Cyber Insurance Market To Reach $48,328.4 Million by 2030

The global cyber insurance market was valued at $11,904.6 million in 2022, and this number is expected to reach $48,328.4 million by 2030, advancing at a CAGR of 19.1% during 2022–2030, as per P&S Intelligence. This is accounted for the snowballing number of malware, virus, and other kinds of attacks on IT systems, the increasing regulation regarding cybersecurity, and the execution of related insurance as a risk mitigation strategy.

The healthcare category is forecast to experience the fastest growth, progressing at a CAGR of above 20% in the coming years. The snowballing digitalization and increasing usage of the internet in the healthcare industry for ease of accessibility to an entity’s information have formed online weaknesses, because of which vital records are being unprotected from external and internal threats.

Cyber Insurance Market Size and Share Analysis Demand Forecast to 2030

In 2022, North America held the highest revenue share, of approximately 50%. This can be accounted to the existence of key companies, including Chubb Group Holdings Inc., Lockton Incorporated, and American International Group Inc. in the continent. 

 

Additionally, the amplified concentration on the legal framework of cybersecurity and the growth of related government guidelines are other factors supporting regional growth. Compulsory legislation concerning the safety of IT networks in numerous states in the U.S. and the increasing acceptance of such guidelines among SMEs in the continent have directed to the more acceptance of cyber insurance policies.

 

APAC's cyber insurance market is estimated to witness the fastest growth in the coming years. Numerous developing countries in the APAC, like India and China, are confronting issues regarding cloud security and breaches in blockchain systems. Because of this, the governments of such countries are taking planned measures, including the execution of guidelines to advance IT security and the launch of several initiatives to spread knowledge about cyberattacks.

 

In 2022, the data breach category generated the highest revenue. With administrations becoming more dependent on digital data, workforce mobility and cloud computing, cases of breaches of vital data have increased exponentially. Sensitive data of organizations and customers are normally stored on companies’ databases, cloud servers, and local machines, which, many times, are vulnerable to breaches.

 

In 2022, the standalone category held the larger market share, of approximately 60%. Standalone guidelines offer establishments the capability to rapidly reimburse first- and third parties for losses in the occurrence of a data breach. Such guidelines compensate the money insured because of a breach, such as credit-monitoring costs, data restoration costs, IT forensic costs, public relations expenses, and cyber extortion.

 

Hence, the snowballing number of malware, virus, and other kinds of attacks on IT systems, the increasing regulation regarding cybersecurity, and the execution of related insurance as a risk mitigation strategy are major factors driving the cyber insurance industry's growth. 

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Cyber Insurance Market Worldwide Opportunities, Driving Forces, COVID-19 Impact Analysis, Future Potential 2030

The COVID-19 crisis is having a positive effect on the demand for cyber insurance, as the pandemic has shifted countries’ focus to healthcare and economic stability, thus opening the doors for cyber-criminals to hack servers and steal vital information. Malware spams, phishing attacks, and ransomware attacks have increased since the outbreak, many of which have targeted the World Health Organization (WHO). Therefore, in order to protect themselves against intellectual property and financial damage by such attacks, companies of all sizes are opting for cyber insurance.

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With the growing awareness on insurance, surging number of cyber-attacks, and increasing government regulations, the profile of cyber risk management firms is becoming better. This factor is set to prove instrumental in driving the cyber insurance market at a 26.3% CAGR between 2020 and 2030, thereby leading to the increase in the industry size from $5,573.2 million in 2019 to $70,671.9 million by 2030. In 2019, standalone insurance, based on product type, was more popular, as this product allows companies to instantly compensate themselves as well as their customers for any financial loss arising out of a cyber-attack. 

Standalone cyber insurance policies compensate the insured client or customer for the credit monitoring costs, IT forensic costs, data restoration costs, and public relations expenses, which might be incurred due to a data breach. Moreover, such policies also offer cover for the direct losses due to phishing, social engineering frauds, cyber frauds, spoofing, and phreaking, as well as companies’ legal liabilities to third parties. Large enterprises are the more-significant users of cyber insurance compared to small- and medium-sized enterprises (SMEs), as such companies are rapidly deploying the cloud, artificial intelligence (AI), internet of things (IoT), big data, and machine learning (ML) technologies in their operations. 

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This is leading to the creation of huge volumes of data, which includes sensitive information, including customers’ personal details. This is why such companies are regularly targeted by cyber-criminals, with the intention of getting access to a vast amount of data at once. Owing to the high risk of cyber-attacks and their high spending power, large enterprises are quickly adopting cyber insurance. Owing to the existence of several major cyber insurance companies, including Chubb Group Holdings Inc., American International Group Inc., and Lockton Incorporated, North America is currently the largest contributor to the market.

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Changes in Consumer Behaviour During COVID-19 Outbreak May Affect Growth of Cyber Insurance Market

The global cyber insurance market will grow, in value, from $5,573.2 million to $70,671.9 million from 2019 to 2030. In addition to this, the market is predicted to advance at a CAGR of 26.3% from 2020 to 2030, according to the estimates of P&S Intelligence, a market research firm in India. Cyber insurance solutions are widely adopted by both small and medium enterprises (SMEs) and large enterprises.

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“According to many reports, there had been data breach incidents involving nearly 8 billion records, that included phone numbers, home addresses, and credit card details during January 2019—April 2020”. Furthermore, the increasing incidence of data breaches has made the governments of many countries implement stringent cyber security policies and measures for mitigating the growing security risks, which has, in turn, boosted the demand for cyber insurance solutions across the world. 

The increasing internet penetration and digitization in several industries and business operations has tremendously increased the adoption of digital solutions such as online transactions, data analysis, and various other processes. This has also significantly increased the prevalence of cyber attacks all over the world, with soaring number of cyber fraud, theft, and data breach cases, especially those pertaining to social security numbers, passwords, credit card details, email addresses, and other confidential information, being reported every year. 

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Between the two, the large enterprises are expected to generate higher demand for these solutions and systems in the future years. This is credited to the fact that the large enterprises are increasingly adopting various advanced technologies, owing to which, they are becoming more vulnerable to cyber attacks. Integrated and standalone are two main types of cyber insurance solutions used by organizations across the world.

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Cyber Insurance Market Analysis, Post COVID-19 Impact | Potential Business Impacts for Key Players

One of the major factors resulting in the growing adoption of cyber insurance across different industries is the supply chain cyber risk. The impact on an organization or enterprise is quite huge if the sensitive data of supply chain is breached. The loss of consumer confidence, drop in stock price, business experience financial penalties, and legal cost are some risks faced by businesses due to supply chain breach.

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Hence, in order to deal with this problem, cyber insurers have developed several ways for combating supply chain risks by adapting to the changing environment through supply chain risk management services. This includes several risks involved in supply chain that are constantly assessed and managed timely. The increase in denial of service (DoS) attacks is a key trend that is being observed in the cyber insurance market. 

The victims of these attacks range from major financial institutions to individuals attempting to access their personal email. Considerable damage has been caused by these attacks, in terms of revenue loss. Cyber insurers aid businesses in reducing the risk of such attacks by monitoring the global threat landscape and understanding the latest trends in the DoS attacks. Coverage for business interruptions, extra expense, and contingent interruptions losses, such as loss due to network host or cloud provider, is provided by first-party cyber insurance policies.

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Since the past few years, a rapid increase in criminalization of the internet has been tracked by cyber analysts. Factors such as commercialization, globalization of cybercrime, and interconnectivity are driving the frequency and severity of cyber incidents. In addition to this, individual cyber criminals are uniting into international groups for strengthening the impact of their attacks on critical and sensitive business data.

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Cyber Insurance Market to Boom in Developed as well as Developing World

Cyber attacks lead to financial losses of almost $600 billion, which is roughly 0.8% of the worldwide gross domestic product (GDP), every year, according to the latest Economic Impact of Cybercrime report by McAfee. With the world shifting to digital platforms from the simple pen-and-paper mode, the data is becoming increasingly vulnerable to attacks by hackers and thieves. While the cyber security domain is itself going through advancements, such as the integration of artificial intelligence (AI), cyber criminals are still one step ahead.

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Thus, with the increasing incidence of cyber attacks and the resulting need of companies as well as individuals to protect themselves from losses, the cyber insurance market is growing around the world. Most of the cyber crimes are conducted with the motive of financial prosperity, for instance the May 2017 ransomware, which infected more than 300,000 computers in over 100 countries, as part of a worldwide extortion attempt. Hence, individual owners and companies are rapidly seeking cyber insurance, risk consulting, and claims services.

Among them, claims services have been quite high in demand in the past, as people have lost millions of dollars due to cyber attacks, which has necessitated the need for reimbursements and coverage. Due to the same reason, customers are expected to rapidly opt for risk consulting services in the coming years, to analyze the vulnerabilities in their network and servers and be better prepared for a rainy day. By knowing their risk beforehand, end users can adopt robust cyber security measures to thwart any internet-based attack.

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The risk of cyber attacks is high for large as well as small and medium enterprises (SMEs). Due to the fact that plumper sums can be extorted from larger companies, hackers majorly target these. For instance, the distributed denial of service (DDoS) attack of October 2016 impacted the operations of several multinational firms, including Airbnb, Netflix, Spotify, and Twitter. It is because of these reasons that large enterprises have sought cyber insurance services more than SMEs in the past.

GLOBAL CYBER INSURANCE MARKET

By Enterprise Size

• Large Enterprise

• Small and Medium Enterprise

By Service

• Insurance

• Claim Service

• Risk Consulting

By Industry

• BFSI, Healthcare

• Retail & Manufacturing

• IT Services

By Region

• Americas

• Europe

• Rest of the World (RoW)

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