| Source: Vantage Market Research
WASHINGTON, April 14, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Cybersecurity #Insurance Market finds that the increase in cyber-attacks and data breaches is expediting market growth. Primarily driven by rising rate of recovery of financial losses, the total Global Cybersecurity Insurance Market is estimated to reach USD 26.24 Billion by the year 2028.
The Global Market revenue in the year 2021 was from USD 8.32 Billion, and is expected to rise at a Compound Annual Growth Rate (CAGR) of 21.1%.
Furthermore, the growing adoption of artificial intelligence and blockchain technology for risk analytics is also anticipated to augment the growth of the Global Cybersecurity Insurance Market, states Vantage Market Research, in a report, titled “Cybersecurity Insurance #Market Size, Share & Trends Analysis Report by Component (Solution, Service), by Insurance Coverage (Data breach, Cybersecurity liability), by Insurance Type (Packaged, Stand-alone), by Organization size (Large Enterprises, SMEs), by End user (Technology provider, Insurance provider), by Region (North America, Asia Pacific, Europe, Latin America, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Driver: Increase in Cyber Attacks and Data Breaches to Fuel Global Cybersecurity Insurance Market
Data breaches and cyber-attacks expose sensitive, confidential, or protected information to an unauthorized person. Anyone, from individuals to high-level enterprises and governments, can be at risk of a data breach. Hackers can easily get to the data through the text messages, internet, Bluetooth, or the online services that are been used daily whether you are offline or online. According to Check Point Research, 2019 saw a 50% increase in attacks by mobile banking malware compared to 2018. The Verifications.io., world’s largest email validation company, fell victim to a major data breach due to an unprotected MongoDB database. Data from over 800 emails was exposed, containing sensitive information that included personally identifiable information (PII). Further, the personal data of over 100 million users of the Indian search service Justdial was exposed after an unprotected database was found online. The leaked data was collected in real-time from every customer who accessed the service through its mobile app, website, or even by calling, and includes usernames, mobile numbers, email addresses, addresses, occupation and even photos. Many such data breaches have been taking place since few decades which is expected to result in increase in the demand of cyber insurance across the globe.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Cybersecurity Insurance market is predicted to grow at a CAGR of roughly 21.1% during the forecast period.
- The Cybersecurity Insurance market was estimated to be worth roughly USD 8.32 Billion in 2021 and is expected to reach USD 26.24 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Cybersecurity Insurance market.
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