The insurance market for cybersicurezza it is bound to grow from $14.4 billion in 2023 to $33.4 billion by 2028with a Cagr of 18.3% over the forecast period.
This is confirmed by a research by MarketsandMarkets – “Cybersecurity Insurance Market by Component (Solutions and Services), Type (Standalone & Packaged), Coverage (Data Breach & Cyber Liability), Compliance Requirement, End User (Technology & Insurance) and Region – Global Forecast to 2028” – according to which the need to mitigate the risks associated with the so-called “cyber silence” is leading to a growing popularity of standalone cybersecurity insurance policies. The survey predicts that these standalone policies will outpace packaged cybersecurity insurance policies in terms of market growth.
Cyber risks and the demand for standalone cyber policies are growing
Organizations are increasingly concerned and are looking for specialized coverage solely for protection against cyber risks, driving demand for standalone cyber policies. Insurance providers like Aig, Lloyd’s e Allianz are among the protagonists of the growth of standalone policies, designed to address more complex cyber risks than packaged cybersecurity policies. Aig, for example, offers its customers a comprehensive cybersecurity insurance package that includes traditional property and casualty policies and a standalone CyberEdge policy. The CyberEdge policy offers policyholders a wider range of security protection than the package extension. Leading market players offering standalone cybersecurity insurance solutions include Axa XL, AIG, Travelers Insurance, Beazley, Zurich, Fairfax, Tokio Marine, Liberty Mutual e Cna.
Secure your business: discover the updated risk levels by country and sector
Administration/Finance/Control
According to the end users of insurance providers, the healthcare and life sciences sector is expected to experience the highest CAGR during the forecast period, extended to 2028.
The challenges of the healthcare sector
The healthcare industry faces several challenges, including regulatory fluctuations and the ever-changing landscape of cyberattacks and breaches. Compliance with privacy and data security regulations, such as Hipaa and Hitech, requires healthcare organizations to rely on cybersecurity insurance policies to cover penalties. The Covid-19 pandemic has exacerbated the cyber threats and healthcare organizations have experienced an increase in attacks such as ransomware and disinformation campaigns. Cybersecurity insurance is a crucial safeguard for healthcare professionalsas it offers financial protection against cybercrimes, ransomware, data breaches and other cybersecurity incidents.
In Asia-Pacific the largest CAGR to 2028
Asia-Pacific is subject to an 80% higher risk of cyberattacks than other regions. Based on the report, it is expected that this is where the highest Cagr will be recorded during the forecast period in the cybersecurity insurance market.
The countries of the region such as China, Japan, ANZ and Singapore they are very concerned about the increase in security spending due to the growing cyber threats. Thanks to strong government regulations and technological advances, Asia-Pacific presents then promising growth opportunities for the cybersecurity insurance market.
@ALL RIGHTS RESERVED