Cyber Insurance Market Is Dominated by BFSI Category

The cyber insurance market was USD 11,904.6 million in 2022, and it will reach USD 48,328.4 million, growing at a CAGR of 19.1%, by 2030 as per a report by a market research institution, P&S Intelligence.

The growth in the cyber insurance industry is attributed to the adoption of cyber insurance as a risk mitigation strategy, the growing number of virus, malware, and various types of attacks on IT networks, and the increasing regulation concerning cybersecurity.

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The healthcare category is expected to witness the fastest growth, progressing at a rate of more than 20%. The growing digitalization and increasing internet penetration in the healthcare sector to access individual information easily have resulted in online vulnerabilities, because of which crucial data are being exposed to external and internal threats.

Due to such factors, the healthcare vertical has become a main target for attackers in recent years. Therefore, to shield themselves from mitigating related and malicious intent losses, numerous healthcare organizations are choosing cyber insurance.

In 2022, North America held the largest cyber insurance market revenue share, approximately 50%. This is credited to the existence of key companies, for instance, Chubb Group Holdings Inc., Lockton Incorporated, and American International Group Inc. in the region.

Additionally, the improved emphasis on the legal framework relating to cybersecurity and the development of related strategies by the government are other reasons driving the growth of the industry in the region.

The APAC industry is expected to witness the fastest growth of the cyber insurance industry in the years to come. Developing nations in the region, such as India and China, are facing blockchain systems attacks and vulnerabilities to cloud security. Due to this, governments of these nations are implementing strategies to improve IT security and launching initiatives to spread awareness concerning cyberattacks.

In 2022, the data breach category accounted for the largest share of the cyber insurance industry. With businesses becoming more dependent on workforce mobility, cloud computing, and digital data, breaches cases of sensitive data have significantly increased.

In 2022, the standalone category accounted for a larger share of the cyber insurance industry, approximately 60%.

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The BFSI category held the largest cyber insurance industry revenue share, of more than 25%, in 2022, and it is also expected to dominate the industry throughout this decade. To meet the growing requirements of customers, BSFI companies have significantly converted themselves technologically.

Hence, with the rising number of malware, virus, and various types of attacks on IT networks and the adoption of cyber insurance as a strategy for risk mitigation, the industry of cyber insurance will continue to grow significantly in the years to come.

About P&S Intelligence

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