Cyber Insurance Market Revenue Data Historic and Forecast Analysis

Market Scenario
Cyber risk is an ever-growing concern for business community, that has led to huge economic loss of over USD 1 trillion (Source: World Economic Forum). Uncertainty resulting from everchanging risk environment is a major factor which is increasing the frequency of cyber incidents. For instance, in 2017, major data loss cases were due to unauthorised cloud service provider, while some of the cases were reported in the manufacturing and transportation sector. Thus, risk of cyber breaches lies in most of the commercial sector, which is fuelling the need for cyber insurance to mitigate the economic loss. Below figures gives an overview of economic loss occurred through cyberattacks in the U.S. in 2017, by state.

Global cyber insurance was valued at a worth of USD 11.06 billion in 2021 and is estimated to grow at a CAGR of 22% during the forecast period 2022-2031.

Market Dynamics
Rapid adoption of digital technologies in all commercial sectors such as banking and finance, transportation, healthcare and others has enabled hackers to focus on various strategies to conduct data breach attacks. Major cases of data leaks through biometrics has already reported in the Middle East and Africa region (Source: Kaspersky Lab). As more biometric systems are being adopted for user identification and authentication in Middle East, Turkey and Africa regions, the risk of data breach through these technologies remains a major concern, which is fuelling the market growth.

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Mandatory government regulations to impart effective cyber-security measures, thereby reducing economic loss has also propelled the market. For instance, adoption of Global Data Protection and Regulation (GDPR), that primarily deals with controlling personal data with the help of effective appropriate technical and organisational measure. Companies violating this regulations will be penalized fine upto appropriate technical and organisational measures.

Intended Audience
• Insurance Companies
• Government and Research Agencies
• Information Security Organizations
• Technology End-Users

Segmental Insights
Global cyber insurance market is segmented by product, enterprise and applications.

Based on product, the market is segmented into standalone cyber insurance and packaged cyber insurance. Standalone cyber insurance plays a significant role in facilitating comprehensive and innovative solutions to address buyers changing needs and risks. Increasing concern among the customers regarding the systemic cyber events, where one cyber event triggers multiple claims under national and global levels is also favoring the growth of standalone cyber insurance market.

Based on enterprise, the market is segmented into small and medium enterprise and large enterprise. Lack of adoption of effective measures in terms of effective technology deployment and adequate insurance policies is one of the major factors that is mainly fueling the market growth. World Economic Forum's global risk report also states that cybercrime has become a part of interconnected global risk with attacks being targeted on all business.

Additionally, cybersecurity report from Keeper Security also states that, hackers have breached over 14 Million out of 28 Million SME's in 2016. Furthermore, 60 percent and 70 percent of SMEs are unable to survive a breach and are out of business owing to no supplemental support mechanism in place to help them rebuild the company and reinstate their operations.

Based on applications, the market is segmented into financial institutions, retail & wholesale, healthcare, business services, manufacturing, technology and others. Healthcare segment holds a significant share in the global cyber insurance market, owing to increased data breach occurrence in the healthcare sector. In 2017, about 477 data breach issues were reported to U.S. Department of Health and Human Services (HHS). The data breaches affected a total of 5.579 Million patient health records (Source: Protenus).Other key trend is, increase in hacking incidents including ransomware/malware seemingly doubled from 2016 to 2017. In 2016, there were 120 hacking incidents, which accounted for 87 percent of all affected records (23.7 million patient records).

Regional Insights
Global cyber insurance market is mainly studied across North America, Europe, Asia Pacific and LAMEA.
North America is estimated to hold major share in the global cyber insurance market, owing to increase in the number of cyber attacks and breaches coupled with the rise in economic losses. For instance, in 2014, about 783 data breaches were reported with 85.6 million record exposed, while in the first half of 2015, about 400 data breach event were reported. According to McAfee, annual cost of global economy from cybercrime is about USD 445 billion within a year. This increase in the number of cyber attacks leads to huge economic loss, thereby raising the demand for cyber insurance.

In European region, the most coverage offered are business interruption and data restoration. Cyber extortion coverage, and legal support coverage are also available but in lower extent. Emergence of EU's General Data Protection Regulation has also increased the awareness about cyber risk and its associated economic losses, which would further stimulate the market growth. Furthermore, in Europe standalone cyber insurance possess greater demand, owing to difficulty in quantifying cyber coverage, as information related to cyber incidents are not collected under Solvency II reporting requirements.

Rapid adoption of digital technologies in the countries such as China and India have led to the increased risk of cyber breaches, thereby resulting in considerable economic losses. For instance, following figure depicts total consumer loss through cybercrime worldwide in 2017.

The above figure depicts the intensive need for cyber insurance in the Asia Pacific region, as the trend of technology adoption is on the increasing path in the developing countries. For instance, after demonetization in India digital payment technologies has increased in a significant manner. Thus, adopting cyber insurance policies would help in reducing the impact of economic loss, thereby propelling the market growth.

Strict government regulations enacted by government to ensure data security and compliance are some of the major trends that is fuelling the market in Latin American countries. For instance, in December 2018, Brazil published its new General Law on the Protection of Private Data, which will become effective at the beginning of 2020. This law primarily aims to increase privacy protection of personal data obtained by companies in the course of their business. In case of any occurrence of data privacy breach, fines upto 2% of the company's turnover would be levied by a new public agency.

Growing cyberthreats specifically targeting the oil and gas companies in the Middle East resulting in heavy losses has led the companies to insure their assets, which in turn would fuel the market during the forecast period 2019-2026. According to Siemens report in 2018, Cyber security breaches in the Middle East are widespread and frequently undetected, with 30 percent of the region's attacks targeting operational technology (OT).

Key Players
Some of the major companies operating within the global cyber insurance market are Chubb INA Group, Fairfax Financial group, XL Reinsurance America Group, Tokio Marine US PC Group, American International Group, Travellers Group, Beazley USA Insurance Group, CAN Insurance Companies, Arch Insurance Group, Zurich Insurance U.S PC Group, Liberty Mutual Insurance Companies and others.

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Segments
By Product
• Standalone
• Tailored

By Coverage Type
• First Party
• Liability Coverage

By Enterprise Size
• SME
• Large Enterprise

By End-User
• Healthcare
• Retail
• BFSI
• IT and Telecom
• Manufacturing
• Others

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