Global Third-Party Cyber Insurance Market, By Component (Solutions, Services), By Insurance Type (Packaged, Standalone), By Insurance Coverage (Data Breach, Cyber Liability), By Organization Size (Large Enterprises, Small and Medium-Sized Enterprises), By Application (Information and Communication Technology, Financial Services, Manufacturing, Retail, Healthcare, Others), By Region and forecast till 2027.
Global Third-Party Cyber Insurance Market
Global Third-Party Cyber Insurance Market was valued at USD 7068 million in 2021 and is slated to reach USD 28686.99 million by 2027 at a CAGR of 26.03% from 2022-2027.
Third-party cyber liability insurance protects organizations that fail to secure a client's business from a cyberattack or data breach. This policy covers the legal costs of a cyber liability action, including any verdicts or settlements.
Market Drivers
The need for third-party cyber insurance may be driven by the high volume of cyber threats as a result of a sizable segment of the world's population spending the majority of their time online. Government and regulatory actions to bolster defenses have the potential to significantly increase market demand. The need for third-party cyber insurance may be further aided by the expansion of data privacy legislation like the EU's General Data Protection Regulation (GDPR) and the Health Insurance Portability and Accountability Act (HIPAA). Cybercriminals have been propelled to commit crimes that primarily involve the sale of personal information such as medical records, credit card numbers, identities, and more on the dark web due to the ease with which personal data and information can be accessed online, as well as the rising popularity of social media platforms. As a result, there is now a greater need in the market for third-party cyber insurance.
Artificial intelligence (AI) and blockchain, two of the most recent and innovative technologies, are expected to offer solutions for risk analytics and open up new business prospects. As modern technology advances, transactions and settlements can be completed more quickly, benefiting both financial institutions and their clients. To manage reserves, examine claims, and provide policy coverage, risk analytics solutions are crucial. As a result, the market will have a lot of potentials to expand as blockchain technology combined with artificial intelligence is used more frequently for risk assessments.
Market Restraints
Lack of technical expertise and growing worries about cybersecurity and data privacy will probably function as important market barriers throughout the aforementioned predicted period, slowing the industry's expansion. Lack of awareness and the lack of previous cyber data will pose the biggest and most pressing obstacles to the market
Global Third-Party Cyber Insurance Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Third-Party Cyber Insurance Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to recent Energy Crisis
4.2.5 Cumulative Impact due to nearing Economic Downturn
4.2.6 Post Covid-19 World Supply and Demand Conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Third-Party Cyber Insurance Market, By Component
5.1 Y-o-Y Growth Comparison, By Component
5.2 Global Third-Party Cyber Insurance Market Share Analysis, By Component
5.3 Global Third-Party Cyber Insurance Market Size and Forecast, By Component
5.3.1 Solutions
5.3.2 Services
6 Global Third-Party Cyber Insurance Market, By Insurance Type
6.1 Y-o-Y Growth Comparison, By Insurance Type
6.2 Global Third-Party Cyber Insurance Market Share Analysis, By Insurance Type
6.3 Global Third-Party Cyber Insurance Market Share Analysis, By Insurance Type
6.3.1 Packaged
6.3.2 Standalone
7.Global Third-Party Cyber Insurance Market , By Application
7.1 Y-o-Y Growth Comparison, By Application
7.2 Global Third-Party Cyber Insurance Market Share Analysis, By Application
7.3 Global Third-Party Cyber Insurance Market Share Analysis, By Application
7.3.1 Information and Communication Technology
7.3.2 Financial Services
7.3.3 Manufacturing
7.3.4 Retail
7.3.5 Healthcare
7.3.6 Others
8.Global Third-Party Cyber Insurance Market , By Organization Size
8.1 Y-o-Y Growth Comparison, By Organization Size
8.2 Global Third-Party Cyber Insurance Market Share Analysis, By Organization Size
8.3 Global Third-Party Cyber Insurance Market Share Analysis, By Organization Size
8.3.1 Small and Medium-Sized Enterprises (SMEs)
8.3.2 Large Enterprises
9.Global Third-Party Cyber Insurance Market , By Insurance Coverage
9.1 Y-o-Y Growth Comparison, By Insurance Coverage
9.2 Global Third-Party Cyber Insurance Market Share Analysis, By Insurance Coverage
9.3 Global Third-Party Cyber Insurance Market Share Analysis, By Insurance Coverage
9.3.1 Data Breach
9.3.2 Cyber Liability
10 Global Third-Party Cyber Insurance Market, By Region
10.1 Global Third-Party Cyber Insurance Market Share Analysis, By Region
10.2 Global Third-Party Cyber Insurance Market Share Analysis, By Region
11 North America Medical Drones and Forecast (2022-2027)
11.1 Introduction
11.2 North America Third-Party Cyber Insurance Market Share Analysis, By Component
11.3 North America Third-Party Cyber Insurance Size and Forecast, By Insurance Type
11.4 North America Third-Party Cyber Insurance Market, By Application
11.5 North America Third-Party Cyber Insurance Market Size and Forecast, By Organization Size
11.6 North America Third-Party Cyber Insurance Market Share Analysis, By Insurance Coverage
11.7 North America Third-Party Cyber Insurance Market Size and Forecast, By Country
11.7.1 U.S
11.7.2 Canada
11.7.3 Mexico
12 Europe Third-Party Cyber Insurance Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 Europe Third-Party Cyber Insurance Market Share Analysis, By Component
12.3 Europe Third-Party Cyber Insurance Market Size and Forecast, By Insurance Type
12.4 Europe Third-Party Cyber Insurance Market, By Application
12.5 Europe Third-Party Cyber Insurance Market Size and Forecast, By Organization Size
12.6 Europe Third-Party Cyber Insurance Market Share Analysis, By Insurance Coverage
10.7 Europe Third-Party Cyber Insurance Market Size and Forecast, By Country
12.7.1 Germany
12.7.2 France
12.7.3 UK
12.7.4 Rest of Europe
13 Asia Pacific Third-Party Cyber Insurance Market Analysis and Forecast (2022-2027)
13.1 Introduction
13.2 Asia-Pacific Third-Party Cyber Insurance Market Size and Forecast, By Component
13.3 Asia-Pacific Third-Party Cyber Insurance Market Size and Forecast, By Insurance Type
13.4 Asia-Pacific Third-Party Cyber Insurance Market, By Application
13.5 Asia-Pacific Third-Party Cyber Insurance Market Size and Forecast, By Organization Size
13.6 Asia-Pacific Third-Party Cyber Insurance Market Share Analysis, By Insurance Coverage
11.7 Asia-Pacific Third-Party Cyber Insurance Market Size and Forecast, By Country
11.7.1 China
11.7.2 Japan
11.7.3 India
11.5.4. Rest of Asia Pacific
14 Latin America Third-Party Cyber Insurance Market Analysis and Forecast (2022-2027)
14.1 Introduction
14.2 Latin America Third-Party Cyber Insurance Market Size and Forecast, By Component
14.3 Latin America Third-Party Cyber Insurance Market Size and Forecast, By Insurance Type
14.4 Latin America Third-Party Cyber Insurance Market , By Application
14.5 Latin America Third-Party Cyber Insurance Market Size and Forecast, By Organization Size
14.6 Latin America Third-Party Cyber Insurance Market Share Analysis, By Insurance Coverage
14.7 Latin America Third-Party Cyber Insurance Market Size and Forecast, By Country
14.7.1 Brazil
14.7.2.Rest of Latin America
15 Middle East Third-Party Cyber Insurance Market Analysis and Forecast (2022-2027)
15.1 Introduction
15.2 Middle East Third-Party Cyber Insurance Market Share Analysis, By Component
15.3 Middle East Third-Party Cyber Insurance Market Size and Forecast, By Insurance Type
15.4 Middle East Third-Party Cyber Insurance Market, By Application
15.5 Middle East Third-Party Cyber Insurance Market Size and Forecast, By Organization Size
15.6 Middle East Third-Party Cyber Insurance Market Share Analysis, By Insurance Coverage
15.7 Middle East Third-Party Cyber Insurance Market Size and Forecast, By Country
15.7.1. Saudi Arabia
15.7.2. UAE
15.7.2. Egypt
15.7.4. Kuwait
15.7.5. South Africa
16 Competitive Analysis
16.1 Competition Dashboard
16.2 Market share Analysis of Top Vendors
16.3 Key Development Strategies
17 Company Profiles
17.1. American International Group, Inc. (U.S.)
17.1.1 Overview
17.1.2 Offerings
17.1.3 Key Financials
17.1.4 Business Segment & Geographic Overview
17.1.5 Key Market Developments
17.1.6 Key Strategies
17.2. Aon Plc (U.K.)
17.2.1 Overview
17.2.2 Offerings
17.2.3 Key Financials
17.2.4 Business Segment & Geographic Overview
17.2.5 Key Market Developments
17.2.6 Key Strategies
17.3. IBM (U.S.)
17.3.1 Overview
17.3.2 Offerings
17.3.3 Key Financials
17.3.4 Business Segment & Geographic Overview
17.3.5 Key Market Developments
17.3.6 Key Strategies
17.4. Check Point Software Technologies Ltd. (Israel)
17.4.1 Overview
17.4.2 Offerings
17.4.3 Key Financials
17.4.4 Business Segment & Geographic Overview
17.4.5 Key Market Developments
17.4.6 Key Strategies
17.5. CyberArk Software Ltd. (U.S.)
17.5.1 Overview
17.5.2 Offerings
17.5.3 Key Financials
17.5.4 Business Segment & Geographic Overview
17.5.5 Key Market Developments
17.5.6 Key Strategies
17.6. F5 Inc (U.S.)
17.6.1 Overview
17.6.2 Offerings
17.6.3 Key Financials
17.6.4 Business Segment & Geographic Overview
17.6.5 Key Market Developments
17.6.6 Key Strategies
17.7. FireEye (U.S.)
17.7.1 Overview
17.7.2 Offerings
17.7.3 Key Financials
17.7.4 Business Segment & Geographic Overview
17.7.5 Key Market Developments
17.7.6 Key Strategies
17.8. Forcepoint (U.S.)
17.8.1 Overview
17.8.2 Offerings
17.8.3 Key Financials
17.8.4 Business Segment & Geographic Overview
17.8.5 Key Market Developments
17.8.6 Key Strategies
17.9. Fortinet Inc (U.S.)
17.9.1 Overview
17.9.2 Offerings
17.9.3 Key Financials
17.9.4 Business Segment & Geographic Overview
17.9.5 Key Market Developments
17.9.6 Key Strategies
17.10. Amazon Web Services (U.S.)
17.10.1 Overview
17.10.2 Offerings
17.10.3 Key Financials
17.10.4 Business Segment & Geographic Overview
17.10.5 Key Market Developments
17.10.6 Key Strategies
