The losses incurred due to cyber fraud activity in India spiked to over *** billion Indian rupees in the financial year 2024. These were particularly attributed to credit card, debit card, and internet banking fraud. Cyber criminal activity in India has grown at an alarming rate over the past few years, with over ******* cases reported between January and April 2024 alone.

In the first four months of 2024, trading scams cost Indians losses of over ** billion Indian rupees, reported across more than ****** cases. According to the Indian Cyber Crime Coordination Centre, Indians fell victim to online investment fraud, algorithm manipulation, gaming and illegal lending apps, OTP scams, and sextortion.

The dataset contains year-, state- and city-wise historically compiled data on the number of cyber crimes committed in violation of Information Technology Act (IT Act) in Indian cities with over one million population. The different types of cyber crimes covered in the dataset include Tampering Computer Source documents, Cyber Terrorism, Publication or transmission of obscene or sexually explicit act in electronic form, Interception or Monitoring or decryption of Information, Unauthorized access or attempt to access to protected computer system, Abetment to Commit Offences, Publication or Transmission of Obscene or Sexually Explicit Act, etc. in Electronic Form, Breach of Confidentiality or Privacy and Disclosure of Information in Breach of Lawful Contract , Hacking, Obscene Publication or Transmission in Electronic Form, Failure in Obtaining Licence or Digital Signature by misrepresentation or suppression of fact, Publishing false digital Signature Certificate, Fraud Digital Signature, Breach of confidentiality or privacy, other computer related offences such as Ransomware, Offences other than Ransomware, Dishonestly receiving stolen computer resource or communication device, Identity Theft, Cheating by personation by using computer resource, Violation of Privacy, Failure Of compliance or orders of certifying Authority, To assist to decoy or the information in interception by Government Agency, Hacking crimes such as Loss or damage to computer resource or utility, Publication or transmission of Obscene or Sexually Explicit Act in Electronic Form involving Children and Adults, etc.

India saw a significant jump in cyber crimes reported in 2022 from the previous year. That year, over ****** cyber crime incidents were registered. Karnataka and Telangana accounted for the highest share during the measured period. Uttar Pradesh leads the wayThe northern state of Uttar Pradesh had the highest number of cyber crimes compared to the rest of the country, with over * thousand cases registered with the authorities in 2018 alone. India’s tech state, Karnataka, followed suite that year. A majority of these cases were registered under the IT Act with the motive to defraud, or sexually exploit victims. It's a numbers game It was estimated that in 2017, consumers in India collectively lost over 18 billion U.S. dollars due to cyber crimes. However, these were estimates based only on reported numbers. In a country like India, it is highly likely that the actual figures could be under-reported due to a lack of cyber crime awareness or the mechanisms to classify them. Recent government initiatives such as a dedicated online portal to report cyber crimes could very well be the main factor behind a sudden spike in online crimes from 2017 onwards.

In 2024, the number of data compromises in the United States stood at 3,158 cases. Meanwhile, over 1.35 billion individuals were affected in the same year by data compromises, including data breaches, leakage, and exposure. While these are three different events, they have one thing in common. As a result of all three incidents, the sensitive data is accessed by an unauthorized threat actor. Industries most vulnerable to data breaches Some industry sectors usually see more significant cases of private data violations than others. This is determined by the type and volume of the personal information organizations of these sectors store. In 2024 the financial services, healthcare, and professional services were the three industry sectors that recorded most data breaches. Overall, the number of healthcare data breaches in some industry sectors in the United States has gradually increased within the past few years. However, some sectors saw decrease. Largest data exposures worldwide In 2020, an adult streaming website, CAM4, experienced a leakage of nearly 11 billion records. This, by far, is the most extensive reported data leakage. This case, though, is unique because cyber security researchers found the vulnerability before the cyber criminals. The second-largest data breach is the Yahoo data breach, dating back to 2013. The company first reported about one billion exposed records, then later, in 2017, came up with an updated number of leaked records, which was three billion. In March 2018, the third biggest data breach happened, involving India’s national identification database Aadhaar. As a result of this incident, over 1.1 billion records were exposed.

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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-

More than *** million cyberattacks were reported across India in 2022. This was a significant increase compared to 2019. The country was among the top **** with the most number of cybersecurity incidents that year. Furthermore, India ranked ***** in terms of internet user numbers.

Cybercrime and Security Market Outlook

The global cybercrime and security market size was valued at USD 152.71 billion in 2023 and is projected to reach USD 352.69 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.5% during the forecast period. This impressive growth can be attributed to the increasing frequency and sophistication of cyber-attacks, compelling organizations to invest heavily in robust security measures.

The demand for advanced cybersecurity solutions is being driven by the exponential rise in cyber threats, such as ransomware, phishing, and denial-of-service (DoS) attacks. These threats pose significant risks to both enterprises and individuals, leading to substantial financial losses, operational disruptions, and reputational damage. Consequently, businesses across various sectors are prioritizing their cybersecurity strategies and allocating higher budgets to safeguard their digital assets.

Furthermore, the adoption of emerging technologies like the Internet of Things (IoT), artificial intelligence (AI), and cloud computing has expanded the attack surface for cybercriminals. While these technologies offer numerous benefits and efficiencies, they also introduce new vulnerabilities that need to be addressed. As a result, there is a growing need for sophisticated cybersecurity solutions that can preemptively detect and mitigate potential threats in real-time.

The regulatory landscape is also playing a pivotal role in shaping the cybersecurity market. Governments and regulatory bodies worldwide are implementing stringent data protection laws and compliance requirements, such as the General Data Protection Regulation (GDPR) in Europe and the California Consumer Privacy Act (CCPA) in the United States. Organizations must adhere to these regulations to avoid hefty penalties and maintain customer trust, thereby driving the demand for comprehensive cybersecurity solutions and services.

Cognitive Security is emerging as a crucial aspect of the cybersecurity landscape, leveraging artificial intelligence and machine learning to enhance threat detection and response capabilities. By simulating human thought processes in a computerized model, cognitive security systems can analyze large volumes of data to identify potential threats and anomalies. This approach allows for more proactive and adaptive security measures, enabling organizations to stay ahead of increasingly sophisticated cyber threats. As cybercriminals continue to evolve their tactics, cognitive security provides a dynamic defense mechanism that can learn and adapt over time, offering a significant advantage in protecting digital assets.

Regionally, North America dominates the cybercrime and security market due to the presence of leading cybersecurity vendors, a high adoption rate of advanced technologies, and significant investments in cybersecurity by both public and private sectors. Asia Pacific, however, is expected to witness the highest growth rate, driven by the rapid digital transformation in countries like China and India, increasing internet penetration, and a surge in cyber-attacks targeting these regions.

Component Analysis

The cybercrime and security market can be broadly segmented by components into solutions and services. Solutions encompass a range of software and hardware products designed to protect against and mitigate cyber threats. This includes antivirus software, firewalls, intrusion detection systems (IDS), and encryption tools. The solutions segment is expected to hold a significant share of the market due to the increasing need for advanced security tools that can offer comprehensive protection against a wide array of cyber threats.

Within the solutions segment, endpoint security and network security solutions are particularly crucial. Endpoint security focuses on securing individual devices, such as laptops, smartphones, and tablets, which are often the primary targets of cyber-attacks. Network security, on the other hand, aims to protect the integrity, confidentiality, and availability of data as it travels across or within networks. The growing trend of remote work and the proliferation of BYOD (Bring Your Own Device) policies have further underscored the importance of robust endpoint and network security solutions.

The services segment includes managed security services, consulting, and professional services. Managed security services enable organiza

Between January 2012 and February 2024, there were 805 government-imposed internet shutdowns across India, resulting in the highest number of internet blocks in the world so far. According to the Freedom House Index ratings of 2019, India was labelled a partially free democracy and scored a mediocre 55 points out of 100 on the freedom of internet parameters.

Cost of shutdowns

In 2019, India’s forced internet blackouts lasted well over four thousand hours, resulting in an economic loss of over 1.3 billion U.S. dollars, third in the world’s most economically affected countries, after Iraq and Sudan. The report added that India’s internet blackouts tend to be highly targeted and at times they are down to the level of individual blacklisting. Some internet shutdowns are imposed for a few hours in just a few city districts, while others are a blanket restriction of all internet services across larger regions in the country. As such, the report warns that the full economic impact is likely to be much higher than the stated figures.

Justifications for internet shutdowns

In 2016, the United Nations declared internet access as a basic human right. Despite this, many governments including India seem to be normalizing internet shutdowns. Public safety was the most common government justification to enable internet shutdowns in 2018, followed by national security. Fake news or hate speech, usually called disinformation, was ranked third. However, official justifications for shutdowns rarely seemed to match actual causes, which frequently included political instability and civilian protests.

As of January 2023, ** percent of survey respondents in India stated experiencing at least one online dating scam. A ******* of those surveyed in France, the United States, and New Zealand stated the same. Among all researched markets, Japan was the country with the least online dating scam encounters.