"Global Cybersecurity Insurance Market Size Expected to Top $32.6 Billion by 2028"
Researchers at Research and Markets recently found that the Global Cybersecurity Insurance Market size is expected to reach $32.6 billion by 2028, rising at a market growth of 18.8% compound annual growth rate (CAGR) through 2028. By 2028, roughly two-thirds of that figure will be generated by solutions and the remainder by services. In 2019, the market totaled $6 billion. Throughout the forecast period, the banking and financial institutions sector is anticipated to control a substantial portion of the market, driven by demand for identity and risk coverage. The researchers noted that among the factors that have driven the demand for cybersecurity upward is cyber criminals’ continued keen interest in financial gain from selling confidential personal data on the dark web. Another reason is the rise of cloud computing which has changed the IT landscape and opened up new markets but brought with it more cybersecurity risk. As a result, some IT stakeholders and companies are exploring modernized insurance models.