The global cyber insurance market is expected to be worth around $28.6bn by 2026, growing at a CAGR of 24.9% from 2019, according to a study from Allied Market Research.
According to the research, the global cyber insurance market was worth an estimated $4.85bn in 2018.
Large enterprises accounted for more than two-thirds of the global cyber insurance market revenue in 2018 and are expected to retain dominance through the years. However, Allied Market stated SMEs will have the fastest growth between now and 2026, rising by a CAGR of 27.2%.
This is down to SMEs being more susceptible to cyberattacks, it said.
As for industries, Allied Market believes the government and public sector will see the biggest increase in usage, rising by a CAGR of 27.5%. This will be caused by an increase in cyber liabilities, data theft, identity fraud and cyberattacks.
In 2018, North America had the largest share of cyber insurance, representing over two-fifths of the market.
However, things may be changing. The Asia-Pacific region is expected to grow at a CAGR of 26.9% till 2026, the biggest of any region.
These claims come from the new Cyber Insurance Market by Company Size (Large Companies and Small & Medium-sized Companies) and Industry Vertical (BFSI, IT & Telecom, Retail & E-commerce, Healthcare, Manufacturing, Government & Public Sector, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026 report.
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