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Cyber Insurance Market Size to Worth US$ 31.7 Billion by 2028 | With a 22.39% CAGR

The global cyber insurance market is primarily driven by the exponential increase in cyber threats and data breaches targeting businesses of all sizes.
Published 08 December 2023

IMARC Group's report titled “Cyber Insurance Market Report by Component (Solution, Services), Insurance Type (Packaged, Stand-alone), Organization Size (Small and Medium Enterprises, Large Enterprises), End Use Industry (BFSI, Healthcare, IT and Telecom, Retail, and Others), and Region 2023-2028”. The global cyber insurance market size reached US$ 9.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.7 Billion by 2028, exhibiting a growth rate (CAGR) of 22.39% during 2023-2028.

Cyber insurance is a specialized insurance product designed to safeguard businesses against the financial and operational risks associated with cyber threats and data breaches. It offers a financial safety net in the event of hacking, ransomware, and phishing attacks, providing cover for legal fees, public relations costs, and loss of income, among other expenses. With the growing dependence on digital infrastructure for business operations, data storage, and transactions, the need for cybersecurity has reached an unprecedented level. Despite extensive security measures, organizations are not entirely immune to the ever-evolving cyber risks. As a result, cyber insurance is gaining immense traction as a critical component in a company's overall risk management strategy, offering financial and strategic support in managing and mitigating the impact of cyber incidents worldwide.

For an in-depth analysis, you can refer sample copy of the report:

Cyber Insurance Market Trends and Drivers:

The global cyber insurance market is primarily driven by the exponential increase in cyber threats and data breaches targeting businesses of all sizes. This, in turn, is augmenting the demand for comprehensive cyber insurance solutions. Moreover, stringent regulatory requirements for data protection and cybersecurity, such as the General Data Protection Regulation (GDPR) in the European Union and the California Consumer Privacy Act (CCPA) in the United States, are compelling companies to adopt cyber insurance policies as a preventive measure. Additionally, the escalating financial implications of cyber incidents are prompting businesses to reconsider their risk management priorities, making cyber insurance an increasingly indispensable tool. Besides this, the shifting trend toward digital transformation across multiple industries is further expanding the cybersecurity risk landscape, thereby propelling the market for cyber insurance.

Cyber Insurance Market 2023-2028 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • Allianz SE
  • American International Group Inc.
  • AON Plc
  • AXA XL
  • Berkshire Hathaway Inc.
  • Chubb Limited (ACE Limited)
  • Lockton Companie
  • Munich Re
  • Society of Lloyd’s
  • Zurich Insurance Group.

The report has segmented the market on the basis of Component, Insurance Type, Organization Size, End Use Industry and Region.

Breakup by Component:

  • Solution
  • Services

Breakup by Insurance Type:

  • Packaged
  • Stand-alone

Breakup by Organization Size:

  • Small and Medium Enterprises
  • Large Enterprises

Breakup by End Use Industry:

  • BFSI
  • Healthcare
  • IT and Telecom
  • Retail
  • Others

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Ask Analyst for Sample Report:

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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