Monday , April 21 2025
hand

Market.us report
Cyber Insurance Market to be Worth Over $49.5bn by 2030

The global cyber insurance market is expected to reach $90.6 billion by 2033, with a growth rate of 22.3% annually from 2023, as analyzed by Market.Us. The industry is expected to reach $14.8 billion by the end of 2024, up from a projected $12.1 billion in 2023.

Source: Market.US

The report pointed out reasons why more businesses will get cyber insurance in the next 10 years.

Samsung phone is saving your passwords in plain text

You copy a password from your manager, thinking it's safe. Meanwhile, your phone is saving it in plain text. Samsung...
Read More
Samsung phone is saving your passwords in plain text

UK Software Firm Exposed 8 million of Healthcare Worker Records

A data leak involving 8 million UK healthcare worker records, including IDs and financial information, was caused by a misconfigured...
Read More
UK Software Firm Exposed 8 million of Healthcare Worker Records

GitHub Enterprise Server Vulns Expose Risk of Code Execution

GitHub has released security updates for GitHub Enterprise Server to fix several vulnerabilities, including a high-severity flaw that could allow...
Read More
GitHub Enterprise Server Vulns Expose Risk of Code Execution

CVE-2025-2492
ASUS warns of critical auth bypass flaw in routers

Hackers can exploit a vulnerability in Asus routers to execute unauthorized functions. This serious issue, rated 9.2 out of 10,...
Read More
CVE-2025-2492  ASUS warns of critical auth bypass flaw in routers

16,000+ Fortinet devices compromised with symlink backdoor, Mostly in Asia

According to Shadowserver Foundation around 17,000 Fortinet devices worldwide have been compromised using a new technique called "symlink". This number...
Read More
16,000+  Fortinet devices compromised with symlink backdoor, Mostly in Asia

Patch now! Critical Erlang/OTP SSH Vuln Allows UCE

A critical security flaw has been found in the Erlang/Open Telecom Platform (OTP) SSH implementation, allowing an attacker to run...
Read More
Patch now! Critical Erlang/OTP SSH Vuln Allows UCE

CISA warns of increasing risk tied to Oracle legacy Cloud leak

On Wednesday, CISA alerted about increased breach risks due to the earlier compromise of legacy Oracle Cloud servers, emphasizing the...
Read More
CISA warns of increasing risk tied to Oracle legacy Cloud leak

CVE-2025-20236
Cisco Patches Unauthenticated RCE Flaw in Webex App

Cisco issued a security advisory about a serious vulnerability in its Webex App that allows unauthenticated remote code execution (RCE)...
Read More
CVE-2025-20236  Cisco Patches Unauthenticated RCE Flaw in Webex App

Apple released emergency security updates for 2 zero-day vulns

On Wednesday, Apple released urgent operating system updates to address two security vulnerabilities that had already been exploited in highly...
Read More
Apple released emergency security updates for 2 zero-day vulns

Oracle Released Patched for 378 flaws for April 2025

On April 15, 2025, Oracle released a Critical Patch Update for 378 flaws for its products. The patch update covers...
Read More
Oracle Released Patched for 378 flaws for April 2025
  • Rising cyber threats and attacks
  • Evolving regulatory environment
  • Increasing financial impact of cyber incidents
  • Growing awareness and understanding of cyber risks

Cyber Insurance Trends in 2023

According to the analysis, standalone cyber insurance policies accounted for over two-thirds (68%) of the market in 2023. The policies are designed for specific cyber threats that businesses face like data breaches and ransomware. Large organizations and industries vulnerable to cyber threats, like finance and healthcare, especially prefer standalone policies.

In the cyber insurance market last year, third-party coverage dominated with a 62.1% share. These policies protect against legal costs and liabilities caused by breaches that impact customers and other parties’ data.

Companies that deal with sensitive customer information are investing more and more in third-party insurance. This is because of the increasing number of data protection regulations, which create the possibility of lawsuits and fines.

In 2023, the value of the cyber insurance market was mainly driven by large businesses, which accounted for 72.4% of the market. Large enterprises are at a higher risk of cyber incidents because they have a widespread and complicated digital infrastructure.

The largest market share was held by the banking, financial services, and insurance (BFSI) sector, with 28.3%.

This is because these industries deal with sensitive financial information, making them attractive to cybercriminals. To protect themselves from financial and reputational damage caused by data breaches and online fraud, these businesses invest in cyber insurance policies.

North America had the biggest share of the cyber insurance market, with 37.6% ($4.5bn). This is because the region has advanced technology, many major global companies, and a strong understanding of cyber threats.

Opportunities for Cyber Insurers to Improve:

The report outlined ways cyber insurers can enhance their value to businesses in the face of rising cyber-threats:

  • Tailor policies for specific industries, such as healthcare, finance or manufacturing, to address their unique risks and compliance requirements
  • Provide holistic risk management services to help organizations proactively manage cyber risks. These include cybersecurity assessments, incident response planning and employee training
  • Partner with cybersecurity firms to integrate capabilities like risks assessment
  • services, threat intelligence and incident response capabilities

Check Also

PwC

PwC exits more than a dozen countries in push to avoid scandals: FT reports

PwC has ceased operations in more than a dozen countries that its global bosses have …

Leave a Reply

Your email address will not be published. Required fields are marked *