According to the latest analysis by Emergen Research, the global cyber insurance market, valued at USD 11.88 billion in 2022, is poised to experience a remarkable revenue CAGR of 20.4% through 2032. The escalating number and sophistication of cyber threats are fueling the surge. These include data breaches, ransomware attacks, and insider threats.
The increasing prevalence of cyberattacks on prominent entities like SolarWinds and Colonial Pipeline has heightened awareness. This compelled businesses to safeguard against cyber risks. Insurers, recognizing the industry’s potential, set their sights on tapping into the burgeoning market, projected to reach USD 75.61 billion by 2032.
Pandemic Induced
Despite the industry’s existence since the late 1990s, it only matured in 2019. The pandemic-induced losses underscored the industry’s youth, prompting insurers to adopt innovative approaches to compete. A wave of emerging entrepreneurs is leveraging technological advancements to address complex challenges and profit in the cyber insurance industry.
In June, Amazon Web Services (AWS) delved into the cyber insurance arena by introducing a program offering clients security insurance quotes within two days. AWS aims to simplify the insurance acquisition process and strengthen its position in the market.
However, challenges such as lack of standardization, complex risk assessment, limited coverage, high costs, and geopolitical influences on cyber risk pose barriers to market growth. Noteworthy companies contributing to the market include;
- BitSight Technologies
- Cyber Indemnity Solutions
- RedSeal
- SecurityScorecard
- Cisco
- Microsoft
- Orca Security
- AttackIQ
- Forcepoint
- CyberArk Software
- Beazley Group
- Cyesec
- AIG
- Aon
- Lockton Companies
As the global economy grapples with escalating cyber threats, the cyber insurance market is poised for substantial expansion. With that, opportunities for both established players and newcomers in this dynamic landscape.
Source: Global Cyber Insurance Market Size to Reach USD 75.61 Billion in 2032 | Emergen Research
Other News: Some Shrewd Underwriting in a Complicated Market(Opens in a new browser tab)