Cybersecurity Insurance Market 2023-2032; Growth Forecast & Industry Share Report

Cybersecurity Insurance Marekt size could reach USD 88.8 billion by 2032. As per the report, the cybersecurity insurance market witnesses soaring demand as industries and companies delve deeper into cybersecurity.

In December 2023, The United India Insurance Company Limited, a public sector entity, announced that it is venturing into the retail cybersecurity insurance sector. Introducing three distinct products, they aimed to safeguard laptops and personal computers (PCs) from cyber attacks. Satyajit Tripathy, the company's chairman and managing director, stated that these policies will debut before March 2024. Tripathy emphasized the surging demand for retail insurance due to escalating cybersecurity threats. Stringent data protection regulations worldwide (such as GDPR in Europe and CCPA in the U.S.) mandate organizations to adhere to specific cybersecurity standards, further propelling the industry demand.

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IT & Telecom segment is projected to grow at a significant CAGR till 2032. With rapid technological advancements and increased reliance on interconnected networks, these industries face amplified cyber risks. To fortify against threats like data breaches and system compromises, IT & Telecom companies are increasingly seeking specialized cyber insurance. This surge in demand reflects the necessity to safeguard critical infrastructure, ensuring continuity and resilience in the face of evolving cyber threats.

Large enterprises cybersecurity insurance market will witness a lucrative growth up to 2032, claims the study. Large companies with expansive digital footprints face heightened risks of cyber-attacks and data breaches. To shield against potential financial losses and reputational damage, these organizations invest in comprehensive cyber insurance. This demand arises from the imperative to fortify defenses and mitigate the impact of sophisticated cyber incidents. Cyber insurance serves as a vital component in their risk management strategy, ensuring resilience in an increasingly interconnected business landscape. These factors collectively fuel the growing contribution of large enterprises in the market share.

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Aon PLC, BitSight Corporation, Munich RE, The Hanover Insurance Inc., Zurich Insurance Co. Ltd., Axis Capital, The Chubb Corporation, American International Group Inc., Liberty Mutual, Lockton Companies Inc. Companies in the cybersecurity insurance market are employing various strategies to enhance their market presence, by participating in launching products at several expos and events that are aimed at showcasing potential in the construction industry. 

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Cybersecurity insurance market 360ยบ synopsis, 2018 - 2032

2.2    Business trends

2.2.1    Total Addressable Market (TAM), 2024-2032

2.3    Regional trends

2.4    Component trends

2.5    Enterprise size trends

2.6    Insurance type trends

2.7    Coverage type trends

2.8    End use trends

Chapter 3   Cybersecurity Insurance Industry Insights

3.1    Industry ecosystem analysis

3.2    Supplier Landscape

3.3    Profit margin analysis

3.4    Technology innovation landscape

3.5    Patent analysis

3.6    Key news and initiatives

3.7    Regulatory landscape

3.8    Impact forces

3.8.1    Growth drivers

3.8.1.1   Growing cyber threats including data breaches and ransomware attacks

3.8.1.2   Stringent regulatory compliance in various economies

3.8.1.3   Evolving cyber insurance products

3.8.1.4   Growing cybersecurity awareness and education

3.8.1.5   Rising business continuity concerns

3.8.2    Industry pitfalls & challenges

3.8.2.1   Increasing complexity of cyber risks

3.8.2.2   High cost of claims

3.9    Growth potential analysis

3.10    Porter’s analysis

3.11    PESTEL analysis

About Global Market Insights:

 

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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