The global Cybersecurity Insurance Market size in the post-COVID-19 scenario is projected to grow from USD 11.9 billion in 2022 to USD 29.2 billion by 2027, at a CAGR of 19.6% during the forecast period. High rate of recovery of financial losses is driving the cybersecurity insurance market growth. Several enterprises are opting for cybersecurity insurance policies to cover huge financial losses, resulting in cyber incidents. SMEs are more exposed to cyber threats due to the acceleration in the use of cloud-based business models, the lack of concrete laws in developing and underdeveloped countries, internal employee threats, and extensive Bring Your Own Devices (BYOD) and WFH trends.
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By organization size, the small and medium enterprise segment to have the highest growth rate during the forecast period
SMEs are majorly adopting cybersecurity insurance solutions and services to secure from cyberattacks and due to the growing instances of fraud. The insurance enterprise, Beazley, has revealed that 60% of ransomware attacks were targeted toward SMEs. Emsisoft, an anti-virus software firm, stated that businesses paid a ransom of USD 1.3 billion to cyberattackers in 2019. SMEs are more vulnerable to cyberattacks as it is easier to gain access to their servers than larger networks. SMEs are expected to earmark more budgets for cybersecurity insurance in the coming years due to the soaring cases of cyber-induced attacks and the increasing mandatory legislation during the pandemic.
Asia Pacific is expected to have the highest growth rate during the forecast period
Asia Pacific countries are highly concerned about the increase in security spending due to the ever-growing threat landscape. The region comprises emerging economies, such as China, Japan, ANZ, and Singapore. With effective government regulations and technological advancements, cybersecurity insurance is witnessing high growth opportunities in this region. Various developments are taking place in Asia Pacific, concerning the adoption of technologies, such as BI tools, cloud, analytics, and rapid infrastructure development. The increase in regulatory developments, with surge in fines and penalties from non-compliance, is expected to uptake the demand for the cybersecurity insurance market in Asia Pacific in the future. Zurich Insurance stated that the cybersecurity insurance market is set to grow significantly in Asia Pacific. AIG, Allianz, Chubb, and Zurich are among the prominent players for cybersecurity insurance in Asia Pacific.
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Various globally established players such as BitSight (US), Prevalent (US), RedSeal (US), SecurityScorecard (US), Cyber Indemnity Solutions (Australia), Cisco (US), UpGuard (US), Microsoft (US), Check Point (US) are dominating the cybersecurity insurance market. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the cybersecurity insurance market.
BitSight Technologies is an information security company that manages third-party risks, underwrite cybersecurity insurance policies, assess aggregate risks, and conducts Merger and Acquisitions (M&A) due diligence. BitSight Technologies provides cybersecurity insurance carriers, brokers, insurers, and risk managers to identify risks associated with underwriting cyber liability and monitor security vulnerabilities. BitSight’s Security Ratings is used by over 1,000 users and organizations worldwide, including top cyber insurers and investment banks, and 20% of Fortune 500 companies. The BitSight Security Ratings for cybersecurity insurance helps brokers, risk managers, reinsurers, and cybersecurity insurance carriers to manage their security posture. The solutions provide insurers with a comprehensive report to measure 12 months of historical data and comparisons with industry benchmarks. The BitSight Security Ratings helps tackle cybersecurity insurance underwriting issues, improve underwriting effectiveness, proactively address security events on the insured’s network, provide valuable insights to insureds, and identify and mitigate cyber liability risks.
Prevalent, founded in 2004, and headquartered in the US, is a third-party risk management solution provider. It helps global enterprises monitor security threats and risks associated with third- and fourth-party vendors. Prevalent specializes in third-party risk software, vendor risk networks, and third-party risk services. Its third-party risk software allows organizations to gain a holistic view of third-party risks, vendor risk assessment, and vendor risk monitoring. Its third-party risk services include vendor risk assessment services and professional services. Legal, healthcare, finance, and retail are the major industries that leverage Prevalent’s third-party risk management platform. Its cybersecurity insurance solutions ensure compliance with third-party risk management mandates and regulatory guidelines, such as the California Consumer Privacy Act (CCPA), Cloud Security Alliance Consensus Assessment Initiative Questionnaire (CAIQ), Cybersecurity Maturity Model Certification (CMMC), the European Banking Authority (EBA) Outsourcing Guidelines, Financial Conduct Authority (FCA FG) 16/5, Federal Financial Institutions Examination Council (FFIEC) IT Exam Handbook, General Data Protection Regulation (GDPR), Health Insurance Portability and Accountability Act (HIPAA), International Organization for Standardization (ISO) 27001/27002/27018, North American Electric Reliability Corporation Critical Infrastructure Protection (NERC CIP), National Institute of Standards and Technology Special Publication 800-53 (NIST SP), NY SHIELD Act, NY CRR 500, the Office of the Comptroller of the Currency OCC Bulletins, Payment Card Industry Data Security Standard (PCI DSS), and Service Organization Control 2 (SOC 2)
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