This report provides an in-depth look at the cybersecurity theme in the insurance sector, covering industry challenges, how cybersecurity impacts these challenges, the cybersecurity investment matrix, case studies, the value chain, market forecasts, industry signals, and more.
Ransomware attacks have impacted companies such as AXA, UnitedHealth, and Prudential Financial from 2021-24. Other insurance firms have also suffered data breaches. Data breaches topped the list of attack vectors affecting respondents, with 47% reporting such attacks, followed by online fraud at 42%, and then ransomware at 30%. According to Munich Re’s survey, it was noted that at least one out of every two companies has been affected by one of these attack vectors. As the insurance industry plays a critical role in protecting the digital world, insurers must showcase their relevance to the resilience of the economy and society. Businesses are recognizing the importance of having insurance coverage to mitigate financial losses and reputational damage resulting from cyber incidents. As a result, cybersecurity providers have become critical partners in the cyber insurance market, offering improved security services and risk management solutions.
Ransomware attacks have impacted companies such as AXA, UnitedHealth, and Prudential Financial from 2021-24. Other insurance firms have also suffered data breaches. Data breaches topped the list of attack vectors affecting respondents, with 47% reporting such attacks, followed by online fraud at 42%, and then ransomware at 30%. According to Munich Re’s survey, it was noted that at least one out of every two companies has been affected by one of these attack vectors. As the insurance industry plays a critical role in protecting the digital world, insurers must showcase their relevance to the resilience of the economy and society. Businesses are recognizing the importance of having insurance coverage to mitigate financial losses and reputational damage resulting from cyber incidents. As a result, cybersecurity providers have become critical partners in the cyber insurance market, offering improved security services and risk management solutions.
Scope
- As more insurance companies digitalize and expand their operations, they must prioritize cybersecurity in an evolving landscape with cyber threats on the rise.
- As digitalization advances in nearly every area of business, companies are increasingly focusing on new, smart technologies such as AI, cloud services, and data analytics. However, this growing dependence on technology has also led to a rise in vulnerabilities, security gaps, and cyberattacks.
- The analyst estimates that the total cybersecurity market across the insurance sector will be worth $12.4 billion in 2027, having grown at a compound annual growth rate of 11% from $7.4 billion in 2022.
Reasons to Buy
- Position yourself for success by understanding how cybersecurity-one of the biggest themes of the decade-should be deployed within the insurance sector to mitigate the challenges of rapid digitalization.
- Source the leading and specialist vendors of cybersecurity technologies for the insurance sector. Discover what each vendor offers and who some of their existing clients are.
- 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.
- Benchmark yourself against the rest of the market.
Table of Contents
- Executive Summary
- Inside
- Related reports
- Report type
- Players
- Value Chain
- Insurance Challenges
- Insurers are targets for cyberattacks
- The Impact of Cybersecurity on Insurance
- How does ESG impact cybersecurity?
- How does data privacy impact cybersecurity?
- How does insurtech impact cybersecurity?
- How do geopolitical conflicts impact cybersecurity?
- How does digitalization among the younger generation impact cybersecurity?
- Case Studies
- Chubb uses SentinelOne to improve threat detection and streamline policy pricing
- MAIF used One Identity to secure its organizational data
- Hiscox launched a cyber training interface to mitigate cyber risk
- Swiss Re partners with Cowbell Cyber to protect cloud-first enterprises
- Market Size and Growth Forecasts
- Cybersecurity Timeline
- Signals
- M&A trends
- Patent trends
- Company filing trends
- Hiring trends
- Chief information security officers
- Companies
- Leading cybersecurity adopters in insurance
- Leading cybersecurity vendors
- Specialist cybersecurity vendors in insurance
- Sector Scorecards
- Non-life insurance sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Life insurance sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Glossary
- Further Reading
- The analyst reports
- Thematic Research Methodology
- Viewing the world’s data by themes makes it easier to make important decisions
- Traditional research does a poor job of picking winners and losers
- That is why we developed our thematic engine
- How do we create our sector scorecards?
- What is in our sector scorecards?
- How do we score companies in our thematic screen?
- How do our research reports fit into our overall thematic research ecosystem?
- About the Analyst
- Contact the Publisher
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- AIG
- Allianz
- Aviva
- Chubb
- Hiscox
- Marsh
- Munich Re
- Ping An
- Swiss Re
- Travelers
- Zurich Insurance
- Tokio Marine Holdings
- Prudential Financial
- Allstate
- Bright Health
