Global Cyber Security Insurance Market Will Grow To $61.2B

The cyber insurance market continues to grow at a steady, yet impressive rate. According to a recent Future Market Insights’ Report, the cyber security insurance market is expected to reach US$ 11.5 Billion this year and it will register a forecast Compound Annual Growth Rate (CAGR) of 18.2% from this year to 2032. 

Growing security threats and financial losses are expected to push the market for cyber security insurance to US$ 61.2 Billion by the end of 2032.  

Business owners regularly purchase insurance policies in order to keep themselves protected from a variety of unforeseen circumstances, such as natural disasters as well as lawsuits brought by unhappy customers.
Business is implementing insurance policies in response to the rising risk of data breaches and cyber security risks. The insurance type segment is expected to be dominated by standalone insurances during the forecast period. 

As businesses embark on their digital journey they face new opportunities and threats in the market. In addition, companies are being held to a higher standard of governance. Moreover, society as a whole is struggling to combat the rising impact of cyber incidents, such as ransomware, which is gaining traction.

The Key Findings Include:

  • By end user, cyber security insurance solutions to be leveraged maximum by insurance providers, registering an 18% CAGR.
  • Presence of major key players and the growth of IT business in U.S. to push the market to US$ 21.3 Billion by 2032.
  • Growing telecom businesses to push the Chinese market at a CAGR of 17.5% from 2022-2032.
  • Global cybersecurity insurance market to yield an absolute value of US$ 49.8 Billion.
  • U.K. market is expected to grow at a CAGR of 17.1% during the forecast period.

“With a growing demand for cybersecurity insurances due to concerns with social media platforms and the growing digitization and threats in the BFSI industries, cybersecurity insurances are expected to grow rapidly in coming years " the report says. 

Competitive Landscape

With the growth of cloud-based technologies and the adoption of cloud-based storage systems, the market is projected to grow in the future.  Strategic partnerships can provide a company with the potential to expand its operational capabilities. 

Insurers provide smart and dynamic policies that can help recover a company’s financial losses in the market.

In September 2021, Microsoft announced a partnership with At-Bay, a pioneering cyber insurance company. The cyber risk that each company it insures is assessed by At-Bay through its modern approach to risk management. Customers are then given actionable insights on how to improve their security posture. Using improved policy terms and pricing to encourage the implementation of security controls has strengthened the overall security of At-Bay's portfolio companies.

In January 2022, as part of its 2023 strategy, the Asian Investment Bank (AIB) and IBM signed an agreement worth €65 million over three years to accelerate the bank's digital transformation, meet its customer-first commitment, and accelerate its transition to hybrid cloud technologies. IBM's technology will help AIB expand its cyber resilience and fraud detection capabilities, ensuring the high quality and safety of its digital services. 

You Might Also Read: 

Impress Your Cyber Insurance Underwriters With These Essential Tips:

 

« Small Business Still Not Ready For Cyber Attacks
EnemyBot Malware Targets Web Servers »

Quartz Conference
CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

CSI Consulting Services

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

XYPRO Technology

XYPRO Technology

XYPRO is the market leader in HPE Non-Stop Security, Risk Management and Compliance.

IT Governance

IT Governance

IT Governance is a leading global provider of information security solutions. Download our free guide and find out how ISO 27001 can help protect your organisation's information.

Clayden Law

Clayden Law

Clayden Law are experts in information technology, data privacy and cybersecurity law.

ZenGRC

ZenGRC

ZenGRC - the first, easy-to-use, enterprise-grade information security solution for compliance and risk management - offers businesses efficient control tracking, testing, and enforcement.

AdNovum Informatik

AdNovum Informatik

AdNovum Informatik provides a full set of IT services, ranging from consulting, the conception and implementation of customized business and security solutions to maintenance and support.

Sword GRC

Sword GRC

Sword GRC provides an award-winning platform for Governance, Risk and Compliance, made up of best-of-breed solutions that address the requirements of all enterprise market sectors.

Malta Information Technology Agency (MITA)

Malta Information Technology Agency (MITA)

MITA is the central driver of Government Information and Communications Technology (ICT) policy, programmes and initiatives in Malta.

CSIS Security Group

CSIS Security Group

CSIS provide actionable threat intelligence, prevention, incident response and 24/7 managed security services.

Japan Network Security Association (JNSA)

Japan Network Security Association (JNSA)

JNSA's goal is to promote standardization related to network security and to contribute to greater technological standards in the field.

HDI Global SE

HDI Global SE

HDI Global SE provides customised insurance solutions for industrial and commercial clients worldwide including Cyber Liability insurance.

Cybonet

Cybonet

Cybonet is committed to empowering organizations of all sizes with the tools and capabilities to detect and engage cyber security threats.

Arilou Technologies

Arilou Technologies

Arilou Cyber Security, part of NNG Group, is a pioneer in the field of automotive cyber security.

Center for Applied Cybersecurity Research (CACR) - University of Indiana

Center for Applied Cybersecurity Research (CACR) - University of Indiana

CACR serves Indiana and the nation by tackling cyber risk in research and other unusual environments through agile, holistic, principle-based cybersecurity.

Elysium Analytics

Elysium Analytics

Elysium Cognitive Security Analytics delivers the latest and most flexible security system to reduce cost and complexity while providing unmatched scalability.

Open Raven

Open Raven

Open Raven is the cloud native data security platform that prevents breaches driven by modern speed and sprawl. Restore full visibility and regain control within minutes, without agents.

CyberCX

CyberCX

CyberCX provides services from strategic consulting, security testing and training to world-class managed services and engineering solutions.

Industrial Defender

Industrial Defender

Committed to ICS Cybersecurity. Industrial Defender provides a fully automated solution to discover, track and report on assets across your ICS footprint.

US Marine Corps Forces Cyberspace Command (MARFORCYBER)

US Marine Corps Forces Cyberspace Command (MARFORCYBER)

US Marine Corps Forces Cyberspace Command (MARFORCYBER) conducts full spectrum military cyberspace operations in order to enable freedom of action in cyberspace and deny the same to the adversary.

Prescient Solutions

Prescient Solutions

Prescient Solutions is a managed services provider, using a cloud-based model to provide IT solutions to small, mid-sized, global organizations and government entities.

The IoT Academy

The IoT Academy

The IoT Academy is a reputed Ed-Tech Institute that provides training in emerging technologies such as embedded systems, the Internet of Things (IoT), Data Science and many more.