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Cyber Security Insurance Market Forecast and Regional Analysis: Growth Factors by 2031

01-20-2025 03:14 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Orion Market Research

Cyber Security Insurance Market

Cyber Security Insurance Market

The global cyber security insurance market is anticipated to grow at a considerable CAGR of 19.2% during the forecast period (2024-2031). The cyber security insurance is a policy with an insurance carrier to mitigate risk exposure by offsetting costs involved with damages and recovery after a cyber-related security breach or similar event. The increase in frequency and severity of cyber-attacks has led to more organizations considering investments in cyber insurance. In recent years, the frequency of cyber-attacks has increased dramatically, with cybercriminals using increasingly sophisticated methods to breach security systems and steal sensitive data. According to the National Association of Insurance Commissioners, data breaches in 2021 increased by 68% from 2020. Data breaches involving personally identifiable information (PII), such as Social Security numbers (SSNs), increased slightly from 80% to 83% in 2021. In 2021, nearly 50 million people in the US faced a breach of their personal health information, the highest number to date, and healthcare data breaches have tripled over the past three years.

Download Full PDF Sample Copy of Cyber Security Insurance Market Report @ https://www.omrglobal.com/request-sample/cyber-security-insurance-market

The rising number of malware and data breach practices globally, owing to the rising adoption of digital technology in healthcare, automotive, manufacturing, and other sectors is providing the required momentum for the growth of the market. Also, the rise in data privacy laws such as the health insurance, portability, and accountability act (HIPAA) and EU general data protection regulation (GDPR) further facilitate the market demand for cyber security insurance.

Further increasing digitalization and the increasing reliance on the internet and connected devices have made businesses more vulnerable to cyber-attacks, and this trend is antiicipated to continue in the coming years. As a result, market players are actively showing interest in bringing up new and enhanced solutions for businesses to cater to the demand for cybersecurity insurance. For instance, in July 2022, SBI General Insurance launched the Cyber VaultEdge insurance plan, a comprehensive cyber insurance cover for individuals that protects against financial losses arising from cyber risks and attacks.

Inquiry Before Buying On The Purchase Of This Report @ https://www.omrglobal.com/inquiry-before-buying/cyber-security-insurance-market

Market Coverage

• Segment Covered-

o By Component

o By Coverage Type

o By Verticals

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape- including Allianz SE, American International Group, Inc., Aon plc, AXA S.A., BCS Financial Corp., and others.

Key questions addressed by the report

• What is the market growth rate?

• Which segment and region dominate the market in the base year?

• Which segment and region will project the fastest growth in the market?

• Who is the leader in the market?

• How players are addressing challenges to sustain growth?

• Where is the investment opportunity?

Global Cyber Security Insurance Market Report Segment

By Component

Services
Solution

By Coverage Type

First Party
Third Party

By Verticals

BFSI
Government
Aerospace
Manufacturing
IT and Telecom
Healthcare
Others

Reasons to Buying From us -

1. We cover more than 15 major industries, further segmented into more than 90 sectors.
2. More than 120 countries are for analysis.
3. Over 100+ paid data sources mined for investigation.
4. Our expert research analysts answer all your questions before and after purchasing your report.

For More Information or Query, Visit @ https://www.omrglobal.com/industry-reports/cyber-security-insurance-market

Media Contact:

Contact Person: Mr. Anurag Tiwari
Email: anurag@omrglobal.com
Contact no: +91 780-304-0404
Company Name: Orion Market Research

About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offers Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

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