr Of 19 52 Straits Research Globenewswire 3929

Cybersecurity Insurance Market Size is projected to reach USD 38.7 Billion by 2030, growing at a CAGR of 19.52%: Straits Research – GlobeNewswire

| Source: Straits Research Straits Research
Pune, INDIA
New York, United States, Sept. 01, 2022 (GLOBE NEWSWIRE) — Cybersecurity insurance is a policy that individuals or corporations can purchase to mitigate the financial risks associated with conducting business online. The insurance policy transfers certain risks to the insurer for a monthly or quarterly fee. Many companies purchase cybersecurity insurance policies to cover supplemental expenses resulting from digital assets’ loss or physical harm. These costs frequently include the cost of notifying clients of a security breach as well as the cost of fines for noncompliance with regulations. A person or an organization must typically submit to a security audit by the insurance provider to be eligible for coverage, or they must provide documentation using an assessment tool that has been approved by the insurance provider, like one offered by the Federal Financial Institutions Examination Council.

Cyber threats are internet-based initiatives using spyware, malware, and phishing to damage or disrupt information systems and compromise sensitive data. With cybersecurity solutions, businesses can monitor, detect, report, and manage cyber hazards to protect data confidentiality. Cybersecurity insurance helps safeguard businesses from the potential repercussions of a cyberattack or data breach and allows a company to reduce risk exposure by balancing costs. These products are designed to cover the fees, charges, and legal costs associated with cyberattacks after a business has been hacked and the theft or loss of customer or employee data. The market is primarily driven by the growing need to comply with various upcoming laws and the increased cyberattacks raising concerns about potential financial losses.



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Increased Deployment of Cloud-based Services Spur the Cyber Security Insurance Demand

Cloud computing is one of the most rapidly evolving modern technologies. It breaks down old IT boundaries, opens new markets, fuels the mobility trend, and enables advances in unified communications. Several IT stakeholders and organizations are turning to new insurance models to assess the risks associated with holding onto sensitive data in the current cybersecurity environment. In 2021, for instance, a partnership was announced between Google Cloud Business, Munich Re AG, and Allianz SE to combine client cyber risk information into insurance plans. Companies seeking cyber insurance can suggest that insurers take data about their security measures directly from their Google Cloud environments. Allianz and Munich Re will utilize that data to develop customized cyber insurance plans based on their environments’ safety. 

Due to the lack of a physical infrastructure required for cloud computing, users can access both organized and unstructured data from any location. On the other hand, cyberattacks frequently target cloud computing, which has boosted the demand for cybersecurity insurance. As the market for cybersecurity insurance continues to grow, insurers will consider a more extensive range of security controls and solutions. The degree of data sensitivity and an organization’s ability to adequately conceal it will be significant variables in evaluating overall risk, driving growth in adopting new technologies.



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Use of Blockchain Technology with Artificial Intelligence (AI) for Risk Analysis to Create Fruitful Opportunities

Blockchain and AI are two recent emerging technologies expected to improve risk analytics software’s capabilities and open up new commercial prospects. Integrating these technologies with risk analytics solutions would address some key concerns and issues that cybersecurity insurance organizations confront. Modern technology advancements may speed up transactions and settlements, making it more straightforward for financial institutions and their clients to conduct transactions and eliminating the need for middleman costs.

Risk analytics tools positively impact reserve management, insurance coverage, and claims analysis. Underwriting insurance policies is another area where the usage of risk analytics solutions is becoming more and more crucial. Several businesses in the industry have started merging cutting-edge methodologies like statistical modeling, image processing, and machine learning to evaluate data and generate insights efficiently. Vendors in the market also offer platforms with instant visualization features to help underwriters make informed decisions.

Regional Insights

North America will command the largest market share, growing at a CAGR of 15.32% over the forecast period. North America is considered to have the largest market for cybersecurity insurance worldwide. In addition to holding a sizable portion of the market, the region is also brimming with essential industry players. In North America, 2021 saw more data compromises than any other year before. The region has had a substantial number of data breaches over the years. According to a report published by the Identity Theft Resource Center in 2022, 1,789 data breach incidences have been documented.

Businesses from various industries are motivated to choose cyber security insurance due to the rising frequency of data breaches, which stimulates market growth. Additionally, cyberattacks in the region are rising and have hit an all-time high, mainly due to the rapidly expanding network of linked gadgets. For the convenience of communication, banking, and other services, customers in the region use public clouds, and many mobile applications come pre-loaded with their personal data. Consequently, this encourages the use of cyber security insurance.

Europe is predicted to generate USD 13 billion by 2030, growing at a CAGR of 23.17%. Regarding cybersecurity, European nations like Germany are portraying themselves as technologically independent nations equal to China and the United States. In 2020, the nation’s government announced the creation of a government organization tasked with handling cyberattacks and boosting digital security. By 2023, the organization is also anticipated to receive USD 412 million in the financing, with the funds going toward continuous innovation and defense against cyberattacks.

Businesses have been compelled to invest substantial money in combating the region’s rising number of cybercrime incidents. According to CyberEdgem, 10.8% of German companies’ IT budgets go toward security. Additionally, Sophos estimates that roughly 77% of German companies have cyber security insurance. Several businesses are expanding their presence in numerous countries to develop solutions for the ever-increasing number of users.


Key Highlights


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Competitive Players in the cyber security insurance market 


Global Cyber Security Insurance Market: Segmentation
By Organization Size
By End-user
By Regions


TABLE OF CONTENT


Table of Content and Figure @ https://straitsresearch.com/report/cybersecurity-insurance-market/toc


Market News


News Media

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Have a Look at the Related Research Report

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Security as a Service Market: Information by Component (Solution, Services), Application (Network Security, Endpoint Security), Verticals, and Region — Forecast till 2029

Physical Security Market: Information by Component (Systems, Services), Organization Size (SMEs, Large Enterprises), End-User (Transportation, Government), and Region — Forecast till 2030

Perimeter Security Market: Information by System (Access Control Systems, Alarms & Notification Systems), End-Use (Government, Military & Defence), and Region — Forecast till 2030


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