Cyber Insurance Market Size to Reach US$ 31.7 Billion 2023-2028 - IMARC Group

According to the latest report by IMARC Group "Cyber Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The global cyber insurance market size reached US$ 9.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 31.7 Billion by 2028, exhibiting a growth rate (CAGR) of 22.39% during 2023-2028.

Cyber insurance is a service that protects businesses against digital threats, such as malicious hacks, data breaches, malware, distributed denial-of-service (DDoS), malware, and ransomware. It also provides financial coverage for sensitive customer information, including credit cards, health records and social security, account, and driver's license numbers. It informs customers about cybersecurity incidents, recovers compromised data, restores their identities, and repairs damaged computer systems. Nowadays, various insurers worldwide are offering personalized plans depending on business requirements. These plans cover legal expenses and fees for physical damage and income loss.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Cyber Insurance Market Trends and Drivers:

The growing use of electronic devices for storing data is making organizations more vulnerable to cyber-attacks and data breaches. This is primarily influencing the demand for cyber insurance to recover the costs, resume core operations, and stabilize the company. As it also helps the company safeguard themselves against infringement of networks and sensitive data, cyber insurance is finding widespread application in small and medium-sized enterprises (SMEs). Apart from this, governing bodies of various countries are implementing stringent policies for improving user privacy rights and security. This is anticipated to further strengthen the market growth in the coming years.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of the key players operating in the market are:

Allianz SE
American International Group Inc.
AON Plc
AXA XL
Berkshire Hathaway Inc.
Chubb Limited (ACE Limited)
Lockton Companie
Munich Re
Society of Lloyd's
Zurich Insurance Group.

For more information about this report visit: https://www.imarcgroup.com/cyber-insurance-market

The report has segmented the market on the basis of Product Type, Distribution Channel, and Region.

Breakup by Component:

Solution
Services

Breakup by Insurance Type:

Packaged
Stand-alone

Breakup by Organization Size:

Small and Medium Enterprises
Large Enterprises

Breakup by End Use Industry:

BFSI
Healthcare
IT and Telecom
Retail
Others

Market Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

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This release was published on openPR.