Blockchain Press Releases
Cybersecurity Insurance Market worth $17.6 billion by 2028 – Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 18, 2023 /PRNewswire/ — As cyber threats become more frequent and broader coverage and sector-specific policies become more common, the market for cybersecurity insurance is expected to rise in the future. Because of evolving cyberthreats and rising business awareness, advanced risk assessment techniques, regulatory influence, and cybersecurity collaborations may shape the market.
The Cybersecurity Insurance Market is projected to grow from USD 10.3 billion in 2023 to USD 17.6 billion by 2028, at a CAGR of 11.4% during the forecast period, according to a new report by MarketsandMarkets™. The rise in cyber threats, such as data breaches, ransomware, and phishing attacks, has driven the demand for cybersecurity insurance as organizations seek financial protection against potential losses.
Browse in-depth TOC on “Cybersecurity Insurance Market“
516 – Tables
43 – Figures
386 – Pages
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Scope of the Report
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Report Metrics |
Details |
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Market size available for years |
2018-2028 |
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Base year considered |
2022 |
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Forecast period |
2023–2028 |
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Forecast units |
Value (USD) Million/Billion |
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Segments covered |
By Offering, Insurance coverage, Insurance type, Compliance Requirements, End user, and Region |
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Region covered |
North America, Europe, Asia Pacific, Middle East and Africa, and Latin America |
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Companies covered |
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), Cylance (US), Trellix (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). The insurance vendors covered in the cybersecurity 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 cybersecurity insurance market are At-Bay (US), Cybernance (US), Coalition (US), Resilience (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), Ivanti (US), SafeBreach (US), and Cronus Cyber Technologies (Israel). |
Based on insurance type, the standalone segment holds the largest market and highest CAGR during the forecast period.
The demand for dedicated cybersecurity insurance policies and the need to mitigate the risks associated with “silent cyber” have led to the increasing popularity of standalone cybersecurity insurance policies. These standalone policies are projected to surpass packaged cybersecurity insurance policies regarding market growth. Organizations are increasingly concerned about cyber risks and seek specialized coverage solely for cyber risk protection, driving the demand for standalone cyber policies. Insurance providers such as AIG, Lloyd’s, and Allianz are embracing affirmative cyber and witnessing the growth of standalone policies. These policies are designed to address more complex cyber risks compared to packaged cybersecurity insurance. For example, AIG offers its clients a comprehensive cybersecurity insurance package that includes traditional property and casualty policies and a standalone CyberEdge policy. The CyberEdge policy provides policyholders with a broader range of security protection than the packaged endorsement. Key players in the market offering standalone cybersecurity insurance solutions include AXA XL, AIG, Travelers Insurance, Beazley, Zurich, Fairfax, Tokio Marine, Liberty Mutual, and CNA.
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Based on insurance provider end users, healthcare & life sciences is projected to register the highest CAGR during the forecast period.
The healthcare industry faces various challenges, including regulatory fluctuations and the ever-evolving landscape of cyberattacks and breaches. Compliance with privacy and data security regulations such as HIPAA and HITECH necessitate the reliance of healthcare organizations on cybersecurity insurance policies to cover penalty fees. The COVID-19 pandemic has exacerbated cyber threats, with healthcare organizations experiencing increased attacks like ransomware and misinformation campaigns. Cybersecurity insurance is a crucial safeguard for healthcare providers, offering financial protection against cybercrimes, ransomware, data breaches, and other cybersecurity incidents.
Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.
Asia Pacific, an emerging economy, is projected to achieve the highest CAGR in the Cybersecurity Insurance Market during the forecast period. Countries in the Asia Pacific region, such as China, Japan, ANZ, and Singapore, are highly concerned about rising security spending due to increasing cyber threats. With its strong government regulations and technological advancements, Asia Pacific presents promising growth opportunities for the Cybersecurity Insurance Market. Insecure interfaces, data breaches, and data losses are top cybersecurity risks in the region, fueled by rapid connectivity and digital transformation. Asia Pacific faces an 80% higher risk of cyberattacks than other regions. Increasing regulatory measures are expected to drive the demand for cybersecurity insurance. Zurich Insurance predicts significant market growth in APAC, with leading players like AIG, Allianz, Chubb, and Zurich operating in the region.
Top Key Companies in Cybersecurity Insurance Market:
The major vendors covered in the cybersecurity insurance market 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), Cylance (US), Trellix (US), CyberArk (US), CYE (Israel), SecurIT360 (US), and Founder Shield (US). The insurance vendors covered in the cybersecurity 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 cybersecurity insurance market are At-Bay (US), Cybernance (US), Coalition (US), Resilience (US), Kovrr (Israel), Sayata Labs (Israel), Zeguro (US), Ivanti (US), SafeBreach (US), and Cronus Cyber Technologies (Israel).
Recent Developments:
- In May 2022, Microsoft developed Defender to support security systems of SMEs and reduce cyber risk. The solution provides end-point security, which includes Endpoint Detection and Response (EDR).
- In April 2022, AttackIQ entered into partnership with Vectra, an AI based threat detection and response platform. This integration enabled customers to use AttackIQ’s PCAP and Vectra AI Platform to check efficacy.
- In November 2021, BitSight and Marsh McLennan collaborated to improve cybersecurity performance and efficiency of the organization and help to reduce cyber risk. The Cyber Risk Analytics Center offered by Marsh McLenna leverage the capabilities of BitSight rating, data which help client to monitor their cyber security system performance.
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Cybersecurity Insurance Market Advantages:
- Data breaches, ransomware attacks, and company email intrusion are all examples of cybersecurity mishaps that can result in major financial losses. Cybersecurity insurance covers these damages, including data recovery costs, legal fees, regulatory fines, and consumer notification costs. It assists organisations in reducing the financial impact of cyber events.
- Businesses can shift some of the possible risks and liabilities connected with cyber threats to the insurance provider by purchasing cybersecurity insurance. This enables organisations to concentrate on their core business rather than continuously worrying about the financial consequences of a cyber assault.
- Access to incident response services is included in many cybersecurity insurance policies. These services often entail a team of professionals that may assist the covered organisation in properly dealing with the consequences of a cyber catastrophe. They can help with breach investigations, containment, data recovery, and cleanup, allowing for a more timely and coordinated response.
- Cybersecurity events can significantly harm a company’s brand, resulting in client distrust and lost commercial possibilities. Cybersecurity insurance may cover public relations and reputation management fees, assisting organisations in rebuilding their reputation following a breach.
- Cybersecurity insurance companies frequently provide counsel and support to assist firms in meeting regulatory obligations and industry standards for data protection. Meeting these compliance criteria might be difficult, but insurance companies can aid in putting in place the appropriate security measures.
- Cybersecurity insurance can also cover liabilities deriving from third-party claims. For example, if a data breach in one organization’s network impacts its clients or partners, the impacted parties may claim compensation. Cyber insurance can assist handle these risks.
- Cybersecurity incidents can affect business operations, resulting in lost revenue and downtime. Cyber insurance may cover financial damages incurred as a result of business interruption, allowing the organisation to continue operations as smoothly as feasible.
Report Objectives
- To determine and forecast the global Cybersecurity Insurance Market by offering (solutions, and services), insurance coverage, insurance type, compliance requirements, end user, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
- To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA).
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Cybersecurity Insurance Market.
- To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Cybersecurity Insurance Market.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Cybersecurity Insurance Market.
- To profile the key market players; provide a comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market.
- In the market, track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.
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DUBAI, UAE, Nov. 28, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, in collaboration with Blocks Scholes, released the latest weekly derivatives analytics report and uncovered signals indicating ETH’s rise above BTC in the past week.
Fueled by news of current U.S. SEC Chair Gary Gensler’s departure at the end of the Biden administration’s term, ETH performance has positively surprised investors. In particular, open interest in ETH perpetual has been on the rise. Several large-cap altcoins also benefited from Gensler’s announcement, anticipating less scrutiny upcoming January.
Key Insights:
ETH outperformed BTC in open interest: Perpetual swap data has seen a gradual decline in BTC open interest while ETH contracts increased. ETH has also been taking a bigger share of daily trading volumes in the past 6-month time frame despite an overall slower market this week. The optimism could be attributed to hopeful investors’ expectation of a more crypto-friendly SEC Chair after Gensler’s last day on Jan. 20, 2025.
BTC price in retreat: BTC price’s ebbing from the $100K mark has flattened the ATM volatility term structure, with short-tenor options dipping below 60%. This mirrors a pattern observed since the U.S. election. Lower realized volatility explains the drop, while open interest in calls and puts remains unchanged, demands for short-term options this week have stagnated.
ETH options – bullish sentiment in moderation: ETH options show slightly more bullish sentiment than BTC options. Markets have recalibrated after the post-election high, but call options remain in the lead in both trading volumes and open interests.
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About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
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GZIRA, Malta, Nov. 28, 2024 /PRNewswire/ — Popular iGaming content provider BGaming has secured a highly sought-after licence in Peru, marking a significant milestone in its expansion across LatAm.
BGaming’s technical system of gaming software and its engaging portfolio have been officially approved by the gambling regulator Mincetur, a national administrative authority which implements and oversees all aspects of online gaming and sports betting in Peru. By receiving the B2B certification, BGaming broadens its appeal with local licenced operators in the newly regulated market.
The licence also opens up more opportunities for BGaming to expand its business and strengthen its position in the wider LatAm region, where it has enjoyed significant attention in the last 12 months.
Marina Ostrovtsova, CEO at BGaming, said: “Securing the Peru licence marks a pivotal moment in BGaming’s global expansion. This certification not only strengthens our presence in Latin America but also underscores our commitment to bringing high-quality, immersive gaming experiences to new audiences.
“We are excited about the opportunities this will unlock, both in terms of growth and the reception of our slots in this new market.”
BGaming is a fast-growing iGaming content provider converting gambling into gaming. Thanks to an expert team and a player-driven approach, the studio creates innovative and engaging products featured on reputable platforms and 1,000+ online casinos worldwide. BGaming is the world’s first to support cryptocurrencies and offer Provably Fair games. Today the brand’s portfolio includes 100+ products with HD graphics and a clear user interface for every device. The studio is also known for its brand exclusives created in partnerships with leading operators in the industry.
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TAIPEI, Nov. 28, 2024 /PRNewswire/ — KryptoGO, a leader in Web3 financial infrastructure, has taken another groundbreaking step to ensure unparalleled user and enterprise safety by completing a rigorous security audit aligned with industry-leading methodologies. This milestone solidifies KryptoGO’s position alongside globally trusted platforms like 1Password, Metamask, and Trust Wallet, known for their exceptional security standards.
The audit, conducted with methodologies comparable to those used for 1Password—a benchmark in secure password management—focused on ensuring KryptoGO’s mobile applications, backend systems, and API endpoints meet the highest security standards. 1Password’s robust security features, such as end-to-end encryption, zero-knowledge architecture, and constant vulnerability testing, serve as the foundation for KryptoGO’s enhanced protection framework.
Demonstrating Excellence in Cybersecurity
KryptoGO has consistently showcased its expertise in security through achievements in prominent cybersecurity competitions and hackathons. Recognized for exceptional performance in events like 2024 BlazCTF, ETH Tokyo Hackathon, and ETH Taipei Hackathon, KryptoGO has solidified its reputation as a trusted innovator.
This audit marks another significant step forward, addressing potential vulnerabilities and reaffirming KryptoGO’s ability to safeguard user assets in an increasingly complex Web3 landscape. Notably, the findings resulted in a 50% reduction in vulnerabilities compared to prior assessments, demonstrating tangible progress in security hardening.
Why Security in Web3 Wallets Matters
In the Web3 ecosystem, wallets act as critical gateways, holding sensitive keys that grant users exclusive control over their digital assets. A single security lapse can lead to catastrophic consequences, including the loss of assets and the erosion of user trust.
Recognizing this, KryptoGO employs a multi-layered approach to private key management, ensuring the highest levels of security and reliability for its users:
- Device-Level Encryption: Private keys are encrypted with a Device Encryption Key and securely stored in the device’s protected environment (Keychain for iOS and Keystore for Android). Access to these keys is tightly controlled through biometric authentication, preventing unauthorized access.
- Password Protection with Argon2: For users who opt for password backups, KryptoGO utilizes Argon2-HMAC-SHA256 with 310,000 iterations to derive an Account Unlock Key (AUK). This industry-standard process, aligned with NIST guidelines, offers robust resistance to brute-force attacks while ensuring compatibility across a broad range of devices.
- Cloud Backup with Shamir’s Secret Sharing: To enhance convenience and accessibility, KryptoGO employs Shamir’s Secret Sharing Scheme (SSS) for password-free cloud backups. This approach splits private keys into multiple fragments (Key Shares) stored across diverse platforms like iCloud and Google Drive. Restoration is possible with any two fragments, ensuring data availability without compromising security.
These measures collectively address the most critical challenges in wallet security:
- Token Integrity: Robust lifecycle management prevents impersonation or unauthorized access.
- Advanced Encryption Standards: Sensitive wallet data and transactions are safeguarded by cutting-edge cryptographic techniques.
- Resilience Against Data Loss: Diverse and secure backup options ensure users can recover their wallets without fear of permanent loss.
- Access Control Enhancements: Multi-layered authentication mechanisms safeguard accounts.
- Secure APIs: Backdoor vulnerabilities and information leaks are actively prevented.
Results That Build Trust
The rigorous Cure53 audit, leveraging white-box and gray-box penetration testing, verified KryptoGO’s resilience against security threats. Cure53’s global reputation for securing critical systems further amplifies the credibility of KryptoGO’s security achievements. The resolution of key vulnerabilities identified during the audit, including token mismanagement and API access concerns, reflects KryptoGO’s dedication to continuous improvement and operational excellence.
Raising the Bar for Web3 Security
By achieving security certifications on par with 1Password and other leading platforms, KryptoGO has set a new benchmark for wallet safety in the Web3 era. These advancements empower users to confidently manage their digital assets while positioning KryptoGO as the trusted partner for enterprises seeking high standard and scalable blockchain solutions.
About KryptoGO
KryptoGO is a pioneer in Web3 solutions, providing secure, compliant, and user-friendly wallet services. Focused on stablecoin payment infrastructure and asset management, KryptoGO empowers businesses to seamlessly transition into the decentralized economy, backed by cutting-edge technology and industry best practices.
For more information on how KryptoGO can support your Web3 business needs, please visit www.kryptogo.com or contact us directly.
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