As per the recent market research study P&S Intelligence, the cyber insurance market was valued 11.9b in 2022, which is projected to rise at a rate of 19.1% from 2022 to 2030, to touch 48.3b. The growth is ascribed to the rising number of malware, virus, and other kinds of attacks on IT networks, increasing legislation with regard to cybersecurity, and implementation of risk mitigation and insurance strategies across industries.
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Cyber insurance market to generate USD 48.3b revenue in 2030, says P&S intelligence
North America holds the largest share, of around 50%. It is attributed to the presence of major players, including, Lockton Incorporated, American International Group Inc., Chubb Group Holdings Inc., in the region. Moreover, the region is home to multi-billion-dollar BFSI, healthcare, and IT firms, which have a huge volume of sensitive data to protect.
