Due to the rapidly increasing ransomware attacks, more businesses from small companies to big brands are purchasing cyber insurance plans to help mitigate potential losses in the event of a breach.
The cyber security insurance market is expected to reach US$ 11.5 Billion in 2022, registering a CAGR of 18.2% from 2022 to 2032.
Growing security threats and financial losses are expected to push the market for cyber security insurance to US$ 61.2 Billion by the end of 2032 as per Future markets insight report.
Business owners regularly purchase insurance policies to keep themselves protected from a variety of unforeseen circumstances, such as natural disasters as well as lawsuits brought by unhappy customers.
Key Takeaways from the Cyber security Insurance Market:
By end user, cybersecurity insurance solutions are to be leveraged maximum by insurance providers, registering an 18% CAGR
The presence of major key players and the growth of IT business in the U.S. to push the market to US$ 21.3 Billion by 2032
Growing telecom businesses push the Chinese market at a CAGR of 17.5% from 2022-2032.
Global cybersecurity insurance market to yield an absolute value of US$ 49.8 Billion
The U.K. market is expected to grow at a CAGR of 17.1% during the forecast period.
What are the other factors that will expand the Insurance Market?
Big giants use systematic approach and take advice from cyber professionals and customers are then given actionable insights on how to improve their security posture.
Using improved policy terms and pricing helps to encourage the implementation of security controls.
For e.g. In January 2022, as part of its 2023 strategy, the Asian Investment Bank (AIB) and IBM signed an agreement worth €65 million over three years to accelerate the bank’s digital transformation, meet its customer-first commitment, and accelerate its transition to hybrid cloud technologies.
IBM’s technology will help AIB expand its cyber resilience and fraud detection capabilities, ensuring the high quality and safety of its digital services.
(Image courtesy: senovate)
