According to market research report on "Cybersecurity Insurance Market (with COVID-19 Impact Analysis) by
Component (Solutions (Analytics & Cybersecurity) and Services), Type
(Standalone & Packaged), Coverage (Data Breach & Cybersecurity
Liability), Organization Size, End User (Technology & Insurance), and
Region - Global Forecast to 2025", published by
MarketsandMarkets™, the Cybersecurity
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 cybersecurity insurance policies.
Browse and in-depth TOC on
“Cybersecurity Insurance Market”
193 – 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 cybersecurity insurance solutions and are expected to invest
significantly in advanced cybersecurity insurance solutions to provide optimum
security to their enterprises’ intense competitive environment.
Large enterprises have adopted cybersecurity 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 cybersecurity risk awareness with the
need for cybersecurity 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
cybersecurity insurance market. The presence of majority of key players in the
cybersecurity 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 cybersecurity insurance solutions and services.
Market Players
The technology vendors covered in the Cybersecurity 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
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), 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 cybersecurity insurance market.
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