Saudi Arabia Cyber Insurance Market

Saudi Arabia Cyber Insurance Market Overview:

The Saudi Arabia cyber insurance market size reached USD 127.80 Million in 2024. The market is projected to reach USD 696.01 Million by 2033, exhibiting a growth rate (CAGR) of 18.47% during 2025-2033. The market is expanding due to rising cases of cyberattacks and increased digital adoption across key sectors. Regulatory support and growing awareness of financial protection are also contributing to Saudi Arabia cyber insurance market share across banking, energy, and government-led digital initiatives.

Saudi Arabia Cyber Insurance Market Trends:

Rise in Cybercrime and Ransomware Threats

Saudi Arabia has seen a noticeable increase in cyberattacks targeting both public and private sector organizations. These include ransomware, data exfiltration, and business email compromise incidents, often aimed at critical infrastructure, financial institutions, and large corporations. The growing use of digital platforms, remote access systems, and connected networks has expanded the attack surface, making organizations more vulnerable to advanced threats. As a result, there is rising interest in cyber insurance as a financial safeguard against these unpredictable and damaging events. Insurers are expanding their offerings to include breach response, legal expenses, regulatory fines, and data recovery services. Many companies now recognize that, with strong security frameworks, the financial impact of a successful cyber-attack can be significant. This shift in mindset is accelerating Saudi Arabia cyber insurance market growth, particularly as threat actors become more organized and well-funded. The Saudi government has also highlighted the urgency of cybersecurity readiness through regulatory initiatives and national strategies, increasing awareness and driving businesses to adopt cyber insurance. With threat levels continuing to rise, insurance is viewed as a practical tool for managing the financial risks associated with ongoing cyber threats in the Kingdom.

Accelerated Digitalization Across Industries

Saudi Arabia’s economic diversification efforts under Vision 2030 have led to rapid digital transformation across key industries, including energy, banking, logistics, healthcare, and public services. This shift has brought greater operational efficiency but also increased exposure to cyber risks, particularly as companies adopt cloud computing, automation, and connected systems. The rising dependence on digital platforms and third-party technology providers has made cyber insurance more relevant than ever. Businesses are turning to insurers to help mitigate risks linked to data breaches, system outages, and cyber-related business interruption. As a result, cyber insurance is becoming an integral part of corporate risk management strategies. Many multinational firms operating in the Kingdom are also requesting cyber insurance coverage as part of vendor qualification, which is influencing local enterprises to follow similar practices. Moreover, regulatory oversight by bodies such as the Saudi Central Bank (SAMA) and the National Cybersecurity Authority (NCA) is reinforcing the importance of formal cyber risk policies. As digital transformation continues to shape Saudi Arabia’s corporate landscape, cyber insurance is expected to expand further, supporting businesses in navigating operational risks while maintaining trust with customers, partners, and regulators in an increasingly connected economy.

Saudi Arabia Cyber Insurance Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional level for 2025-2033. Our report has categorized the market based on component, insurance type, organization size, and end-use industry.

Component Insights:

• Solution
• Services

The report has provided a detailed breakup and analysis of the market based on the component. This includes solution and services.

Insurance Type Insights:

• Packaged
• Stand-alone

The report has provided a detailed breakup and analysis of the market based on the insurance type. This includes packaged and stand-alone.

Organization Size Insights:

• Small and Medium Enterprises
• Large Enterprises

The report has provided a detailed breakup and analysis of the market based on the organization size. This includes small and medium enterprises and large enterprises.

End-Use Industry Insights:

• BFSI
• Healthcare
• IT and Telecom
• Retail
• Others

The report has provided a detailed breakup and analysis of the market based on the end-use industry. This includes BFSI, healthcare, IT and telecom, retail, and others.

Regional Insights:

• Northern and Central Region
• Western Region
• Eastern Region
• Southern Region

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern and Central Region, Western Region, Eastern Region, and Southern Region.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Saudi Arabia Cyber Insurance Market News:

• May 2025: Mastercard launched its first Middle East Cyber Resilience Centre in Saudi Arabia with Riyad Bank as partner. The center enhanced cybersecurity readiness through training and risk assessments, supporting cyber insurance market development by strengthening risk frameworks and improving insurability for high-risk sectors.
• October 2024: WTW secured an insurance broking license in Saudi Arabia and appointed Talal Omar Bahafi to lead operations. This expansion supported cyber insurance market development by enhancing brokerage capabilities, enabling tailored risk solutions, and improving access to cyber coverage aligned with Vision 2030 goals.

Saudi Arabia Cyber Insurance Market Report Coverage:

Key Questions Answered in This Report:

• How has the Saudi Arabia cyber insurance market performed so far and how will it perform in the coming years?
• What is the breakup of the Saudi Arabia cyber insurance market on the basis of component?
• What is the breakup of the Saudi Arabia cyber insurance market on the basis of insurance type?
• What is the breakup of the Saudi Arabia cyber insurance market on the basis of organization size?
• What is the breakup of the Saudi Arabia cyber insurance market on the basis of end-use industry?
• What is the breakup of the Saudi Arabia cyber insurance market on the basis of region?
• What are the various stages in the value chain of the Saudi Arabia cyber insurance market? 
• What are the key driving factors and challenges in the Saudi Arabia cyber insurance market?
• What is the structure of the Saudi Arabia cyber insurance market and who are the key players?
• What is the degree of competition in the Saudi Arabia cyber insurance market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Saudi Arabia cyber insurance market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Saudi Arabia cyber insurance market.
• Porter's Five Forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Saudi Arabia cyber insurance industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.