PUNE, India, Oct. 17, 2022 (GLOBE NEWSWIRE) — The global Cyber Insurance Market The size was estimated at $10.33 billion in 2021. The industry is projected to grow from US$12.83 billion in 2022 to US$63.62 billion in 2029, showing a CAGR of 25.7% over the forecast period. The increase is due to the increasing use of products to protect businesses from the cost of Internet-based attacks. These attacks target IT infrastructure and information governance that are typically not covered by commercial liability policies and traditional insurance products. This information is published by Fortune Business Insights™ in its research report titled Cyber Insurance Market Foprecast, 2022-2029.
Key Industry Development:
April 2022 – Zurich Australian Insurance Ltd has launched a new insurance solution for SMEs in New Zealand. The rollout strategically addresses the high level of underinsurance.
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Report scope and segmentation
| report coverage | details |
| forecast period | 2022 to 2029 |
| Forecast period 2022 to 2029 CAGR | 25.7% |
| Value prognosis 2029 | $63.62 billion |
| base year | 2021 |
| Cyber insurance market size in 2021 | $10.33 billion |
| Historical data for | 2018 to 2020 |
| number of pages | 150 |
| segments covered | Component, Insurance Type, Coverage Type, Company Size, Geography |
| Growth drivers of the cyber insurance market | Escalating digitization due to increasing number of data breaches |
Increasing industry growth due to increase in cyber attacks
The coronavirus pandemic has led to increased adoption of teleworking by businesses and individuals. VPN servers became necessary for organizations with an increasing number of employees working from home. With this in mind, cybercriminals around the world saw opportunities to capitalize on the crisis. In addition, the pandemic period saw an increase in phishing attacks, ransomware attacks and email spam, causing the industry…
