Cyber Security Insurance Market is Anticipated to Witness High Growth Owing to Increasing Cybersecurity Breaches

Cyber Security Insurance Market


The cyber security insurance market comprises insurance policies that provide risk transfer solutions against potential cyber threats such as data breach, network damage, and cyber liability. Cybersecurity insurance helps indemnify expenses related to cyber-attacks such as notifying customers regarding breached data, credit monitoring charges, forensic investigation costs, crisis communication expenses, theft/fraud losses, and legal penalties from regulatory agencies. Growing adoption of internet of things (IoT) devices and rising trend of digital transformation across industry verticals have increased dependence on online infrastructure and web applications, making businesses more vulnerable to cyber-attacks. Furthermore, stringent regulations such as the General Data Protection Regulation (GDPR) have compelled organizations to safeguard customer data, boosting demand for cybersecurity insurance.


The global cyber security insurance market is estimated to be valued at US$ 15.7 Mn in 2024 and is expected to exhibit a CAGR of 7.8% over the forecast period from 2024 to 2030.

Key Takeaways
Key players operating in the cyber security insurance market are Advacare Pharma, UEBE Medical, Abbott Laboratories, Quidel Corporation, HiLin Life Products Inc., Geratherm Medical AG, Fertility Focus Limited, Fairhaven Health LLC, Church & Dwight Co. Inc., and Prestige Brands Holdings Inc., among others. Advacare Pharma is a leading player known for providing innovative cyber risk solutions

Key Opportunities
Increasing instances of sophisticated cyber-attacks on critical infrastructure as well as healthcare organizations are expected to present lucrative opportunities for stakeholders. Furthermore, rapid digital transformation of SMEs will spur demand for cost-effective cyber insurance policies tailored to their requirements.

Global Expansion
Key cyber insurers are investing in technologies such as AI and IoT to better detect cyber threats upfront and expand globally. For instance, in 2022, Advacare Pharma launched its cyber insurance solution in the Asia Pacific to gain a larger share in the fast-growing regional market.

Market Drivers
One of the primary drivers for Global Cyber Security Insurance Market Size is increasing instances of cybercrime globally. The annual cost of cybercrime is projected to surpass US$ 10.5 trillion globally by 2025. As cyber-attacks continue to amplify in frequency and scale, organizations across all industry verticals are recognizing the need for cyber risk transfer solutions.

Market Restrains
High premium costs of cyber insurance policies pose a major challenge, especially for SMEs with limited security budgets. Furthermore, the lack of standardized policy structures and coverage ambiguities create reluctance among some businesses. Insurers also face difficulties in accurately estimating the magnitude of cyber risks and associated expenses.

Segment Analysis
The cyber security insurance market can be segmented into risk management, identity theft insurance, cyber liability insurance, data breach insurance and others. The identity theft insurance segment dominated the market in 2024 due to rising number of data breaches and instances of identity theft. It provides financial compensation to customers in case of identity theft or other fraudulent activities.

Global Analysis
The North America region dominated the cyber security insurance market in 2024 owing to stringent regulations such as General Data Protection Regulation (GDPR) and rising awareness about data security among enterprises in countries like the US and Canada. Asia Pacific is expected to be the fastest growing region during the forecast period due to growing digitalization, adoption of IoT and increasing spending on data security solutions by small and medium enterprises in countries like India, China and Japan.

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