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In 2023, the largest provider of cybersecurity insurance in the United States was Chubb Ltd. The Swiss property and casualty insurer wrote a total of million U.S. dollars in cybersecurity premiums in 2023. 

Cybersecurity insurance

Cybersecurity insurance protects policyholders against risks associated with IT infrastructure and activities. The main causes of IT risks are physical loss or damage (for example from natural disasters), misuse by employees, and unauthorized access by third parties (generally through the internet). Each of these problems can generate costs from business interruption, replacement of IT infrastructure, and/or payment of compensation to victims. Computer crimes such as hacking, malware and viruses were the greatest source of cyber-security losses in the United States from 2013 to 2019, accounting for * of all claims made.

The global cyber security insurance market

This market emerged recently and its development is a consequence of increasing reliance on digital solutions for data storage. It is predicted that the global cyber insurance market will exceed ** billion U.S. dollars by 2025. The cost of a data breach varies by industry. For instance, a data breach in the healthcare sector cost as much as a data breach in the technology sector in 2023.