Thematic Intelligence: Cybersecurity in Insurance

Thematic Intelligence: Cybersecurity in Insurance

Thematic Intelligence: Cybersecurity in Insurance

Summary

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.

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.
• GlobalData 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.