Cyber Insurance Market size is deemed to reach USD 64.49 Billion by 2030

According to Market Research Future's latest report, the cyber insurance market will be worth USD 64.49 billion by 2030, with a 26.57% CAGR (MRFR). Cyber insurance is a new insurance product that has emerged in recent years as a result of the proliferation of the Internet and the risks associated with online browsing. It enables businesses to take preventative monetary hedges against malware, and other attacks that threaten business integrity. The report delves into the COVID-19 pandemic and its lethal effects on the industry.

Because a sizable portion of the global population spends time online, the high number of cyber threats can drive demand for cyber insurance. Initiatives by policymakers and regulatory bodies to strengthen defences can boost market demand at a rapid pace.

The rise of data privacy laws including the Health Insurance Portability and Accountability Act (HIPAA) and the EU's General Data Protection Regulation (GDPR) may further facilitate demand. Firms taking proactive measures to avoid losses is a sign of the market's growing potential in the coming years.

However, the high cost of cyber insurance and the lack of proper covers for compromised systems may deter leading players throughout industries from purchasing. Rising premium costs, as well as the inclusion of charges for data recovery and negotiation with hackers, may limit the growth of the cyber insurance market. Furthermore, a lack of cyber security experts to monitor and prevent online threats can stymie market growth. Employees can benefit from cyber intelligence training and in-house courses. Nonetheless, due to the adoption of blockchain and risk analytics software, demand for cyber insurance services is expected to skyrocket during the forecast period. Underwriters use risk analytics to determine the value of premiums on digital assets and solutions. Demand can be facilitated by the faster speed of exchanges and settlements without the use of a middleman. Furthermore, the demand for first-party coverage by insurers as a result of their increased online presence may drive the global cyber insurance market.

The cyber insurance market is segmented on the basis of component, coverage type, organization size, vertical, and region. Based on the component, the market is segmented into Solution and Services. By Coverage Type, the market is segmented into First-party Coverage and third-party coverage. The first-party coverage is sub-divided into Computer Program and Electronic Restoration, Forensic Investigation, Theft and Fraud, Extortion, Business Interruption, Others. The Third-party Coverage, the market is sub-divided into Communication Liability, Crisis Management, Credit Monitoring, Regulatory Response, Privacy and Security Liability, Network Security Liability, Media and Communication Liability, and Others.

By Organization Size, the market is segmented into Large Enterprises and SMEs. By Vertical, the market is segmented into Energy & Utilities, Media & Entertainment, Automotive & Transportation, Aerospace & Defense, IT & Telecom, Education, Healthcare, Retail, and BFSI. Based on region, the market is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa.

North America is expected to lead the global market due to the presence of large multinational corporations in a variety of industries. Because of the need for monitoring and investigating cyber threat, the United States is responsible for the most revenue in the region.

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Increased awareness of leading companies and the support of European Union policymakers considering various data breaches, Europe is likely to lead the global cyber insurance market. The U.K. Because of the integration of digital technologies into daily tasks and the rise in cyber-attacks, is expected to capture a large share of the regional market. The establishment of cyber security guidelines and collaboration between private and public players to ensure cyber insurance can provide a stimulus spending to the region and lead to a surge in cyber insurance.

List of Key players in the cyber insurance market include Guy Carpenter and Company LLC., Tata Consultancy Services Limited, Lloyds Bank PLC, At-Bay Inc., Cisco Systems Inc., AXA SA, Apple Inc., Chubb Limited, Zurich Insurance Group, American International Group Inc., Lockton Companies, Beazley Group PLC, and AON Plc.