In recent years, the volume and sophistication of cyberattacks have been rising, creating a pressing need for advanced cybersecurity policies and systems. It is predicted that in the coming years, this trend will gain momentum, opening new opportunities for the vendors of cyber insurance policies. Additionally, the COVID-19 pandemic has given impetus to the adoption of a digital-first organisational culture and the remote working model. In this context, the global cyber insurance market is expected to expand significantly, attracting lucrative investments from cybersecurity industry leaders. During the forecast period, the demand for standalone over the packaged insurance type is anticipated to be higher due to the former’s superior coverage benefits. Over the foreseeable future, this optimistic business scenario is expected to open sustainable growth prospects across the cyber insurance market.
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Rising Sophistication in Intensity of Cyberattacks Unlocks New Opportunities
Cyberattacks and data breaches have become global issues, with a growing number of incidents in the past couple of years. The average number of data breaches and cyberattacks has been witnessing continuous year-on-year growth. This trend has led to an increased demand for cybersecurity measures, thereby driving the expansion of the cyber insurance market. Moreover, industries such as healthcare, BFSI, and retail, among others, are the prime targets for hackers due to the large amount of customer data they possess. These threats pose serious implications for economic prosperity, government security, brand reputation, and public safety. To this end, government authorities have formed cybersecurity commissions, aiding the market growth. Furthermore, the rising awareness of the risks associated with business interruption is set to fuel the demand for cyber insurance.
Demand for Standalone Insurance Augments Amid Concerns for Network Security
The standalone insurance option has become highly sought-after by both SMEs and large enterprises due to its comprehensive coverage policy. It protects organisations from potential lawsuits and offers sound protection against business interruption, fund transfer loss, data destruction or loss, and other similar risks. Consequently, companies are predicted to embrace standalone insurance policies, augmenting their demand across the global cyber insurance market. Notably, this demand is expected to remain steady with the robust adoption of emerging technologies in the post-pandemic period. The COVID-19 pandemic has accelerated digitalization in all industries as enterprises race to build secure and efficient remote work models. This growing demand to protect a company’s online communication networks is a major factor steering growth in the cyber insurance market.
North America Gains Market Lead Due to Stringent Policies on National Cybersecurity
North America is poised to command a substantial share of the global cyber insurance market revenue. The rise in cyberattacks and the high risk of data loss in the region are creating novel growth outcomes in developed North American economies such as the United States and Canada. Moreover, strict government regulations and cybersecurity policies are set to influence the demand for cyber insurance in the region. On the other hand, the Asia Pacific is also predicted to experience growth in its cyber insurance market, particularly in India and China due to the increasing acceptance and use of technology.
Prominent Market Players
Leading players in the global cyber insurance market are Allianz, Cybernance, Chubb, AXIS Capital, BitSight, CNA Financial Corporation, Coalition, The Hanover Insurance Inc., American International Group Inc., AXA XL, Zurich Insurance, Beazley Group, and Cronus Cyber Technologies.
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