In 2024, manufacturing saw the highest share of cyberattacks among the leading industries worldwide. During the examined year, manufacturing companies encountered more than a quarter of the total cyberattacks. Organizations in the finance and insurance followed, with around 23 percent. Professional, business, and consumer services ranked third, with 18 percent of reported cyberattacks. Manufacturing industry and cyberattacks The industry of manufacturing has been in the center of cyberattacks in a long time. The share of cyberattacks targeting organizations in this sector in 2018 was at 10 percent, while in 2024, it amounted to 26 percent. The situation is even more compliacted when we look at the cyber vulnerabilities found in this sector. In 2024, critical vulnerabilities in manufacturing companies lasted 205 days on average. IT perspective and prevention With recent technology developments, cybersecurity is crucial to an organization’s success. Realizing this, companies have been gradually increasing cybersecurity investments. Thus, in 2024, the cybersecurity budget worldwide was forecast to increase to nearly 283 billion U.S. dollars. Roughly nine in ten board directors of companies worldwide in professional services and media and entertainment industries say they expect an increase in the cybersecurity budget.

The healthcare industry is one of the most vulnerable sectors to cybercrime. Between October 2021 and September 2022, the organizations in this sector saw a variety of cyber attacks, a majority of them being network and application anomalies, around ** percent. Malware was the second-most common type of attack vector, targeting ** percent of the examined organizations.

Some industries are affected by cyber attacks more than others. These next cybersecurity statistics detail specifically who is affected by cyber-attacks and why they are.

In 2024, around a quarter of detected cyberattacks worldwide targeted the manufacturing industry. This figure saw a notable increase between 2019 and 2020 when the share of manufacturing cyberattacks jumped from eight percent to nearly 18 percent.

Pay attention to the following cybersecurity statistics to learn how to protect yourself from attacks.

In 2023, organizations in the education and research sector saw the highest average weekly number of cyberattacks. The industry registered 2,046 cyberattacks, down from 2,314 in 2022. Government and military entities ranked second, with 1,598 weekly cyberattacks on average, while healthcare followed, with detected 1,500 incidents.

The average cyber attack takes 280 days to identify and contain and it costs an average of about $3.86 million to deal with properly.

Introduction

Chinese Cyber Attack Statistics: Chinese cyber attacks have become a major global issue over the last 20 years. These attacks target governments, businesses, and important industries around the world. Many of these attacks are supported by the state, and their main goals are spying, stealing intellectual property, and gaining advantages in areas like technology, defence, and telecommunications.

In 2024, the global digital world will continue to face threats from cyberattacks linked to China. Because of this, governments and organisations need to strengthen their cybersecurity measures to protect their assets and data from these harmful activities.

Did the COVID-19 pandemic really affect cybersecurity? Short answer – Yes. Cybercrime is up 600% due to COVID-19.

The Cyber Security Market size is expected to reach a valuation of USD 478.8 billion in 2034 growing at a CAGR of 9.6%. The Cyber Security Market research report classifies Market by share, trend, demand, forecast and based on segmentation.

In 2023, there were ***** reported cyber incidents in the financial industry worldwide, up from ***** in the preceding year. Coherently, the number of data breaches increased within the last two examined years, going from *** in 2021 to ***** in 2023. Overall, 2023 saw the most significant number of cyber incidents since 2013.

The global Industrial Cyber Security market is projected to reach $12,890 million by 2033, exhibiting a CAGR of 6.9% during the forecast period (2025-2033). The increasing adoption of Industrial IoT (IIoT) and the growing threat of cyber attacks on industrial control systems are driving the growth of this market. The rise in connectivity and the need for real-time data access in industrial environments have made industrial systems more vulnerable to cyber threats. As a result, organizations are investing heavily in industrial cyber security solutions to protect their critical infrastructure and sensitive data. Key trends shaping the Industrial Cyber Security market include the convergence of IT and OT networks, the adoption of cloud-based security solutions, and the increasing deployment of artificial intelligence (AI) and machine learning (ML) technologies. The integration of IT and OT networks has created a more complex attack surface, making it easier for attackers to penetrate industrial systems. Cloud-based security solutions offer scalability, flexibility, and cost-effectiveness, making them attractive to organizations of all sizes. AI and ML technologies can be used to detect and respond to cyber threats in real-time, providing organizations with a valuable tool for protecting their industrial systems.

According to Cognitive Market Research, the global industrial cybersecurity market size reached USD 23.5 billion in 2024 and will expand at a CAGR of 8.2% from 2024 to 2031. Market Dynamics of Industrial Cybersecurity Market

Key Drivers for Industrial Cybersecurity Market

Emergence of Disruptive Digital Technologies - Government agencies and other organizations are launching measures to accelerate the use of emerging technologies in manufacturing industries. For example, in 2022, the UAE's Ministry of Industry and Advanced Technology (MoIAT) and EDGE Group PJSC (UAE) signed a memorandum of understanding (MoU) to set up the first Industry 4.0 Enablement Centre to promote the robust implementation of Industry 4.0 technologies throughout the manufacturing sector in the country. Digital transformation boosts productivity, improves efficiency, and lowers manufacturing costs. However, it also gives hackers more opportunities to exploit vulnerable networks and systems. As per Trend Micro Incorporated (Japan), 61% of industrial manufacturers reported cybersecurity problems in their smart factories in 2020. These attacks affected manufacturing processes, causing output delays and permanent loss of capital and essential and confidential data. As a result, the heightened risk of cyberattacks associated with the emergence of disruptive digital technologies has increased the demand for access control, real-time security monitoring, and surveillance in manufacturing facilities, propelling the market adoption of cybersecurity solutions in the industrial sector.
Moreover, the constant increase in the utilization of cloud-based solutions by SMEs and industrial cybersecurity-as-a-service are leading trends in this global market expansion.

Key Restraints for Industrial Cybersecurity Market

The higher implementation costs, the complexity of integration across diverse industrial environments, and a shortage of specialized cybersecurity expertise are the primary barriers to the industrial cybersecurity market's growth.
The industry also faces substantial challenges as some firms are hesitant to adopt new technologies due to concerns about operational disruptions during deployment or potential compatibility issues with existing systems.

Introduction of the Industrial Cybersecurity Market

Industrial enterprises face more cybersecurity challenges than ever before. Ransomware and political instability heighten the risk of safety problems and operational disruptions. The industrial cybersecurity market includes technologies, solutions, and services for protecting industrial control systems (ICS), supervisory control & data acquisition (SCADA) systems, and other operational technology (OT) infrastructure against cyber-attacks and vulnerabilities. Malware, phishing attacks, ransomware, insider threats, and other malicious actions are examples of cyber threats that try to disrupt or compromise industrial processes, vital infrastructure, and manufacturing operations. The introduction of AI and IoT-powered industrial robots has raised the market demand for robust industrial cybersecurity services for defense against increased cyber-attacks and data breaches. The combination of AI and industrial robots enabled the automation of complex and repetitive activities, which is expanding industrial productivity and efficiency.

Revenue in the cybersecurity industry worldwide reached $146.32 billion in 2022.

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Cyber Insurance Market Size 2025-2029

The cyber insurance market size is forecast to increase by USD 13.29 billion at a CAGR of 23.2% between 2024 and 2029.

The market is experiencing significant growth driven by the increasing adoption of technology and the resulting heightened risk of cyber attacks. According to recent estimates, the global cybercrime damages are projected to reach USD6 trillion annually by 2021, underscoring the urgent need for cybersecurity measures and insurance coverage. This trend is particularly prominent in regions with advanced digital economies, such as North America and Europe. However, the market's growth trajectory is not without challenges. One of the most pressing issues is the lack of standardization in cyber insurance policies, which can make it difficult for businesses to compare offerings and choose the most appropriate coverage. Additionally, the rapidly evolving threat landscape and the increasing sophistication of cybercriminals necessitate continuous innovation and adaptation from insurers to stay competitive. Companies seeking to capitalize on market opportunities and navigate these challenges effectively should prioritize building strong partnerships with technology providers, investing in advanced threat intelligence and analytics, and offering flexible and customizable policies that cater to the unique needs of their clients. By staying agile and responsive to market demands, cyber insurance providers can differentiate themselves and seize the significant growth potential in this dynamic market.

What will be the Size of the Cyber Insurance Market during the forecast period?

Request Free SampleThe market continues to experience significant growth as businesses increasingly recognize the need to mitigate risks associated with cyber threats. According to recent industry reports, The market is projected to reach substantial size by 2026, driven by the increasing adoption of cloud computing, Internet of Things (IoT), and remote working. Cyber criminals continue to target organizations through various means, including data breaches, internet-based attacks, and IoT malware. Consequently, there is a growing demand for cyber insurance policies that provide coverage against financial losses resulting from these threats. Large enterprises are leading the charge in purchasing cyber insurance, recognizing the potential financial and reputational damage that can result from a cyber attack. IT infrastructure and information policies are critical components of cybersecurity, and cyber insurance can help organizations manage risks in these areas. Virtual private networks (VPNs) and other security measures are also important considerations for businesses seeking to protect their digital assets. Cybersecurity ventures and technology companies, such as SonicWall Cyber Threat Intelligence and SonicWall Capture Labs, play a crucial role in identifying and mitigating cyber threats. Information governance and cybersecurity best practices are essential for businesses to effectively manage their cyber risk and reduce the likelihood of a breach. Overall, the market is expected to remain a dynamic and evolving sector as businesses continue to grapple with the complexities of cybersecurity in an increasingly interconnected world.

How is this Cyber Insurance Industry segmented?

The cyber insurance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. TypeLarge enterprisesSmall and medium-sized enterprisesSolutionStandalonePackagedGeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKAPACChinaIndiaJapanSouth AmericaBrazilMiddle East and Africa

By Type Insights

The large enterprises segment is estimated to witness significant growth during the forecast period.Large enterprises are increasingly vulnerable to cyber threats due to their size, complex IT infrastructure, and valuable data. Cyber insurance has emerged as a crucial risk management tool for these organizations, providing financial protection against data breaches, ransomware attacks, phishing scams, and other cyber incidents. According to Munich Re experts, The market is expected to reach USD20.4 billion by 2027, driven by the growing number of cyber threats and the increasing awareness of the need for risk mitigation. Cyber criminals continue to target large enterprises, exploiting vulnerabilities in cloud computing, Internet of Things (IoT), and Operational Technology (OT) systems. In 2023, SonicWall Cyber Threat Report identified over 10 million IoT malware attacks and 1.5 billion phishing attacks. Cyber ILS, a cyber catastrophe bond, and crypto insurance services have gained popularity as additional layers of protection against cyber risks. Large enterprises are investing in AI-

The Cyber Security Market report segments the industry into By Offering (Solutions, Services), By Deployment (On-Premise, Cloud), By End-User Industry (IT and Telecom, BFSI, Retail and E-Commerce, Oil Gas and Energy, Manufacturing, Government and Defense, Other End-user Industries), and By Geography (North America, Europe, Asia, Latin America, Middle East and Africa). Get five years of historical data and market forecasts.

The Cyber Liability Insurance industry has benefited from more services being conducted online, leading more users to exchange their personal and financial information online. Cyberattacks and hacking could result in customer identity theft and financial loss for a company, placing liability on the business. Cyber liability insurance has become increasingly attractive to companies seeking protection against financial losses from legal issues stemming from data breaches. E-commerce and online auctions have increased demand for services as these online retailers often fall victim to cybersecurity attacks. Over the past five years, revenue has been growing at a CAGR of 18.8% to $6.4 billion, including an expected increase of 5.8% in 2024 alone. Over the past five years, the industry has benefited from companies integrating online services into their business operations. In recent years, financial institutions have been one source of increased demand for insurers' services. These institutions are privy to a wide range of their customer's personal and financial information, making them a prime target for a cybersecurity attack. In addition, many businesses shifted their operations online, increasing demand for cybersecurity. Also, major cybersecurity breaches have contributed to the demand for industry services. Over the next five years, the percentage of business conducted online is expected to accelerate, encouraging more businesses to purchase cyber liability insurance to prevent significant financial loss from potential cyberattacks. Growth in major markets, like healthcare, financial services and retail, is expected to help push the industry forward during the outlook period because of growing concerns regarding identity theft. Also, internet traffic volume is expected to climb rapidly over the next five years, prompting new online businesses to purchase cyber liability coverage. Overall, industry revenue is forecast to grow at a CAGR of 5.2% to $8.3 billion over the five years to 2029.

Over 95% of cybersecurity breaches occur as a result of human error.

Industrial Cyber Security Market Outlook

The industrial cyber security market size was valued at approximately USD 16 billion in 2023 and is projected to reach around USD 37 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.6% during the forecast period. This burgeoning growth is driven by an increasing emphasis on safeguarding industrial networks against escalating cyber threats in the digital age. As industries worldwide rapidly adopt automation and interconnected systems, the vulnerability to cyber attacks has significantly heightened, boosting the demand for robust cybersecurity solutions tailored for industrial applications. The need for compliance with stringent regulatory frameworks and standards also propels market growth, as industries strive to protect their critical infrastructure from potential disruptions.

A major growth factor for the industrial cyber security market is the proliferation of the Industrial Internet of Things (IIoT). The integration of IoT devices into industrial operations has revolutionized traditional processes, enhancing efficiency and productivity. However, this technological advancement has also expanded the attack surface, making industrial systems more susceptible to cyber threats. Consequently, industries are increasingly investing in advanced cybersecurity measures to safeguard their connected assets, fueling market demand. Furthermore, the convergence of IT and operational technology (OT) networks necessitates comprehensive security solutions that can effectively address the unique challenges posed by this integration.

Another significant driver is the rising awareness regarding the potential financial and reputational damages caused by cyber attacks. High-profile industrial cyber incidents have underscored the critical need for effective cybersecurity strategies, prompting industries to allocate substantial resources towards enhancing their cybersecurity infrastructure. The financial repercussions of cyber attacks, including production downtime and data breaches, can be devastating, emphasizing the importance of proactive security measures. As a result, industries are increasingly prioritizing cybersecurity as a key component of their risk management frameworks, driving market growth.

Additionally, the increasing regulatory pressures are compelling industries to adopt robust cybersecurity solutions. Governments and regulatory bodies worldwide have established stringent cybersecurity standards and guidelines to protect critical infrastructure sectors. Compliance with these regulations is not only essential for mitigating cyber risks but also for avoiding potential legal and financial penalties. As industries strive to align with these regulatory requirements, the demand for comprehensive cybersecurity solutions is expected to witness substantial growth. This regulatory landscape is further augmented by initiatives focused on fostering international cooperation and information sharing to combat cyber threats effectively.

The regional outlook for the industrial cyber security market is characterized by varying growth trajectories and market dynamics. North America is anticipated to dominate the market, driven by the presence of a robust industrial base and increasing investments in cybersecurity technologies. The Asia Pacific region is expected to witness significant growth, fueled by rapid industrialization, technological advancements, and the increasing adoption of IoT solutions. Europe is projected to experience steady growth, supported by stringent regulatory frameworks and the rising focus on securing industrial networks. Meanwhile, the Middle East & Africa and Latin America regions are also expected to contribute to market expansion, driven by the growing awareness of cybersecurity threats and the need to protect critical infrastructure.

Component Analysis

The industrial cyber security market is segmented into components, primarily consisting of solutions and services. Solutions comprise a wide array of security technologies and products designed to protect industrial systems from cyber threats. These include network security solutions, endpoint security, application security, and cloud security, among others. The demand for comprehensive security solutions continues to rise as industries seek to address the evolving threat landscape. As cyber attackers become more sophisticated, industries are adopting advanced threat detection and prevention solutions to safeguard their critical infrastructure. Moreover, the increasing reliance on cloud-based services has further augmented the demand for cloud security solutions, ensuring the protection