Cybersecurity in Insurance - Thematic Research

This report provides in-depth analysis of trends in the cybersecurity market that will shape the insurance industry over the coming years.

The rise in complex ransomware attacks, ongoing supply chain threats, and the Russia/Ukraine conflict have all accelerated the need for robust cybersecurity defenses across sectors. Meanwhile, the COVID-19 pandemic accelerated the need for cyber insurance, but insurers are yet to translate this into improved penetration rates. With the cost of cyber insurance rising to reflect increased cyber risk, policy uptake fell between 2019 and 2021 as many SMEs sought to cut costs.

Scope

Cybersecurity revenues in the insurance sector will grow from $6.4 billion in 2020 to $10.6 billion in 2025 according to the publisher forecasts.
COVID-19 led to more customers accessing their accounts digitally and insurers selling through digital channels, increasing the sector's cyber risk. In 2021, leading financial institutions AXA, Tokio Marine, CNA Financial, and Banco Pichincha were hit by cyberattacks.
AXA's decision to stop writing cyber policies that reimbursed ransom attacks may encourage other insurers to follow suit and rethink their risk exposure, forcing businesses to strengthen their cybersecurity frameworks in case of a ransom attack.

Reasons to Buy

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• Quickly identify attractive investment targets in the insurance industry by understanding which companies are most likely to be winners in the future based on our thematic scorecard.
• Gain a competitive advantage in the insurance industry by understanding the value of cybersecurity solutions for each segment of the insurance value chain.