The cybersecurity insurance market is projected to grow from USD 10.3 billion in 2023 to USD 17.6 billion by 2028, at a CAGR of 11.4% 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.
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Unique Features in the Cybersecurity Insurance Market
Businesses can customise their insurance plans according to industry vertical, regulatory needs, and specific cybersecurity threats by using the bespoke coverage choices offered by cybersecurity insurance policies.
In the case of a cyberattack, incident response services from specialised cybersecurity companies are often covered by cybersecurity insurance policies. These services include forensic investigations, breach containment, and crisis management.
In order to assist companies in identifying weaknesses, strengthening their cybersecurity posture, and putting preventative measures in place to lessen the possibility and effect of cyber incidents, cybersecurity insurance frequently provide risk assessment and mitigation services.
Pre-breach services like cybersecurity training, vulnerability assessment, and security awareness programmes are included in certain cybersecurity insurance policies to assist companies in fortifying their defences and reducing the likelihood of a cyberattack.
Cybersecurity insurance help firms traverse complex regulatory landscapes and prevent potential penalties for non-compliance by offering support with regulatory compliance obligations relating to data protection and privacy legislation.
Major Highlights of the Cybersecurity Insurance Market
The cybersecurity insurance industry is evolving due to emerging themes including cyber resilience, supply chain risk management, cyber resilience, and cyber threat intelligence. These trends are propelling innovation and adaptation to tackle the ever-developing cyber threats and vulnerabilities.
In order to analyse policyholders’ cybersecurity posture, gauge their risk exposure, and choose the right insurance coverage and rates based on risk profiles and risk mitigation strategies, insurers are using cybersecurity risk assessment tools and processes.
The market for cybersecurity insurance is becoming more consolidated as a result of mergers and acquisitions and increased insurer rivalry. This is driving the market for innovation, competitive pricing, and product differentiation.
Insurance companies are collaborating and developing strategic alliances with technology companies, risk management consultants, and cybersecurity organisations in order to strengthen their risk assessment capabilities, expand their cyber insurance offerings, and give policyholders value-added services.
The inclusion of cybersecurity insurance in risk management programmes is becoming essential for organisations as it provides financial protection against cyber attacks and data breaches in addition to cybersecurity safeguards and risk mitigation initiatives.
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Top Companies in the 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), Trellix (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), Coalition (US), Resilience (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), Ivanti (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.
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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