Governments of several countries have mandated the implementation of cyber insurance policies to mitigate the increasing cyberattacks. A surge in security risks can be attributed to the rising digitalization and easy connectivity in organizations. To combat these unprecedented situations, the governments have strengthened their cybersecurity laws by imposing hefty fines for data breaches.

Thus, the growing government support will accelerate the cyber insurance market at a CAGR of 26.3% during 2020–2030. The market stood at $5,573.2 million in 2019 and it is expected to reach $70,671.9 million by 2030.The market growth is also driven by the burgeoning demand for cyber insurance from the healthcare sector. The deployment of new-age technologies in healthcare facilities exposes them to numerous cyber threats such as data breach and cyberattacks.

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Over the years, this sector has become a prime target for cybercriminals, who steal protected health information (PHI) that is worth hundreds and thousands of dollars. Cybercriminals use PHI data to target people with scams and frauds causing huge financial loss to them. Additionally, end users like information technology (IT) and telecom, manufacturing, retail and e-commerce, and banking, financial services, and insurance (BFSI) sectors also adopt cyber insurance policies to protect sensitive data of their organizations and customers.

Among these, the BFSI industry is the largest adopter of the policies, on account of technological advancements that aim to meet evolving requirements of customers. In recent years, banks have started shifting their data to the cloud, which has escalated the chances of cyberattacks. Thus, rising cases of cyberattacks have led to high adoption of such policies.

This market research report provides a comprehensive overview of the market

Future potential of the market through its forecast for the period 2020– 2030
Major factors driving the market and their impact during the short, medium, and long terms
Market restraints and their impact during the short, medium, and long terms
Recent trends and evolving opportunities for the market participants
Historical and the present size of the market segments and understand their comparative future potential
Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings