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Fortifying Digital Assets: Cybersecurity Insurance Market Report 2024
Cybersecurity Insurance Market Size
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According to The Business Research Company's, The cybersecurity insurance market size has grown exponentially in recent years. It will grow from $14.63 billion in 2023 to $17.83 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to rise in cybersecurity threats and breaches, increasing awareness of cyber risks, regulatory compliance requirements, adoption of digital technologies, growth in data privacy concerns.
The cybersecurity insurance market size is expected to see exponential growth in the next few years. It will grow to $40.92 billion in 2028 at a compound annual growth rate (CAGR) of 23.1%. The growth in the forecast period can be attributed to expansion of cybersecurity insurance products, integration of artificial intelligence in risk assessment, growth in remote work and digital transformation, increased adoption by small and medium enterprises (smes), emphasis on incident response and recovery. Major trends in the forecast period include customized cybersecurity insurance policies, collaboration between insurers and cybersecurity firms, focus on employee training and security awareness, cybersecurity risk assessments and audits, dynamic pricing models based on cybersecurity posture.
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Market Drivers and Trends:
Rising data security breaches are the key factor driving the growth of the cybersecurity insurance market going forward. A data breach is a situation in which information is taken from a system without the owner's knowledge or consent. Weak and forged identification is one of the easiest and most frequent reasons for data breaches. Data breaches are happening more often and with greater severity than ever before. Data breaches and other cybercrimes are becoming way too common, which is resulting in companies investing in cyber insurance to help them with the cost of procuring, restoring, and recreating data. For instance, in February 2022, according to the data breach quick view in the United States, there were 2,932 data breaches recorded in 2021 compared to 2,645 in 2020, a 10% increase. Therefore, the rising number of data security breaches is driving demand for the cybersecurity insurance market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Allianz SE, American International Group Inc., Aon PLC., Arthur J. Gallagher & Co, The Travelers Companies Inc., Axa S. A., AXIS Capital Holdings Ltd., Beazley Group., Chubb Limited., CNA Financial Corporation., Fairfax Financial Holdings Ltd., Liberty Mutual Insurance Group, Lloyd's of London Ltd., Lockton Companies Inc., Munich Reinsurance Company, Endurance Specialty Holdings Ltd., Zurich Insurance Group Ltd., Tokio Marine Holdings Inc., The Hartford Financial Services Group Inc., Argo Group., Aspen Insurance Holdings Ltd., Berkshire Hathaway Specialty Insurance, United States Fire Insurance, Hiscox Inc., Ironshore Inc., Markel Group Inc., Nationwide Mutual Insurance Company., QBE Insurance Group Limited., Sompo International Holdings Ltd., Starr International Companies Inc., Swiss Reinsurance Company Ltd., CyberPolicy Inc., AmTrust Financial Services Inc.
Cybersecurity Insurance Market 2024 Key Insights:
• The cybersecurity insurance market size is expected to see exponential growth in the next few years. It will grow to $40.92 billion in 2028 at a compound annual growth rate (CAGR) of 23.1%.
• The Rising Number Of Data Security Breaches Driving The Growth Of Cybersecurity Insurance Market
• Strategic Partnerships And Collaborations Shaping The Cybersecurity Insurance Market
• North America was the largest region in the cybersecurity insurance market in 2023
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