Cybersecurity insurance poised for 20.5% CAGR by 2032

The market was also valued at $16.4b in 2023.

The global cybersecurity insurance market is projected to grow at a compound annual growth rate (CAGR) exceeding 20.5% from 2024 to 2032, according to Global Market Insights.

The market was also valued at $16.4b in 2023. Growth is primarily driven by stricter regulatory compliance globally, such as the

European Union’s General Data Protection Regulation (GDPR), which mandates rigorous data protection standards and gives individuals strong rights over their personal data. 

Organisations may be required to carry cybersecurity insurance to comply with such regulations and mitigate potential liabilities.

In 2023, large enterprises accounted for over 61% of the market share, driven by the escalating cyber threat landscape and the significant financial risks posed by data breaches and ransomware.