Cyber Insurance Market to Generate USD 48,328.4 Million Revenue in 2030, Says P&S Intelligence

NEW YORK, Jan. 12, 2023 /PRNewswire/ -- As per the recent market research study P&S Intelligence, the cyber insurance market was valued USD 11,904.6 million in 2022, which is projected to rise at a rate of 19.1% from 2022 to 2030, to touch USD 48,328.4 million. The growth is ascribed to the rising number of malware, virus, and other kinds of attacks on IT networks, increasing legislation with regard to cybersecurity, and implementation of risk mitigation and insurance strategies across industries.

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Rising Count of Attacks on IT Networks Fuels Cyber Insurance Demand

• Over 390,00 cases of government benefit frauds were reported in 2021, according to the Consumer Sentinel Network. Ascribed to this momentous increase in the number of attacks on IT networks, numerous nations have mandated the implementation of better security policies to protect the personal details of consumers.
• Moreover, organizations can decrease the effect of such events with robust insurance policies. It provides protection to companies against losses due to internet-based attacks on the IT infrastructure, information policy, and governance, which are not often covered in conventional reimbursement packages.
• Furthermore, several countries penalize businesses for the breach of critical records, implementing stringent terms and conditions for this. In addition, the regular attacks by cybercriminals on SMEs are due to the weak cybersecurity solutions. It, thus, fuels the requirement for comprehensive reimbursement policies among businesses.

Rising Internet Penetration in Healthcare Sector Fuels Cyber Insurance Demand

• The healthcare category is expected to experience the highest CAGR, of more than 20%. The rising digitalization rate and internet penetration in the healthcare sector have created online vulnerabilities, led by the exposure of essential records to internal and external threats.
• Over the years, the healthcare vertical has been a major target for attackers. Therefore, it is required to be protected from malicious intent, which is why cyber insurance is garnering popularity here.
• The related policies cover hacking, data breaches, and other digital-security-related issues. They also provide support to organizations in covering the legal fees, besides mitigating the losses due to damaged network, software, hardware, and associated losses.
• Stolen health information is sold for hundreds or thousands of dollars on the black market. The average cost incurred because of a data breach for each stolen record is approximately $355, compared to the average of around $158 incurred because of a data breach in a non-healthcare organization for each stolen record.

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North America Has Strongest Need for Cyber Insurance

North America holds the largest share, of around 50%. It is attributed to the presence of major players, including, Lockton Incorporated, American International Group Inc., Chubb Group Holdings Inc., in the region. Moreover, the region is home to multi-billion-dollar BFSI, healthcare, and IT firms, which have a huge volume of sensitive data to protect.

Global Cyber Insurance Market Report Coverage

By Policy

• Data Breach
• Identity Theft
• Malware Attack
• Phishing
• Email Spoofing

By Product Type

• Standalone
• Integrated

By Service

• Insurance
• Claims
• Risk Consulting

By Enterprise

• Large Enterprises
• Small- and Medium-Sized Enterprises (SMEs)

By End User

• Banking, Financial Services, and Insurance (BFSI)
• IT & Telecom
• Healthcare
• Government
• Retail and E-Commerce
• Manufacturing

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• U.A.E.
• South Africa

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 About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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SOURCE P&S Intelligence