Cyber security insurance provides coverage against losses from cyber threats and data breaches. With increasing digitization across industries and growing reliance on internet and connectivity, cyber risks have been rising at an alarming rate. Cyber insurance protects businesses from the costs of cyber attacks including business interruption, ransomware payments, legal liabilities, data recovery, forensic investigations, and PR expenses. The comprehensive coverage plans have witnessed higher demand as cyber criminals have been launching sophisticated phishing scams and hacking networks to steal sensitive information. The global Cyber Security Insurance Market is estimated to be valued at US$ 15.7 Mn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing instances of cyber attacks have been a major factor driving the growth of the cyber security insurance market. As digitization trends have proliferated across industries, the attack surface has widened dramatically for hackers. Ransomware gangs have been targeting big corporations and demanding hefty ransoms to restore access or prevent data leaks. Additionally, phishing scams often fool employees into clicking malicious links or downloading malware. The comprehensive coverage plans help businesses transfer these technology and reputation risks associated with cyber breaches to insurance providers. By reimbursing hack-relatedlosses, cyber insurance helps companiesfocus on continuity of operations and reduce distress financing costs after an attack.

Segment Analysis

The global cyber security insurance market is segmented into professional and managed services. The professional services segment dominated the market in 2020 and is expected to continue its dominance over the forecast period. This is because professional services, such as training and education, risk assessment, and consulting play a crucial role in safeguarding organizations from cyber threats and ensuring compliance.

Key Takeaways

The Global Cyber Security Insurance Market Size is expected to witness high growth over the forecast period from 2024 to 2031.

North America currently dominates the market owing to strict data protection regulations and rising instances of cyber-attacks. The region's share is anticipated to increase further due to growing awareness among organizations about cyber risks and the need for risk transfer mechanisms like insurance.

Europe is the second largest regional market. The EU's General Data Protection Regulation has compelled organizations in the region to strengthen their cyber security posture and risk management approaches. Additionally, cyber security spending has been increasing steadily in countries like Germany, the UK, and France. These factors are fueling the demand for cyber security insurance solutions and services in Europe.

Key players operating in the cyber security insurance market are Advacare Pharma, UEBE Medical, Abbott Laboratories, Quidel Corporation, HiLin Life Products Inc., Geratherm Medical AG, Fertility Focus Limited, Fairhaven Health LLC, Church & Dwight Co. Inc., and Prestige Brands Holdings Inc., among others. Cyber security insurance provides coverage against losses from cyber attacks like malware, ransomware, business email compromise, and data breaches. It also covers costs of notifying affected customers, credit monitoring solutions, regulatory fines, and legal expenses. The market is witnessing increased adoption driven by rising awareness about cyber risks and digital transformation initiatives across industries.

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