Global Cyber Insurance Market to Grow at 17.88% During 2025-2033, Impelled by the Rising Importance of Cyber Security

November 04, 2024 | BFSI

VIEW FULL TABLE OF CONTENTS

The latest report by IMARC Group, titled “Cyber Insurance Market Report by Component (Solution, Services), Insurance Type (Packaged, Stand-alone), Organization Size (Small and Medium Enterprises, Large Enterprises), End Use Industry (BFSI, Healthcare, IT and Telecom, Retail, and Others), and Region 2025-2033,” finds that the global cyber insurance market size reached USD 14.2 Billion in 2024. Cyber insurance is an insurance product designed to protect businesses against the potentially devastating effects of cybercrimes, including malware, ransomware, and distributed denial-of-service (DDoS) attacks. It prevents the compromise of network and sensitive data such as social security numbers, credit card numbers, account numbers, drivers’ license numbers, and health records by covering the liabilities of the business. Cyber-attacks harm businesses by disrupting businesses, resulting in regulatory fines, legal penalties and attorney fees, loss of intellectual property, and reputational damage. As a result, cyber insurance has widely been adopted by organizations to offer coverage for physical damage to hardware and business income loss. It also effectively reduces the damage caused by a breach and complements the overall cyber risk management plan.

Global Cyber Insurance Market Trends:

The market is primarily driven by the rising importance of cyber security across the globe. Besides this, the rising awareness about business interruption (BI) cyber risks, coupled with the growing number of mandatory legislation for data security among different end-users, such as banking and healthcare, are propelling the adoption of cyber insurance. Nowadays, government regulatory bodies and law enforcement agencies are taking numerous initiatives to tighten data security and protection. For instance, a US state assembly has introduced a bill to make cybersecurity insurance mandatory to regulate and protect the personal information of the citizens. Moreover, various data privacy laws, such as personally identifiable information (PII), European Union (EU) General Data Protection Regulation (GDPR), and the United States health insurance portability and accountability act (HIPPA), are influencing the demand for cyber insurance across the globe. In addition to this, increasing digitization and the development of AI and blockchain technology are also opening new growth avenues for the market. Looking forward, the market value is projected to reach USD 73.5 Billion by 2033, expanding at a CAGR of 17.88% during 2025-2033.

Market Summary:

Based on the component, the market has been segmented into solutions and services.
On the basis of the insurance type, the market has been classified into packaged and stand-alone.
The market has been categorized based on the organization size into small and medium, and large enterprises.
On the basis of the end-use industry, the market has been segregated into BFSI, healthcare, IT and telecom, retail, and others.
Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
The competitive landscape of the market has been examined, with some of the key players being Allianz Group, American International Group Inc., AON Plc, AXA XL, Berkshire Hathaway Inc., Chubb Limited (ACE Limited), Lockton Companies Inc., Munich ReGroup or Munich Reinsurance Company, Lloyd's of London, and Zurich Insurance Company Limited.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
Tel no: +1-631-791-1145
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter: @imarcglobal

Need more help?

Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.

Global Cyber Insurance Market to Grow at 17.88% During 2025-2033, Impelled by the Rising Importance of Cyber Security

Purchase Options Discount
Offer

Inquire Before Buying

Benefits of Customization

Personalize this research
Triangulate with your data
Get data as per your format and definition
Gain a deeper dive into a specific application, geography, customer, or competitor
Any level of personalization

Speak to an Analyst

Request Brochure

Get in Touch With Us

UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

IMARC did an outstanding job in preparing our study. They were punctual and precise, delivering all the data we required in a clear and well-organized format. Their attention to detail and ability to meet deadlines was impressive, making them a reliable partner for our project.

I wanted to express my sincere appreciation for your efforts in handling this matter. Your dedication and commitment have truly been commendable. It is evident that you have put in a tremendous amount of hard work and expertise into resolving the issues at hand. I would also like to take this opportunity to inform you that we are greatly interested

Overall, the deliverable was well organized and my experience with the project team was good. In particular, I appreciated how they responded when I requested additional information and the Japanese version.

The IMARC team were extremely professional and very cooperative. The team were also extremely flexible in making changes and modifications wherever required. The entire experience right from project kick-off to after sales support was fruitful and smooth.

I’d like to express my gratitude for the work you accomplished with the industry report. The way you responded to the requirements and delivered under tight timelines shows your expertise, exceptional work ethic and commitment to your customer’s success. The entire team and company are incredibly thankful for your dedication. Once again, thank you

The market reports from IMARC have been instrumental in guiding our business strategies. We found the reports comprehensive and data-driven, which helped us make informed decisions. The detailed insights and actionable data have consistently provided us with a competitive edge in a rapidly changing alcohol market.

One of the best things about IMARC is their flexibility and predisposition to tailor the reports and adapt to our needs. They are not just great in their researching and consulting solutions, but their service is unparallelled. We’ve worked with them a couple of times and we will keep working with them in future projects.

We recently commissioned multiple market research reports from IMARC, and the insights we received were invaluable. The depth of analysis, accuracy of data, and actionable recommendations have greatly enhanced our strategic decision-making.

The market estimates provided by your team were pretty much in line with what we were theorizing internally. Really appreciate the work on this.

The sale account manager and the service was excellent. The data and market trends gathered from the report was insightful and really assisted while planning future product and growth strategies.

The report is excellent and has good amount of data and our team is extremely happy with the information provided.

Thank you very much for your cooperation and post purchase support. We were really happy with the final deliverable, and the takeaways from the report.