The Cybersecurity Insurance Market is projected to grow from USD 14.4 billion in 2023 to USD 33.4 billion by 2028, at a CAGR of 18.3% during the forecast period. The scarcity of skilled cybersecurity professionals’ challenges organizations in effectively managing cyber risks. Cybersecurity insurance offers expertise and resources to support organizations in responding to and recovering from cyber incidents.
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Based on insurance type, the standalone segment holds the largest market and highest CAGR during the forecast period.
The demand for dedicated cybersecurity insurance policies and the need to mitigate the risks associated with “silent cyber” have led to the increasing popularity of standalone cybersecurity insurance policies. These standalone policies are projected to surpass packaged cybersecurity insurance policies regarding market growth. Organizations are increasingly concerned about cyber risks and seek specialized coverage solely for cyber risk protection, driving the demand for standalone cyber policies. Insurance providers such as AIG, Lloyd’s, and Allianz are embracing affirmative cyber and witnessing the growth of standalone policies. These policies are designed to address more complex cyber risks compared to packaged cybersecurity insurance. For example, AIG offers its clients a comprehensive cybersecurity insurance package that includes traditional property and casualty policies and a standalone CyberEdge policy. The CyberEdge policy provides policyholders with a broader range of security protection than the packaged endorsement. Key players in the market offering standalone cybersecurity insurance solutions include AXA XL, AIG, Travelers Insurance, Beazley, Zurich, Fairfax, Tokio Marine, Liberty Mutual, and CNA.
Based on insurance provider end users, healthcare & life sciences is projected to register the highest CAGR during the forecast period.
The healthcare industry faces various challenges, including regulatory fluctuations and the ever-evolving landscape of cyberattacks and breaches. Compliance with privacy and data security regulations such as HIPAA and HITECH necessitate the reliance of healthcare organizations on cybersecurity insurance policies to cover penalty fees. The COVID-19 pandemic has exacerbated cyber threats, with healthcare organizations experiencing increased attacks like ransomware and misinformation campaigns. Cybersecurity insurance is a crucial safeguard for healthcare providers, offering financial protection against cybercrimes, ransomware, data breaches, and other cybersecurity incidents.
Unique Features in Cybersecurity Insurance Market:
The market for cybersecurity insurance had distinctive characteristics that were changing how businesses handled cyber risks. Customised insurance addressed particular weaknesses and covered data breaches, business interruption, and legal penalties.
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One important service was incident response, which gave customers access to specialists and consultants for efficient mitigation. Coverage included third-party liabilities, such as court costs and settlements, as well as breach notification expenses. Some insurance plans included covered ransomware payments, regulatory fines, and business interruption costs.
Costs associated with forensic investigations and crisis management insurance for reputational harm were both included. Services for risk assessment improved cybersecurity posture. Global coverage was typical, addressing dangers in numerous countries and regions.
Cyber-related losses of digital assets and intellectual property were also addressed. Please be advised that changes could have happened after my previous update. Together, these elements improve an organization’s capacity to control and lessen financial losses caused by cyber risks and data breaches.
Top Companies in Cybersecurity Insurance Market:
The major vendors covered in the cybersecurity insurance market include BitSight (US), Prevalent (US), RedSeal (US), SecurityScorecard (US), Cyber Indemnity Solutions (Australia), Cisco (US), UpGuard (US), Microsoft (US), Check Point (US), AttackIQ (US), SentinelOne (US), Broadcom (US), Accenture (Ireland), Cylance (US), FireEye (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). The insurance vendors covered in the cybersecurity insurance market are Allianz (Germany), AIG (US), Aon (UK), Arthur J. Gallagher & Co (US), Travelers Insurance (US), AXA XL (US), AXIS Capital (Bermuda), Beazley (UK), Chubb (Switzerland), CNA Financial (US), Fairfax Financial (Canada), Liberty Mutual (US), Lloyd’s of London (UK), Lockton (US), Munich Re Group (Germany), and Sompo International (Bermuda). The startup vendors covered in the cybersecurity insurance market are At-Bay (US), Cybernance (US), CyberCube (US), Coalition (US), Arceo.ai (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), RiskSense (US), SafeBreach (US), and Cronus Cyber Technologies (Israel). These players have adopted various growth strategies, such as partnerships, business expansions, agreements, collaborations, and new product launches, to expand their presence in the cybersecurity insurance market.
Major Highlights of the Cybersecurity Insurance Market:
Significant trends in the market for cybersecurity insurance were influencing how organisations manage cyber threats. While comprehensive incident response services offered access to professionals for efficient mitigation, tailored risk coverage addressed particular weaknesses, such as data breaches and regulatory fines.
Business interruption damages, third-party liability, and breach notification fees were all covered. The market placed a focus on defence against ransomware attacks, paying ransoms and related costs. Regulation penalties, forensic investigation expenses, and crisis management initiatives were all covered by policies.
It was typical to have services for risk assessment and global coverage across several jurisdictions to support cybersecurity strategy. Intellectual property was protected via digital asset protection.
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RedSeal offers a cybersecurity analytics platform to enterprises and develops Security Risk Management (SRM) software for managing and preventing network breaches and failures. It analyzes businesses’ networks, creates an analytics model for monitoring the network’s performance, and provides a digital resilience score enabling users to benchmark and set targets for network security. It provides insights for identifying at-risk assets and corrective actions that must be taken. Its Digital Resilience Score solutions aid clients, brokers, and underwriters to measure their network resilience and ensure network security. It caters to multiple industries, including governments, utilities, healthcare, banking, and insurance. Red Seal’s customer base includes Global 2000 companies and government agencies, such as US federal agencies (DoD), civilian, and intelligence communities. It serves other industries, such as finance, healthcare, retail, and technology sectors, and has presence across North America, Europe, and Asia.
SecurityScorecard is a cloud-based provider of risk scorecards and an information security company that rates the security postures of corporate entities. The product offers real-time threat intelligence and risk awareness by automated real-time monitoring of all risk factors. The product’s features include the status of security levels of every organization and data sharing. Its comprehensive solution range includes enterprise cyber risks, third-party risks, executive-level reporting, cybersecurity insurance, due diligence, and compliance. Financial services, insurance, healthcare, government, retail, and ITeS are the major verticals that SecurityScorecard serves. It also offers monitoring signals of the company, partner networks, categories, and assesses signals at malware events, uses a real-time query to get a collective scorecard of any domain using a search engine. SecurityScorecard’s patented technology is used by organizations to assess their cybersecurity risks, insurance underwriting, and third-party risk management.
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