Cybersecurity insurance market to reach $35 billion by 2026: Report

The global cybersecurity insurance market is likely to reach $35.07 billion by 2026 growing at a CAGR of 26.6%. In 2017, the market was pegged at $4.19 billion.

According to research firm ResearchAndMarkets, the factors influencing the market growth are growing adoption of cloud solutions and increase in cyber data breaches. However, high costs and difficulties in implementing cyber insurance are hindering the growth of the market.

The report said that based on the end user, the healthcare segment commanded significant market growth during the predicted period due to data proliferation. By geography, North America is anticipated to dominate the global market. In the US the growth is anticipated due to the large presence of cybersecurity insurance vendors.

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Some of the key players in the Cyber Security Insurance market include Aon, Zurich Insurance Company, Berkshire Hathaway, Allianz, Lockton Companies LLP, Munich Re, and Beazley.