According to market research report on "Cyber Insurance Market by Component (Solutions (Analytics &
Cybersecurity) and Services), Type (Standalone & Packaged), Coverage (Data
Breach & Cyber Liability), Organization Size, End User (Technology &
Insurance), and Region - Global Forecast to 2025", published
by MarketsandMarkets™, the Cyber
Insurance Market size in the post-COVID-19 scenario is
projected to grow from USD 7.8 billion in 2020 to USD 20.4 billion by 2025, at
a CAGR of 21.2% during the forecast period.
The major factors driving the market include the increasing number of
security breaches and cyberattacks resulting in huge financial losses, and
stringent government regulations towards adoption of cyber insurance policies.
Browse and in-depth TOC on
“Cyber Insurance Market”
109 – Tables
82 - Figures
290 - Pages
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By organization size, the large enterprise segment to lead the
market in 2020
Large enterprises are organizations that have more than 1,000
employees. These organizations invest heavily in advanced technologies for
increasing overall productivity and efficiency. Large enterprises are widely
opting cyber insurance solutions and are expected to invest significantly in advanced
cyber insurance solutions to provide optimum security to their enterprises’
intense competitive environment.
Large enterprises have adopted cyber insurance solutions, as
they use a large number of cloud and Internet of Things (IoT)-based applications
that are highly susceptible to cyberattacks. Moreover, stringent regulatory
pressure is driving cyber risk awareness with the need for cyber insurance
solutions. For example, in the US, CCPA is one of the toughest data privacy
law.
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North America is expected to hold the largest market size during the forecast period.
North American has sustainable and well-established economies,
which empower it to invest significantly in Research and Development (R&D)
activities, thereby contributing to the development of new technologies in the Cyber Insurance Market. The presence
of majority of key players in the Cyber
Insurance Market is expected to be the major factor driving the
growth of the market in this region. Key players, such as BitsSight
Technologies, Prevalent, RedSeal, SecurityScorecard, Cisco, Microsoft, UpGuard,
FireEye, among others along with several start-ups such as At-Bay, Cybernance,
Coalition, Arceo.ai, Zeguro, etc. in the region offer immense opportunity for
the growth of cyber insurance solutions and services.
Market Players
The technology vendors covered in the Cyber Insurance Market report 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), Kenna
Security (US), Cylance (US), FireEye (US), CyberArk (US), CYE (Israel),
SecurIT360 (US), and Founder Shield (US). The insurance vendors covered in the Cyber 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 Cyber
Insurance Market are At-Bay (US), Cybernance (US), CyberCube (US),
Coalition (US), Arceo.ai (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro
(US), RiskSense (US), Cyence (US), SafeBreach (US), and Cronus Cyber
Technologies (Israel). 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 Cyber Insurance Market.
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