The global cyber insurance market size in the post-COVID-19 scenario is projected to grow from USD 7.8 billion in 2020 to USD 20.4 billion by 2025, at a CAGR of 21.2% during the forecast period. The major factors driving the market include the increasing number of security breaches and cyberattacks resulting in huge financial losses, and stringent government regulations towards adoption of cyber insurance policies.
By organization size, the large enterprise segment to lead the market in 2020
Large enterprises are organizations that have more than 1,000 employees. These organizations invest heavily in advanced technologies for increasing overall productivity and efficiency. Large enterprises are widely opting cybersecurity insurance solutions and are expected to invest significantly in advanced cybersecurity insurance solutions to provide optimum security to their enterprises’ intense competitive environment.
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Large enterprises have adopted cybersecurity insurance solutions, as they use a large number of cloud and Internet of Things (IoT)-based applications that are highly susceptible to cyberattacks. Moreover, stringent regulatory pressure is driving cybersecurity risk awareness with the need for cybersecurity insurance solutions. For example, in the US, CCPA is one of the toughest data privacy law.
The technology vendors covered in the cyber insurance market report include BitSight (US), Prevalent (US), RedSeal (US), SecurityScorecard (US), Cyber Indemnity Solutions (Australia), Cisco (US), UpGuard (US), Microsoft (US), Check Point (US), AttackIQ (US), SentinelOne (US), Broadcom (US), Accenture (Ireland), Kenna Security (US), Cylance (US), FireEye (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). The insurance vendors covered in the cyber insurance market are Allianz (Germany), AIG (US), Aon (UK), Arthur J. Gallagher & Co (US), Travelers Insurance (US), AXA XL (US), AXIS Capital (Bermuda), Beazley (UK), Chubb (Switzerland), CNA Financial (US), Fairfax Financial (Canada), Liberty Mutual (US), Lloyd’s of London (UK), Lockton (US), Munich Re Group (Germany), and Sompo International (Bermuda). The startup vendors covered in the cyber insurance market are At-Bay (US), Cybernance (US), CyberCube (US), Coalition (US), Arceo.ai (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), RiskSense (US), Cyence (US), SafeBreach (US), and Cronus Cyber Technologies (Israel). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the cyber insurance market.
BitSight Technologies is an information security company that manages third-party risks, underwrite cyber insurance policies, assess aggregate risks, and conducts Merger and Acquisitions (M&A) due diligence. BitSight Technologies provides cyber insurance carriers, brokers, insurers, and risk managers to identify risks associated with underwriting cyber liability and monitor security vulnerabilities. BitSight’s Security Ratings is used by over 1,000 users and organizations worldwide, including top cyber insurers and investment banks, and 20% of Fortune 500 companies. The BitSight Security Ratings for cyber insurance helps brokers, risk managers, reinsurers, and cyber insurance carriers to manage their security posture. The solutions provide insurers with a comprehensive report to measure 12 months of historical data and comparisons with industry benchmarks. The BitSight Security Ratings helps tackle cyber insurance underwriting issues, improve underwriting effectiveness, proactively address security events on the insured’s network, provide valuable insights to insureds, and identify and mitigate cyber liability risks. The company has presence across North America, with headquarters in Boston and EMEA.
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Prevalent, founded in 2004, and headquartered in the US, is a third-party risk management solution provider. It helps global enterprises monitor security threats and risks associated with third- and fourth-party vendors. Prevalent specializes in third-party risk software, vendor risk networks, and third-party risk services. Its third-party risk software allows organizations to gain a holistic view of third-party risks, vendor risk assessment, and vendor risk monitoring. Its third-party risk services include vendor risk assessment services and professional services. Legal, healthcare, finance, and retail are the major industries that leverage Prevalent’s third-party risk management platform. Its cyber insurance solutions ensure compliance with third-party risk management mandates and regulatory guidelines, such as the California Consumer Privacy Act (CCPA), Cloud Security Alliance Consensus Assessment Initiative Questionnaire (CAIQ), Cybersecurity Maturity Model Certification (CMMC), the European Banking Authority (EBA) Outsourcing Guidelines, Financial Conduct Authority (FCA FG) 16/5, Federal Financial Institutions Examination Council (FFIEC) IT Exam Handbook, General Data Protection Regulation (GDPR), Health Insurance Portability and Accountability Act (HIPAA), International Organization for Standardization (ISO) 27001/27002/27018, North American Electric Reliability Corporation Critical Infrastructure Protection (NERC CIP), National Institute of Standards and Technology Special Publication 800-53 (NIST SP), NY SHIELD Act, NY CRR 500, the Office of the Comptroller of the Currency OCC Bulletins, Payment Card Industry Data Security Standard (PCI DSS), and Service Organization Control 2 (SOC 2)
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