Cybersecurity in Insurance – Thematic Research

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Published: June 28, 2022 Report Code: GDIN-TR-S046-TH

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Cybersecurity in Insurance Market Overview

The global cybersecurity revenue in the insurance sector was $6.4 billion in 2020. The market is expected to grow at a CAGR of more than 10% from 2020 to 2025. The sector’s rapid digital transformation will drive this growth.

COVID-19 led to more customers accessing their accounts digitally and insurers selling through digital channels, increasing the sector’s cyber risk. The rise in complex ransomware attacks, the persistence of hybrid working models, ongoing supply chain threats, and the Russia-Ukraine war have all accelerated the need for robust cybersecurity defenses across sectors.

Cybersecurity in Insurance

For more insights on the global cybersecurity market forecast, download a free report sample

What is the impact of cybersecurity on the insurance market?

Today’s insurance customers, many of whom are members of Generation Z, are accustomed to accessing their insurers via digital channels. This increases the surface area for cyberattacks, similar to the digitalization necessitated by the COVID-19 pandemic. The increased risk of a cyberattack, and payout for a cyber insurance policyholder, discourage insurers from offering cyber policies. Moreover, the economic damage of the pandemic and the ongoing cost of living crisis have further reduced businesses’ and consumers’ abilities to afford ever-costlier cyber insurance cover.

The COVID-19 pandemic has hastened the digital transformation of businesses, necessitating more employees to work remotely and more transactions to be conducted online. With more customers accessing their accounts digitally and insurers selling through digital channels more than before, the cyber risk faced by insurers is increasing. This is particularly relevant to traditional insurers, which tend to have less digital experience and expertise than insurtechs.

Digital challengers to the insurance industry were initially notably present in personal lines, with other areas of insurance remaining unaffected. This has now changed, and most insurance products have been impacted by emerging challengers that have accelerated digital transformation in the sector. This rapid digital transformation, however, risks holes being left in application development. As well as protecting their reputations and avoiding hefty fines, insurers should invest in cybersecurity solutions to prevent data breaches.

What are the key cybersecurity value chains?

The key cybersecurity value chains can be divided into three segments: hardware, software, and services.

Hardware

With chips now being used in mission-critical servers and safety-critical applications, protecting chips from cyberattacks is becoming more critical and more expensive. Systems vendors such as Apple and Amazon are increasingly designing their chips rather than buying commercially developed devices and intellectual property (IP) created by third-party developers.

Software

The software element of the cybersecurity value chain comprises the following areas: identity management, network security, endpoint security, threat detection & response, cloud security, data security, email security, application security, unified threat management, and vulnerability management.

Services

The services element of the cybersecurity value chain comprises the following areas: managed security services, post-breach response services, and risk & compliance services. Services are typically outsourced because of the complexity of addressing cybersecurity-related issues, such as staying on top of vulnerabilities, identifying & responding to threats, and meeting compliance requirements.

Which are the leading insurance companies that are deploying cybersecurity?

The leading insurance companies that are deploying cybersecurity are AIG, Allianz, Aon, Chubb, Hiscox, Marsh, Munich Re, Ping An, Swiss Re, and Zurich Insurance.

Which are the specialist cybersecurity vendors in the insurance market?

The specialist cybersecurity vendors in the insurance market are Blackberry, CyberCube, FireEye, Portnox, and SecurityScorecard.

Market Report Overview

Market size (Year – 2020) $6.4 billion
CAGR (2020-2025) >10%
Key value chains Hardware, Software, and Services
Leading insurance companies AIG, Allianz, Aon, Chubb, Hiscox, Marsh, Munich Re, Ping An, Swiss Re, and Zurich Insurance
Specialist cybersecurity vendors Blackberry, CyberCube, FireEye, Portnox, and SecurityScorecard

Key Highlights

  • With increased digitalization, all insurance firms must now prioritize cybersecurity.

  • COVID-19 has forced firms to digitalize at a fast pace, leaving more surface area open for cyberattacks.

  • In 2019 global security revenues in the insurance industry were $5bn. By 2024 this figure will reach $6.4bn.

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.

1Password
Accenture
Ace American
Acuant
Aegon
Aetna
Aflac
AIA
AIG
Airbus (Stormshield)
Aisin
Akamai
Alert Logic
Alibaba
Allianz
Allstate
Alphabet (Google)
Alphabet (Siemplify)
Alphabet (Waymo)
Amazon
Ambac
AMD
Analog Devices
Anthem
AnyVision
Aon
Appgate
Apple
Aptiv
Aqua Security
Arcon
Argus Cyber Security
Arthur J. Gallagher
Assicurazioni Generali
AT&T
Atos
Attivo Networks
Auth0
Autocrypt
Avast
Aviva
Aware
AXA
BackNine
BAE Systems
Baidu
Banco Pichincha
Bangladesh Shipping Corporation
Barracuda
Barracuda Networks
BeyondTrust
BioEnable
BlackBerry
BMC Helix
BMW
Bosch
Broadcom
BT
C2A
Cadence Design Systems
Capgemini
Cato
Check Point Software
Checkmarx
China Telecom
China Unicom
Chubb
Cigna
CipherCloud
Cisco
Clear Secure
Clearview
Cloudcheckr
Cloudera
Cloudflare
CloudKnox
CloudPassage
CMITech
CNA Financial
CNO Financial Group
Code42
Cognitec
Cognizant
Colonial Pipeline
Continental
Contrast Security
CoverWallet
Cowbell Cyber
CrowdStrike
Cybellum
CyberArk
Cyberbit
CyberCube
Cybereason
Cymotive
Cynet
D3 Security
Darktrace
Dashlane
Delinea
Dell Technologies
Dellfer
Denso
Deutsche Telekom
Duo Security
DXC Technology
ekey
Equifax
Ermetic
Exabeam
Excelfore
Expanse
Extreme
EY
Eyelock
F5 Networks
Faurecia
FedEx
FireEye
Forcepoint
Ford
Forescout
ForgeRock
Fortinet
Foxpass
Fugue
Fujifilm
Fujitsu
General Motors
GitLab
Green Hills
GuardKnox
GUardicore
HCL Technologies
Helpsystems
Herjavec Group
HID Global
Hiscox
Hitachi
Honda
Horiba Mira
Horizon Robotics
HPE
Huawei
Humana
Hyundai
IBM
IBM (Red Hat)
Idemia
IDnow
iFlytek
Illumio
Ilumio
Impulse
Infineon
Infoblox
Informatica
Infosys
Innovatrics
Intel
Invicti
iProov
Iris ID
IriusRisk
Ironscales
Ivanti
Ivanti (MobileIron)
Jaguar Land Rover
Johnson Controls
Juniper Networks
Kairos
Karamba
Keen Lab
Keysight
Kia
KnowBe4
KPMG
KT
Lacework
LastPass
LCT Africa
Lexus
Liberty Mutual
Lockheed Martin
LogMeIn
LogMeOnce
Logrhythm
Lookout
Lumen Technologies
Mahindra & Mahindra
Mahle
Majenta Solutions
ManageEngine
Mandiant
Manulife
Markel
Marsh & McLennan
Marvell
Megvii
Mentor Graphics
Mercedes-Benz
Merck
Metromile
Micro Focus
Micron Semiconductor
Microsoft
Mimecast
Mitsubishi
Munich Re
NCC
Ndias
Netskope
Next Insurance
Nissan
Nokia
NordPass
Northrop Grumman
NortonLifeLock
NTT Data
Nvidia
NXP
NXP Semiconductors
NXT-ID
Okta
Old Mutual
Onapsis
One Identity
OneLogIn
OneSpan
OneTrust
Oracle
Orange
Orca Security
Oscar Health
Palantir
Palo Alto Networks
Panasonic
Perimeter 81
Ping An
Ping Identity
Ponemon Institute
Portnox
Proofpoint
Protective Life
Prudential
PwC
Qualys
Rapid7
Raytheon BBN
Raytheon Technologies
Red Hat
RedSeal
ReFirm Labs
Renesas
Resolver
Rhebo
RiskIQ
Royal London
RSA
Ruckus
Russian National Reinsurance Company
S&P Global
SAIC
SailPoint Technologies
Samsung Electronics
SecureAuth
SecureOne
SecureThings
Secureworks
SecurityScorecard
Securonix
SenseTime
SentinelOne
Siemplify
Singtel (Trustwave)
Skybox Security
Skyhigh Security
Snyk
Softbank (Arm)
SonicWall
Sophos
Sovcomflot
Splunk
State Farm Insurance
STMicroelectronics
Subaru
Sumo Logic
Suzuki
Swimlane
Swiss Re
Symphony Technology Group
Synopsys
Taikang
Talanx
Tanium
Tata Consultancy Services
Tech Mahindra
Tech5
Telefónica
Telstra
Tenable
Tesla
Tessian
Thales
The Hartford
Thoma Bravo
ThreatConnect
Threatmetrix
Threatmodeler
TitanHQ
Tokio Marine
Toyota
Transamerica
Travelers
Trellix
Trellix
Trend Micro
TrueFace.AI
Two Hat
UnitedHealth
Untangle
Upstream Security
USAA
Valeo
Vector
Veoneer
Veracode
Verizon
Versa
VMware
VMware
Vodafone
Volkswagen
WatchGuard
WhiteHat Security
Wipro
WISeKey
W. R. Berkley
Yubico
Zetta Insurance
Zego
ZF
Zhong An
Zscaler
Zurich Insurance

Table of Contents

Executive Summary

Cybersecurity Value Chain

Insurance Challenges

The Impact of Cybersecurity on Insurance

Case Studies

Data Analysis

Companies

Sector Scorecard

Glossary

Further Reading

Our Thematic Research Methodology

About GlobalData

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