Cybersecurity in Insurance - Thematic Research
Summary
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 GlobalData 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
- Position yourself for success by understanding the ways in which 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.
- Executive Summary
- Cybersecurity Value Chain
- Key players in the cybersecurity value chain
- Table Figure 1: Key players in the cybersecurity value chain
- Table Figure 2: The cybersecurity value chain
- Cybersecurity hardware
- Chip-based security
- Table Figure 3: The cybersecurity value chain - hardware
- Chip-based security
- Cybersecurity software
- Identity management
- Table Figure 4: The cybersecurity value chain - software - Identity management: leaders and challengers
- Network security
- Table Figure 5: The cybersecurity value chain - software - Network security: leaders and challengers
- Endpoint security
- Table Figure 6: The cybersecurity value chain - software - Endpoint security: leaders and challengers
- Threat detection and response
- Table Figure 7: The cybersecurity value chain - software - Threat detection and response: leaders and challengers
- Cloud security
- Table Figure 8: The cybersecurity value chain - software - Cloud security: leaders and challengers
- Data security
- Table Figure 9: The cybersecurity value chain - software - Data security: leaders and challengers
- Email security
- Table Figure 10: The cybersecurity value chain - software - Email security: leaders and challengers
- Application security
- Table Figure 11: The cybersecurity value chain - software - Application security: leaders and challengers
- Unified threat management (UTM)
- Table Figure 12: The cybersecurity value chain - software - Unified threat management: leaders and challengers
- Vulnerability management
- Table Figure 13: The cybersecurity value chain - software - Vulnerability management: leaders and challengers
- Identity management
- Cybersecurity services
- Managed security services
- Table Figure 14: The cybersecurity value chain - services - Managed security services: leaders and challengers
- Post-breach response services
- Table Figure 15: The cybersecurity value chain - services - Post-breach response services: leaders and challengers
- Risk and compliance services
- Table Figure 16: The cybersecurity value chain - services - Risk and compliance services: leaders and challengers
- Managed security services
- Key players in the cybersecurity value chain
- Insurance Challenges
- Insurers have been targets of cyberattacks
- Insurers provide increasingly risky cyber insurance
- All businesses recognize the need for cybersecurity
- Table Figure 17: Businesses recognize the importance of robust cybersecurity frameworks
- Table key challenges facing the insurance sector
- The Impact of Cybersecurity on Insurance
- Table Figure 18: Thematic impact assessment
- How does the Russia-Ukraine war accelerate the need for increased cybersecurity?
- How does COVID-19 accelerate the need for increased cybersecurity?
- How does the digitalization among younger generations accelerate the need for increased cybersecurity?
- How does ESG accelerate the need for increased cybersecurity?
- How does insurtech accelerate the need for increased cybersecurity?
- Case Studies
- LCT Africa's biometric device streamlines health insurance claims and prevents fraud
- Aflac used Infoblox to secure its migration to the cloud
- Prudential used Darktrace's AI-based system to improve risk detection
- Old Mutual used Check Point Software to improve visibility around network security
- Munich Re's HSB launched cyber insurance cover for the farming sector
- Cowbell Cyber launched a marketplace to connect SMEs with cybersecurity services
- Hiscox launched a cyber training interface to mitigate cyber risk
- Data Analysis
- Market size and growth forecasts
- Table Figure 19: By 2025, the cybersecurity market size in the insurance sector will have reached $10.6 billion
- Table Figure 20: Managed security services account for the largest share of cybersecurity revenues
- Mergers and acquisitions
- Table Mergers and acquisitions
- Patent trends
- Table Figure 21: Cybersecurity patents in the insurance sector are steadily increasing
- Table Figure 22: Nearly 60% of all cybersecurity patents in insurance were registered in the US between 2018 and 2021
- Company filings trends
- Table Figure 23: Cybersecurity-related mentions in company filings are steadily increasing, but sentiment
- Table Figure 24: Markel leads in cybersecurity-related company filings mentions
- Hiring trends
- Table Figure 25: Cybersecurity-related jobs in insurance companies have rapidly increased between Q1 2020 and Q1 2022
- CISOs
- Table CISOs
- Social media trends
- Table Figure 26: Cybersecurity mentions on social media dramatically increased between 2020 and 2022
- Cybersecurity timeline
- Table Figure 27: The cybersecurity story
- Market size and growth forecasts
- Companies
- Leading cybersecurity adopters in insurance
- Table Leading cybersecurity adopters in insurance
- Leading cybersecurity vendors
- Table Leading cybersecurity vendors
- Specialist cybersecurity vendors in insurance
- Table Specialist cybersecurity vendors in insurance
- Leading cybersecurity adopters in insurance
- Sector Scorecard
- Life insurance sector scorecard
- Who's who
- Table Figure 28: Who does what in the life insurance space?
- Thematic screen
- Table Figure 29: Thematic screen - Life insurance sector scorecard
- Valuation screen
- Table Figure 30: Valuation screen - Life insurance sector scorecard
- Risk screen
- Table Figure 31: Risk screen - Life insurance sector scorecard
- Who's who
- Non-life insurance sector scorecard
- Who's who
- Table Figure 32: Who does what in the non-life insurance space?
- Thematic screen
- Table Figure 33: Thematic screen - Non-life insurance sector scorecard
- Valuation screen
- Table Figure 34: Valuation screen - Non-life insurance sector scorecard
- Risk screen
- Table Figure 35: Risk screen - Non-life insurance sector scorecard
- Who's who
- Life insurance sector scorecard
- Glossary
- Table Glossary
- Further Reading
- GlobalData reports
- Table GlobalData reports
- GlobalData reports
- Our thematic research methodology
- Table Figure 36: Our five-step approach for generating a sector scorecard
- About GlobalData
- Contact Us
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