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North America Cybersecurity Insurance Market Size, Share & Industry Trends Analysis Report By Component, By Insurance Coverage, By Insurance Type, By Organization Size, By End User, By Country and Growth Forecast, 2022 - 2028

  • PDF Icon

    Report

  • 124 Pages
  • July 2022
  • Region: North America
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5645340
The North America Cybersecurity Insurance Market is expected to witness market growth of 17.2% CAGR during the forecast period (2022-2028).

Several risks are covered by cyber insurance plans and enterprises, and underwriters do not always accept which loss occurrences are covered. Cyber events have characteristics that make it challenging to create thorough policies, such as a lack of loss history, the unreliability of historical data in forecasting future events, and the potential for a large-scale attack with losses that are highly correlated across businesses and industries. Additionally, insurers are still developing clear and accurate standards for evaluating the effects of emerging technologies like the Internet of Things and cyberattacks.

The Federal Trade Commission revised its rule in October 2021 to improve the data security measures that financial firms must take to protect the financial information of their clients. Consumers have experienced severe suffering in recent years as a result of significant data breaches and cyberattacks, including financial loss, identity theft, and other types of financial hardship. The Federal Trade Commission's updated Safeguards Rule mandates that non-banking financial institutions, including mortgage brokers, car dealers, and payday lenders, create, implement, and maintain a strong security system to safeguard the information of their consumers. The market is expected to be heavily influenced by governmental policy. 
Cyber risks are increasing as more areas of daily life are going digital. The growing demand for cyber security solutions in Canada can be met by U.S. exporters of cyber technologies and software. Cybersecurity technology is strongly required by the Canadian federal government. The Communications Security Establishment (CSE), Canada's digital intelligence agency, responded to more than 2,000 attacks on the government and its key infrastructure partners in 2017. Canada has released a National Cyber Security Strategy and a National Cyber Security Action Plan in response to these persistent threats.

The US market dominated the North America Cybersecurity Insurance Market by Country in 2021, and is expected to continue to be a dominant market till 2028; thereby, achieving a market value of $8,370.6 million by 2028. The Canada market is poised to grow at a CAGR of 19.8% during (2022 - 2028). Additionally, The Mexico market is expected to witness a CAGR of 18.8% during (2022 - 2028).

Based on Component, the market is segmented into Solution (Analytics Platform, Disaster Recovery & Business Continuity, and Cybersecurity Solution) and Services. Based on Insurance Coverage, the market is segmented into Cyber Liability and Data Breach. Based on Insurance Type, the market is segmented into Packaged and Standalone. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs). Based on End User, the market is segmented into Technology Provider (Insurance Companies, Third-party Administrators, Brokers, & Consultancies, and Government Agencies) and Insurance Provider (Financial Services, Retail & Consumer Goods, Telecom & IT, Travel, Tourism, & Hospitality, Healthcare & Life Sciences, and Others). Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cisco Systems, Inc., Microsoft Corporation, Check Point Software Technologies Ltd., Accenture PLC, FireEye, Inc., SentinelOne, Inc., UpGuard, Inc., CYE (Cyesec Ltd.), BlackBerry Limited (CYLANCE), and BitSight Technologies, Inc.

Scope of the Study

Market Segments Covered in the Report:

By Component

  • Solution
    • Analytics Platform
    • Disaster Recovery & Business Continuity
    • Cybersecurity Solution

  • Services

By Insurance Coverage

  • Cyber Liability
  • Data Breach

By Insurance Type

  • Packaged
  • Standalone

By Organization Size

  • Large Enterprises
  • Small & Medium Enterprises (SMEs)

By End User

  • Technology Provider
    • Insurance Companies
    • Third-party Administrators, Brokers, & Consultancies
    • Government Agencies

  • Insurance Provider
    • Financial Services
    • Retail & Consumer Goods
    • Telecom & IT
    • Travel, Tourism, & Hospitality
    • Healthcare & Life Sciences
    • Others

By Country

  • US
  • Canada
  • Mexico
  • Rest of North America

Key Market Players

List of Companies Profiled in the Report:

  • Cisco Systems, Inc.
  • Microsoft Corporation
  • Check Point Software Technologies Ltd.
  • Accenture PLC
  • FireEye, Inc.
  • SentinelOne, Inc.
  • UpGuard, Inc.
  • CYE (Cyesec Ltd.)
  • BlackBerry Limited (CYLANCE)
  • BitSight Technologies, Inc.

Unique Offerings from the Publisher

  • Exhaustive coverage
  • The highest number of Market tables and figures
  • Subscription-based model available
  • Guaranteed best price
  • Assured post sales research support with 10% customization free

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Cybersecurity Insurance Market, by Component
1.4.2 North America Cybersecurity Insurance Market, by Insurance Coverage
1.4.3 North America Cybersecurity Insurance Market, by Insurance Type
1.4.4 North America Cybersecurity Insurance Market, by Organization Size
1.4.5 North America Cybersecurity Insurance Market, by End User
1.4.6 North America Cybersecurity Insurance Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2018-2022)
3.3.2 Key Strategic Move: (Partnerships, Collaborations & Agreements: 2018, Feb - 2022, Apr) Leading Players
Chapter 4. North America Cybersecurity Insurance Market by Component
4.1 North America Solution Market by Country
4.2 North America Cybersecurity Insurance Market by Solution Type
4.2.1 North America Analytics Platform Market by Country
4.2.2 North America Disaster Recovery & Business Continuity Market by Country
4.2.3 North America Cybersecurity Solution Market by Country
4.3 North America Services Market by Country
Chapter 5. North America Cybersecurity Insurance Market by Insurance Coverage
5.1 North America Cyber Liability Market by Country
5.2 North America Data Breach Market by Country
Chapter 6. North America Cybersecurity Insurance Market by Insurance Type
6.1 North America Packaged Market by Country
6.2 North America Standalone Market by Country
Chapter 7. North America Cybersecurity Insurance Market by Organization Size
7.1 North America Large Enterprises Market by Country
7.2 North America Small & Medium Enterprises (SMEs) Market by Country
Chapter 8. North America Cybersecurity Insurance Market by End User
8.1 North America Technology Provider Market by Country
8.2 North America Cybersecurity Insurance Market by Technology Provider Type
8.2.1 North America Insurance Companies Market by Country
8.2.2 North America Third-party Administrators, Brokers, & Consultancies Market by Country
8.2.3 North America Government Agencies Market by Country
8.3 North America Insurance Provider Market by Country
8.4 North America Cybersecurity Insurance Market by Insurance Provider Type
8.4.1 North America Financial Services Market by Country
8.4.2 North America Retail & Consumer Goods Market by Country
8.4.3 North America Telecom & IT Market by Country
8.4.4 North America Travel, Tourism, & Hospitality Market by Country
8.4.5 North America Healthcare & Life Sciences Market by Country
8.4.6 North America Others Market by Country
Chapter 9. North America Cybersecurity Insurance Market by Country
9.1 US Cybersecurity Insurance Market
9.1.1 US Cybersecurity Insurance Market by Component
9.1.1.1 US Cybersecurity Insurance Market by Solution Type
9.1.2 US Cybersecurity Insurance Market by Insurance Coverage
9.1.3 US Cybersecurity Insurance Market by Insurance Type
9.1.4 US Cybersecurity Insurance Market by Organization Size
9.1.5 US Cybersecurity Insurance Market by End User
9.1.5.1 US Cybersecurity Insurance Market by Technology Provider Type
9.1.5.2 US Cybersecurity Insurance Market by Insurance Provider Type
9.2 Canada Cybersecurity Insurance Market
9.2.1 Canada Cybersecurity Insurance Market by Component
9.2.1.1 Canada Cybersecurity Insurance Market by Solution Type
9.2.2 Canada Cybersecurity Insurance Market by Insurance Coverage
9.2.3 Canada Cybersecurity Insurance Market by Insurance Type
9.2.4 Canada Cybersecurity Insurance Market by Organization Size
9.2.5 Canada Cybersecurity Insurance Market by End User
9.2.5.1 Canada Cybersecurity Insurance Market by Technology Provider Type
9.2.5.2 Canada Cybersecurity Insurance Market by Insurance Provider Type
9.3 Mexico Cybersecurity Insurance Market
9.3.1 Mexico Cybersecurity Insurance Market by Component
9.3.1.1 Mexico Cybersecurity Insurance Market by Solution Type
9.3.2 Mexico Cybersecurity Insurance Market by Insurance Coverage
9.3.3 Mexico Cybersecurity Insurance Market by Insurance Type
9.3.4 Mexico Cybersecurity Insurance Market by Organization Size
9.3.5 Mexico Cybersecurity Insurance Market by End User
9.3.5.1 Mexico Cybersecurity Insurance Market by Technology Provider Type
9.3.5.2 Mexico Cybersecurity Insurance Market by Insurance Provider Type
9.4 Rest of North America Cybersecurity Insurance Market
9.4.1 Rest of North America Cybersecurity Insurance Market by Component
9.4.1.1 Rest of North America Cybersecurity Insurance Market by Solution Type
9.4.2 Rest of North America Cybersecurity Insurance Market by Insurance Coverage
9.4.3 Rest of North America Cybersecurity Insurance Market by Insurance Type
9.4.4 Rest of North America Cybersecurity Insurance Market by Organization Size
9.4.5 Rest of North America Cybersecurity Insurance Market by End User
9.4.5.1 Rest of North America Cybersecurity Insurance Market by Technology Provider Type
9.4.5.2 Rest of North America Cybersecurity Insurance Market by Insurance Provider Type
Chapter 10. Company Profiles
10.1 Cisco Systems, Inc.
10.1.1 Company Overview
10.1.2 Financial Analysis
10.1.3 Regional Analysis
10.1.4 Research & Development Expense
10.1.5 Recent strategies and developments:
10.1.5.1 Partnerships, Collaborations, and Agreements:
10.1.5.2 Product Launches and Product Expansions:
10.1.5.3 Acquisition and Mergers:
10.1.6 SWOT Analysis
10.2 Microsoft Corporation
10.2.1 Company Overview
10.2.2 Financial Analysis
10.2.3 Segmental and Regional Analysis
10.2.4 Research & Development Expenses
10.2.5 Recent strategies and developments:
10.2.5.1 Partnerships, Collaborations, and Agreements:
10.2.6 SWOT Analysis
10.3 Check Point Software Technologies Ltd.
10.3.1 Company Overview
10.3.2 Financial Analysis
10.3.3 Regional Analysis
10.3.4 Research & Development Expense
10.3.5 Recent strategies and developments:
10.3.5.1 Partnerships, Collaborations, and Agreements:
10.3.5.2 Product Launches and Product Expansions:
10.4 Accenture PLC
10.4.1 Company Overview
10.4.2 Financial Analysis
10.4.3 Segmental and Regional Analysis
10.4.4 Research & Development Expenses
10.4.5 Recent strategies and developments:
10.4.5.1 Partnerships, Collaborations, and Agreements:
10.4.5.2 Acquisition and Mergers:
10.5 FireEye, Inc.
10.5.1 Company Overview
10.6 SentinelOne, Inc.
10.6.1 Company Overview
10.6.2 Recent strategies and developments:
10.6.2.1 Partnerships, Collaborations, and Agreements:
10.7 UpGuard, Inc.
10.7.1 Company Overview
10.8 CYE (Cyesec Ltd.)
10.8.1 Company Overview
10.9 BlackBerry Limited (CYLANCE)
10.9.1 Company Overview
10.9.2 Financial Analysis
10.9.3 Segmental and Regional Analysis
10.9.4 Research and Development Expense
10.10. BitSight Technologies, Inc.
10.10.1 Company Overview
10.10.2 Recent strategies and developments:
10.10.2.1 Partnerships, Collaborations, and Agreements:

Companies Mentioned

  • Cisco Systems, Inc.
  • Microsoft Corporation
  • Check Point Software Technologies Ltd.
  • Accenture PLC
  • FireEye, Inc.
  • SentinelOne, Inc.
  • UpGuard, Inc.
  • CYE (Cyesec Ltd.)
  • BlackBerry Limited (CYLANCE)
  • BitSight Technologies, Inc.

Methodology

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