The global cyber insurance market was valued at $5,573.2 million in 2019 and is predicted to generate a revenue of $70,671.9 million in 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market would progress at a CAGR of 26.3% between 2020 and 2030. The increasing prevalence of cyberattacks, the rising digitization, and soaring incorporation of cyber insurance policies as risk mitigation strategies by businesses are the main growth drivers of the market.
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With the surging penetration of the internet and the increasing digitization of business operations, the incidence of cyberattacks and frauds such as the breach of personal data and confidential information like social security numbers, passwords, credit card numbers, and email addresses is rising rapidly all over the world. The rapid enactment of these policies in several countries is fueling the expansion of the cyber insurance market across the world.
According to many reports, as many as 8 billion records, that included phone numbers, home addresses, and credit card numbers were exposed in various data breaches from January 2019 to April 2020. Because of the growing prevalence of these attacks, the governments of various countries are rapidly implementing strict cyber security measures. These measures involve very high fines and penalties for data breaches and frauds.
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This market research report provides a comprehensive overview of the cyber insurance market
- Historical and the present size of the cyber insurance market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential