Cybersecurity Insurance Market

The cybersecurity insurance market is projected to grow from USD 10.3 billion in 2023 to USD 17.6 billion by 2028, at a CAGR of 11.4% during the forecast period. The scarcity of skilled cybersecurity professionals’ challenges organizations in effectively managing cyber risks. Cybersecurity insurance offers expertise and resources to support organizations in responding to and recovering from cyber incidents.

Top Cybersecurity Insurance Companies include

• RedSeal (US)
• SecurityScorecard (US)
• BitSight (US)
• Prevalent (US)
• UpGuard (US) and many more....

Selecting a cyber insurance provider depends on your specific needs and industry. Consider factors like company size, industry regulations, and budget when making your choice.

To know about the assumptions considered for the study download the pdf brochure

RedSeal offers a cybersecurity analytics platform to enterprises and develops Security Risk Management (SRM) software for managing and preventing network breaches and failures. It analyzes businesses’ networks, creates an analytics model for monitoring the network’s performance, and provides a digital resilience score enabling users to benchmark and set targets for network security. It provides insights for identifying at-risk assets and corrective actions that must be taken. Its Digital Resilience Score solutions aid clients, brokers, and underwriters to measure their network resilience and ensure network security. It caters to multiple industries, including governments, utilities, healthcare, banking, and insurance. Red Seal’s customer base includes Global 2000 companies and government agencies, such as US federal agencies (DoD), civilian, and intelligence communities. It serves other industries, such as finance, healthcare, retail, and technology sectors, and has presence across North America, Europe, and Asia.

SecurityScorecard is a cloud-based provider of risk scorecards and an information security company that rates the security postures of corporate entities. The product offers real-time threat intelligence and risk awareness by automated real-time monitoring of all risk factors. The product's features include the status of security levels of every organization and data sharing. Its comprehensive solution range includes enterprise cyber risks, third-party risks, executive-level reporting, cybersecurity insurance, due diligence, and compliance. Financial services, insurance, healthcare, government, retail, and ITeS are the major verticals that SecurityScorecard serves. It also offers monitoring signals of the company, partner networks, categories, and assesses signals at malware events, uses a real-time query to get a collective scorecard of any domain using a search engine. SecurityScorecard’s patented technology is used by organizations to assess their cybersecurity risks, insurance underwriting, and third-party risk management.

BitSight, based in the United States, specializes in security ratings and risk assessment solutions. It provides cybersecurity ratings that help organizations manage third-party risk, monitor security performance, and make data-driven decisions to improve cybersecurity posture. BitSight's platform collects and analyzes vast amounts of security data to generate security ratings for businesses and their vendors, offering insights into security vulnerabilities and compliance issues.

Prevalent, headquartered in the United States, offers third-party risk management solutions designed to assess and manage risks associated with vendor relationships. The company provides a comprehensive platform that automates vendor risk assessment, monitoring, and remediation processes. Prevalent's solutions enable organizations to streamline vendor risk management, ensure compliance with regulations, and protect sensitive data from security breaches and cyber threats.

UpGuard, also based in the United States, specializes in cybersecurity risk assessment and third-party vendor risk management. The company offers a platform that helps businesses monitor and assess the security posture of their digital assets and third-party vendors. UpGuard's solutions include security ratings, breach detection, and data leak prevention to mitigate cyber risks and ensure data protection. Their platform provides continuous monitoring and alerts organizations to potential security vulnerabilities and compliance issues in real-time.

Related Reports:

Cybersecurity Insurance Market by Component (Solutions and Services), Type (Standalone & Packaged), Coverage (Data Breach & Cyber Liability), Compliance Requirement, End User (Technology & Insurance) and Region - Global Forecast to 2028