New York, Dec. 12, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cybersecurity Insurance Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06372903/?utm_source=GNW
, and The Hartford Financial Services Group Inc.
The global cybersecurity insurance market is expected to grow from $9.73 billion in 2021 to $11.75 billion in 2022 at a compound annual growth rate (CAGR) of 20.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The cybersecurity insurance market is expected to grow to $23.83 billion in 2026 at a CAGR of 19.3%.
The cybersecurity insurance market includes revenues earned by entities by cybersecurity insurance analytics platform, disaster recovery and business continuity, cybersecurity solution, cyber risk and vulnerability assessment, cybersecurity resilience, consulting/ advisory and security awareness training.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
The cybersecurity insurance assist in reimbursing the financial losses brought on by cyber events and incidents.Organizations can obtain cybersecurity insurance as a way to help lower the financial risks involved with conducting business online.
The insurance contract transfers part of the risk to the insurer in return for a monthly or quarterly payment.
North America was the largest region in the cybersecurity insurance market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the cybersecurity insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main types of insurance in cybersecurity insurance are packaged, and stand-alone.The packages are used in an insurance policy that protects the policyholder against losses to their own.
Insurance that offers a number of different coverages in combination usually refers to a policy offering both general liability and property insurance.The different insurance coverages include data breaches and cyber liability that involve several components such as solutions and services.
The different organization sizes include large enterprises and small and medium enterprises (SMEs). The various end users include technology providers and insurance providers.
Rising data security breaches is the key factor driving the growth of the cybersecurity insurance market going forward.A data breach is a situation in which information is taken from a system without the owner’s knowledge or consent.
Weak and forged identification is one of the easiest and most frequent reasons for data breaches.Data breaches are happening more often and with greater severity than ever before.
Data breaches and other cybercrimes are becoming way too common, which is resulting in companies investing in cyber insurance, helping them with the cost of procuring, restoring, and recreating data.For instance, in February 2022, according to the data breach quick view in the United States, there were 2,932 data breaches recorded in 2021 compared to 2,645 in 2020, a 10% increase.
Therefore, the rising data security breaches is driving the demand for the cybersecurity insurance market.
Strategic partnerships and collaborations have emerged as the key trend gaining popularity in the cybersecurity insurance market.Major companies operating in the cybersecurity insurance sector is focused on collaborations and partnerships to strengthen their market position.
For instance, in September 2020, BNP Paribas Leasing Solutions, a France-based leasing and rental solutions for professional equipment partnered with Generali Group, Italy-based insurance and asset management provider to provide BNP Paribas Leasing Solutions to clients with insurance and related services solutions that will allow them to defend themselves against cyberattacks due to the rise in cyberattacks.With this deal, Generali aims to expand its target market in the SME and property and casualty insurance market through a new distribution channel and a fully digital subscription mechanism.
Furthermore, in October 2020, AXIS Capital Holdings Limited, an US-based- based insurance business collaborated with Kennedys Law LLP, a UK-based law firm, to introduce a new AXIS Marine Cyber Insurance product that will provide insurance protection for the marine shipping industry against cyber exposure on board ships and on land in shipping business headquarters.
In March 2021, Wipro Limited, an India-based information technology company, acquired Capco for an amount of $1.45 billion. Through this acquisition, Wipro would become one of the end-to-end global consulting, technology, and transformation service providers to the banking and financial services sector. Clients would have access to a partner who can deliver integrated, bespoke solutions to support growth and meet their transformation objectives by combining Wipro’s strategic design, digital transformation, cloud, cybersecurity, IT, and operations services capabilities with Capco’s domain and consulting strength. Capco is a UK-based technology and management consultancy company, that provides cybersecurity insurance and specializes in driving digital transformation in the financial services industry, and has expertise in risk management, cyber technology, and regulatory compliance to manage cyber risk.
The countries covered in the cybersecurity insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The cybersecurity insurance market research report is one of a series of new reports that provides cybersecurity insurance market statistics, including cybersecurity insurance industry global market size, regional shares, competitors with a cybersecurity insurance market share, detailed cybersecurity insurance market segments, market trends and opportunities, and any further data you may need to thrive in the cybersecurity insurance industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06372903/?utm_source=GNW
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