WESTFORD, Mass., July 23, 2024 /PRNewswire/ -- According
to SkyQuest, the global Cyber Insurance Market size was
valued at USD 12.94 billion in 2022
and is poised to grow from USD 16.21
billion in 2023 to USD 100.62
billion by 2031, growing at a CAGR of 25.70% in the forecast
period (2024-2031).
Cyber insurance is not just transforming in different ways, but
also triggering unmatched changes in the investment of
cybersecurity in medium and small-sized businesses. On a wider
scale, small enterprises are the common victims of being stacked by
ransomware and most other forms of cyberattacks or are currently
under target as a commencement to reach high-valued results. Hence,
the rising number of cyber-attacks on these enterprises along with
larger businesses is mounting the demand for effective
solutions.
Healthcare, BFSI, education, and retail industries are presently
the most vulnerable sectors due to large quantities of consumer
data. Moreover, rising digitalization, digital payment, electronic
medical records, and online shopping will further upsurge breaches
in these sectors.
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Cyber Insurance Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
USD 16.21
Billion
|
Estimated Value by
2031
|
USD 100.62
Billion
|
Growth Rate
|
Poised to grow at a
CAGR of 25.70%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Coverage Type,
Enterprise Size, End User, and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Latin America, and Middle East and Africa.
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Increased Penetration
of E-commerce and Growth of Online Shopping
|
Key Market
Drivers
|
Growing Number of
Attacks and Maturity of Cyber Threats
|
Segments covered in Cyber Insurance Market are as
follows:
- Coverage Type
- First-party, Insurance companies, Third-party, Liability
Coverage, Others
- Enterprise Size
- Large Enterprise, Small and Medium Enterprises (SME)
- End-User
- BFSI, IT & Telecom, Healthcare, Retail and E-commerce,
Others
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https://www.skyquestt.com/speak-with-analyst/cyber-insurance-market
First Party Segment Drives the Market Due to Increasing
Hacking Activities, Extortion, and Online Thefts
The first party coverage domain is dominating the market share
since it entails cases where the prey is directly engaged in the
incident. It offers financial support to companies to alleviate the
impact of cyberattacks. The rising cases of extortion, hacking
activities, online theft, and data destruction are projected to
considerably support the growth of the first party segment.
Conversely, the liability and third-party segments are projected
to be the fastest growing. Liability coverage is customized to
certain needs of companies with more advantages like coverage of
data breaches, business interruption, forensic help in safety
against cyberattacks, and coverage afar usual liability rules. The
framework and adoption of such specific policies are helping the
market progress with ore number of adoptions soon.
Growing Need for High-Quality Risk Management Solutions to
Help Lead the Large Enterprise Domain
The large enterprise segment is anticipated to grow considerably
over the forecast period on the back of huge data generation. This
ultimately increases the cases of massive data attacks. Hence, the
bigger companies are actively spending on optimal and high-quality
risk management services that promise top-class safety of the
company data as well as of the customer.
Moreover, the SME sub-segment is anticipated to be the fastest
growing throughout the estimated period. Small and medium sized
businesses are the new vulnerable targets of hackers. Owing to
this, small and medium businesses are aiming to invest rigorously
in better cybersecurity insurance services. Delivery of quality
insurance will support the cyber insurance market flourish over the
coming years.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/cyber-insurance-market
BFSI Segment Leads on the Back of Massive Data Generation,
Demanding Superior Security Services
The BFSI domain is anticipated to register for a majority share
of the market owing to increasing consumer preference for
digitalization, internet banking, social media use, and mobile
applications, leading to increasing cyber risks. Owing to the huge
generation of data in the finance industry, hackers can easily hack
their systems and misuse their data. This is projected to surge the
demand for superior risk management solutions by the industry,
impelling the cyber insurance market growth.
The healthcare sector is expected to be the fastest-growing
segment owing to rising demand for insurance policies due to
increased data breaches in the industry. In the past years, the
healthcare segment reported more than 4500 data breach cases
comprising 500+ records till 2021 from 2009.
Internet of Things, AI, Operational Technology to be
Opportunistic for the Market
Future cyber breaches will significantly increase supported by
major advancements in technologies, such as AI like ChatGPT,
developing landscape of information technology, operational
technology, and the internet of things. These converging
technologies, all together offer abundant opportunities for all and
emerging businesses, governments, and society, and with this
cyberattacks will also increase with more sophistication. Here, the
human aspect will remain a hindrance to cybersecurity. Hence,
social engineering & business email compromise abbreviated as
BEC and phishing are projected to remain positive and effective
attack routes.
Related Report:
Cyber Security Market
Cloud Security Market
Endpoint Security Market
IOT Security Market
Zero Trust Security Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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