The global indicator 'Estimated Cost of Cybercrime' in the cybersecurity market was forecast to continuously increase between 2024 and 2029 by in total *** trillion U.S. dollars (+***** percent). After the eleventh consecutive increasing year, the indicator is estimated to reach ***** trillion U.S. dollars and therefore a new peak in 2029. Notably, the indicator 'Estimated Cost of Cybercrime' of the cybersecurity market was continuously increasing over the past years. Ransomware and manufacturing industry Cyberattacks remain a significant challenge for organizations worldwide, sectors such as manufacturing, finance, and insurance were the most affected by these attacks. Among the various types of cyber threats, ransomware was the most frequently detected, accounting for around ** percent of all incidents. The manufacturing industry, in particular, faced the highest number of ransomware attacks, making it the most targeted sector globally. Cybersecurity awareness and investments Organizations worldwide became increasingly aware of the dangers posed by cyberattacks, approximately ** percent of internet users became familiar terms such as with "ransomware." In response to these threats, companies invested more in cybersecurity. In 2024, the average annual increase in IT security budgets was expected to reach *** percent. In fact, for companies worldwide, enhancing the cyber resilience of their cybersecurity teams was the top spending priority in 2023.

In 2024, the monetary damage caused by cybercrime reported to the United States' Internet Crime Complaint Center (IC3) saw a significant year-over-year increase, amounting to a historical peak of **** billion U.S. dollars. Overview of cybercrime in the U.S. Cybercrime continues to be one of the biggest challenges for governments around the world. In the United States, ****************** and ********* were among the most reported categories of cybercrime in 2024, with over ******* individuals falling victim to phishing attacks. Additionally, data breaches cost the U.S. organizations over ************ U.S. dollars on average as of February 2024. Fraud involving elderly Along with other reported internet crimes, online fraud is continuously growing. Targeting one of the most vulnerable groups, the elderly, cybercriminals show notorious skills in ************************************************************. Furthermore, individuals aged 60 and older, reported falling victims of extortion and personal data breach in 2024.

India Cyber Crime: IPC Section: Number of Cases Registered data was reported at 33,798.000 Unit in 2022. This records an increase from the previous number of 25,384.000 Unit for 2021. India Cyber Crime: IPC Section: Number of Cases Registered data is updated yearly, averaging 738.000 Unit from Dec 2002 (Median) to 2022, with 21 observations. The data reached an all-time high of 33,798.000 Unit in 2022 and a record low of 176.000 Unit in 2008. India Cyber Crime: IPC Section: Number of Cases Registered data remains active status in CEIC and is reported by National Crime Records Bureau. The data is categorized under India Premium Database’s Crime – Table IN.CRA001: Crime Statistics.

In 2025, the number of scam encounters in the United States where individuals shared personally identifiable information (PII) has risen by 43 percent compared to the previous year. Additionally, the number of complaints about stolen physical items resulting in private data compromise increased by 17 percent.

In 2024, the most common type of cybercrime reported to the United States internet Crime Complaint Center was phishing, with its variation, spoofing, affecting approximately 193,000 individuals. In addition, over 86,000 cases of extortion were reported to the IC3 during that year. Dynamic of phishing attacks Over the past few years, phishing attacks have increased significantly. In 2024, over 193,000 individuals fell victim to such attacks. The highest number of phishing scam victims since 2018 was recorded in 2021, approximately 324 thousand.Phishing attacks can take many shapes. Bulk phishing, smishing, and business e-mail compromise (BEC) are the most common types. With the recent development of generative AI, it has become easier to craft a believable phishing e-mail. This is currently among the top concerns of organizations leaders. Impact of phishing attacks Among the most targeted industries by cybercriminals are healthcare, financial, manufacturing, and education institutions. An observation carried out in the fourth quarter of 2024 found that software-as-a-service (SaaS) and webmail was most likely to encounter phishing attacks. According to the reports, almost a quarter of them stated being targeted by a phishing scam in the measured period.

Analysis of ‘Cyber Crime Statewise (INDIA)’ provided by Analyst-2 (analyst-2.ai), based on source dataset retrieved from https://www.kaggle.com/amritvirsinghx/cyber-crime-statewise on 28 January 2022.

--- Dataset description provided by original source is as follows ---

Context

This dataset contains information about state-wise cybercrime in India and can be used to predict future crime rates. Some interesting insights can be generated by predicting the crimes in 2020 and how pandemic has effected the increasing cybercrimes.

Inspiration

This dataset has been inspired by the recent increase in cyber crimes during a pandemic lockdown

--- Original source retains full ownership of the source dataset ---

Context

This dataset contains information about state-wise cybercrime in India and can be used to predict future crime rates. Some interesting insights can be generated by predicting the crimes in 2020 and how pandemic has effected the increasing cybercrimes.

Inspiration

This dataset has been inspired by the recent increase in cyber crimes during a pandemic lockdown

As per Cognitive Market Research's latest published report, the Global Cyber Security market size was $154.80 Billion in 2022 and it is forecasted to reach $353.15 Billion by 2030. Cyber Security Industry's Compound Annual Growth Rate will be 10.8% from 2023 to 2030. Market Dynamics of Cyber Security Market:

Increased target based cyber-attacks:

Every year, cybercrime dramatically rises as attackers become more proficient and sophisticated. In target-based cyberattacks, hackers or attackers focus on a single organisation because they have a particular business interest. Putting the attack together could take months so they can figure out the best way to get their exploit into your systems (or users). Because it has been precisely designed to attack your systems, processes, or persons, at the office and often at home, a targeted attack is frequently more harmful than an untargeted one. In addition to having an impact on the organization's and business's finances, cybersecurity also makes businesses more vulnerable and uncertain.

Cyberattacks can potentially harm a company's reputation, especially if private customer information is taken. The established customer trust may suffer as a result of cyberattacks. This breach of trust may be challenging to repair and may have long-term effects on the company. The activities of a company are also disrupted by these attacks, making it difficult or impossible to access vital systems or data. This might cause delays in manufacturing, disrupt customer service, and result in lost income. Businesses may occasionally have to stop operating completely until the attack is stopped, which will have a greater financial impact.

Growing need for automated cybersecurity due to the increased use of IoT devices.

Restraining Factor:

Budget restrictions and a lack of specialists among SME's:

Cybersecurity is crucial prat of any organization as it protects against unwanted access, theft, and damage to critical data and computer systems. Cyber-attacks are growing more prevalent in today's digital environment, and they could have very negative effects. Due to the complexity of technology, many organisations, especially SME's, cannot afford cybersecurity despite its necessity. Cybersecurity can be complicated and calls for knowledge in fields like software development, network security, and cryptography. The cost of acquiring and maintaining this expertise might be high. In addition, considering the consistently evolving cyber threats, the updating of cybersecurity measures is necessary. This requires ongoing investment in technology, personnel, and training. Therefore, budget restrictions coupled with expensive tools and software’s and a lack of specialists in SME's might affect the growth of the cyber security market.

Current Trends on Cyber Security:

Rising e-commerce platforms and online shopping:

Rising disposable income coupled with high penetration of internet and smartphone expected to drive the e-commerce market and online shopping. Online shopping is incredibly convenient for consumers as they can shop from the comfort of their homes or on-the-go using their smartphones or tablets. This is especially true during the COVID-19 pandemic when physical stores are closed or people prefer to avoid crowded places. In addition, online retailers can offer lower prices compared to physical stores due to lower overhead costs. Moreover, E-commerce platforms are open 24/7, which allows customers to shop at any time that is convenient for them. With advances in technology, e-commerce platforms have improved their shipping and delivery options. Overall, rising e-commerce platforms and online shopping provides new opportunities to cyber security market.

Impact of COVID-19 pandemic on Cyber Security Market:

With the widespread shift to remote work and online services, there has been a surge in cyber-attacks, making cyber security more important in COVID-19 pandemic. Organizations are investing in cyber security solutions to safeguard their systems and data as a result of the rise in cyberattacks brought on by the epidemic. The need for cyber security goods and services has increased as a result. Budget restrictions, especially for SME's, have been brought on by the economic burden of the epidemic on many organisations. Cost-effective cyber security solutions are now receiving more attention as a result of this. The CO...

Police-reported cybercrime, by cyber-related violation (homicide, invitation to sexual touching, sexual exploitation, luring a child via a computer, voyeurism, non-consensual distribution of intimate images, extortion, criminal harassment, indecent/harassing communications, uttering threats, fraud, identity theft, identity fraud, mischief, fail to comply with order, indecent acts, child pornography, making or distribution of child pornography, public morals, breach of probation), Canada (selected police services), 2014 to 2024.

Police-reported cybercrime, number of incidents and rate per 100,000 population, Canada, provinces, territories, Census Metropolitan Areas and Canadian Forces Military Police, 2014 to 2024.

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.

India Cyber Crime: IT Act, 2000: Number of Cases Registered data was reported at 31,908.000 Unit in 2022. This records an increase from the previous number of 27,427.000 Unit for 2021. India Cyber Crime: IT Act, 2000: Number of Cases Registered data is updated yearly, averaging 2,876.000 Unit from Dec 2002 (Median) to 2022, with 21 observations. The data reached an all-time high of 31,908.000 Unit in 2022 and a record low of 60.000 Unit in 2003. India Cyber Crime: IT Act, 2000: Number of Cases Registered data remains active status in CEIC and is reported by National Crime Records Bureau. The data is categorized under India Premium Database’s Crime – Table IN.CRA001: Crime Statistics.

In 2022, there were around 97 cases of data theft reported across India. There was a drop in the number of cyber crimes related to data theft compared to the previous year. Growing digital adoption and lack of cyber security awareness could be two important factors associated with the increasing cyber crime in the country.

The largest reported data leakage as of January 2025 was the Cam4 data breach in March 2020, which exposed more than 10 billion data records. The second-largest data breach in history so far, the Yahoo data breach, occurred in 2013. The company initially reported about one billion exposed data records, but after an investigation, the company updated the number, revealing that three billion accounts were affected. The National Public Data Breach was announced in August 2024. The incident became public when personally identifiable information of individuals became available for sale on the dark web. Overall, the security professionals estimate the leakage of nearly three billion personal records. The next significant data leakage was the March 2018 security breach of India's national ID database, Aadhaar, with over 1.1 billion records exposed. This included biometric information such as identification numbers and fingerprint scans, which could be used to open bank accounts and receive financial aid, among other government services.

Cybercrime - the dark side of digitalization As the world continues its journey into the digital age, corporations and governments across the globe have been increasing their reliance on technology to collect, analyze and store personal data. This, in turn, has led to a rise in the number of cyber crimes, ranging from minor breaches to global-scale attacks impacting billions of users – such as in the case of Yahoo. Within the U.S. alone, 1802 cases of data compromise were reported in 2022. This was a marked increase from the 447 cases reported a decade prior. The high price of data protection As of 2022, the average cost of a single data breach across all industries worldwide stood at around 4.35 million U.S. dollars. This was found to be most costly in the healthcare sector, with each leak reported to have cost the affected party a hefty 10.1 million U.S. dollars. The financial segment followed closely behind. Here, each breach resulted in a loss of approximately 6 million U.S. dollars - 1.5 million more than the global average.

The estimated cost of cybercrime in the cybersecurity market in Indonesia was forecast to continuously increase between 2024 and 2028 by in total *** billion U.S. dollars (+***** percent). After the tenth consecutive increasing year, the estimated cost of cybercrime is estimated to reach **** billion U.S. dollars and therefore a new peak in 2028. Notably, the estimated cost of cybercrime of the cybersecurity market was continuously increasing over the past years.The Statista Market Insights cover a broad range of additional markets.

More than *** thousand of the cybercrime cases cleared in Japan in 2023 were fraud cases. Fraud was the most common type of cleared cybercrime during that year, followed by violations of the law against child pornography. Cybercrimes in Japan The number of cleared cybercrime cases gradually increased throughout the latter half of the 2010s, which partly reflects an increasing attention on the issue within Japan. Preventing cybercrime damages and investigating offenders have become crucial tasks for the police in an environment in which citizens and the economy rely on the internet to an unprecedented degree. The number of online banking frauds surged in 2023, and the amount of money lost through online banking fraud increased accordingly during that year. Other crimes involving financial damages include a variety of offenses, such as violations of the copyright law and ransomware attacks. Cybercrimes and the Japanese police In April 2022, a new bureau featuring a special investigative team dedicated to cybercrimes was established at the National Police Agency. One of the tasks of the Cyber Affairs Bureau, which is supposed to centralize work that had previously been taken care of by different prefectural bureaus, is to analyze cyberattack methods. This also includes attacks originating in other countries, which previously were difficult to address. The National Cyber Unit is tasked with handling high-profile cases, such as attacks on local governments and critical infrastructure. News reports point out that the establishment of the Cyber Affairs Bureau led to improved information-gathering capabilities, which make it easier for Japan to participate in international joint investigations.

Snapshot img

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 North American computer forensics market, currently experiencing robust growth, is projected to maintain a significant upward trajectory throughout the forecast period (2025-2033). Driven by the increasing prevalence of cybercrime, stringent data privacy regulations (like GDPR and CCPA), and the rising adoption of cloud computing and mobile devices, the demand for sophisticated computer forensic solutions is escalating rapidly. Government and law enforcement agencies remain the largest end-user segment, fueled by the need to investigate digital evidence in criminal cases and counter-terrorism efforts. However, the BFSI (Banking, Financial Services, and Insurance) sector is also demonstrating substantial growth due to the heightened risk of financial fraud and data breaches. The market is segmented by component (hardware, software, services), type (mobile, computer, network forensics), and end-user industry, offering diverse opportunities for vendors specializing in specific niches. The software segment is particularly prominent, reflecting the increasing sophistication of forensic tools and the shift toward cloud-based solutions. Competition is intense, with established players like IBM and newer entrants constantly innovating to meet evolving investigative needs. The market's future hinges on advancements in artificial intelligence (AI) and machine learning (ML) for automated data analysis, improved data visualization techniques for faster investigations, and the development of robust solutions to address the complexities of the dark web and encrypted data. The North American market's strength is further underscored by its advanced technological infrastructure and high levels of cybersecurity awareness. However, challenges remain, including the high cost of implementing advanced forensic technologies, the shortage of skilled professionals in computer forensics, and the ever-evolving nature of cyber threats. Despite these hurdles, the market is expected to maintain a healthy CAGR of approximately 8.9% throughout the forecast period, resulting in substantial market expansion. The continued investment in R&D by major players, coupled with increasing government initiatives to bolster cybersecurity infrastructure, will further fuel market growth. Specific market segments, like mobile forensics and network forensics, are poised for accelerated growth driven by the ubiquitous use of mobile devices and the increasing interconnectedness of networks. Recent developments include: January 2021 - LogRhythm, which is backed by private equity firm ThomaBravo, acquired MistNet to boost security information and event management with cloud-based analytics, network visibility, and threat detection capabilities. According to the company, this acquisition will enable the users to deliver intelligently, machine learning-based detection and response capabilities that incorporate network detection, user and entity behavior analytics (UEBA), endpoint detection and response data (EDR), and additional MITRE ATT&CK detections to solve current and emerging security and risk problems.. Key drivers for this market are: Growth in Cyber Crimes and Advanced Theft Mechanisms, Growing Adoption of IoT Devices Driving the Demand for Digital Forensics Solutions. Potential restraints include: Growth in Cyber Crimes and Advanced Theft Mechanisms, Growing Adoption of IoT Devices Driving the Demand for Digital Forensics Solutions. Notable trends are: Network Forensic is Expected to Witness Significant Growth.

According to Cognitive Market Research, the Global Information Security Consulting Market is expected to have a market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.

The Asia-Pacific region has the largest market share with an expected market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.
North America is the fastest growing with an expected market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.
Cloud Security has the largest market share with an expected market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.
The cloud segment has the largest market share with an expected market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.
Large Enterprise has the largest market share with an expected market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.
The BFSI segment has the largest market share with an expected market size of XX million in 2024 with a growing CAGR of XX% during the forecast period.

Market Dynamics

Key drivers

The increasing number of cyber-attacks globally is favoring market growth

Strong security solutions are in more demand as a result of the growing anxiety that cyber assaults are causing among both individuals and enterprises. Any hostile action directed towards computer networks, infrastructures, personal computers, smartphones, or computer information systems is called a cyberattack. Because of this and the need for more stringent security and regulatory compliance, the information security consulting industry is growing quickly. For instance, according to McKinsey and company, cyberattacks are on track to cause $10.5 trillion a year in damage by 2025. That’s a 300 percent increase from 2015 levels. To protect against the onslaught, organizations around the world spent around $150 billion on cybersecurity in 2021, and this sum is growing by 12.4 percent a year. In all industries combined, the average cost of a single data breach as of 2022 was approximately 4.35 million US dollars. The healthcare industry was shown to be the most expensive for this, with each leak estimated to have cost the impacted party a whopping 10.1 million dollars. The segment on finances was closely followed. The Cam4 data breach in March 2020, which revealed over 10 billion data records, was the largest known data leak as of January 2024. The Yahoo data breach, which happened in 2013, is currently the second-largest data breach in history. To compact these increasing data breaches and cybercrimes, many company solutions have been in development and adopted. Cloud migration will remain a key component of many organizations' technological agendas. For this reason, cloud providers must be able to safeguard both standard and customized cloud configurations. Furthermore, there is a sharp rise in the demand for cyber security in the fields of healthcare, banking and financial services, aviation, and automobiles. Some of the main factors driving the demand for technologically advanced information security solutions among businesses are the emergence of IoT and connected technologies, the quick adoption of smartphones for digital payments, and the use of unsecured networks for accessing organizational servers. Therefore, the market is expected to grow significantly in the coming years.

(Source-http://https://www.statista.com/statistics/290525/cyber-crime-biggest-online-data-breachesworldwide/#:~:text=The%20largest%20reported%20data%20leakage,data%20breach%2C%20occurred%20in%202013.)

The rise in the number of regulations and developments has favoured the market growth

As cyber risks continue to grow, information security has become a key concern for both individuals and enterprises. The laws and regulatory requirements that are propelling the information security market's expansion are intended to strengthen cybersecurity defenses and shield private information from nefarious individuals. For instance, The United States government enacted two cybersecurity laws into law in June 2022. The first bill, the State and Local Government Cybersecurity Act of 2022, aims to improve cooperation between state, territorial, local, and tribal governments as well as the Cybersecurity and Infrastructure Security Agency (CISA). It is anticipated that these important actions will boost the i...

The number of police-reported instances of cyber crime in Canada increased by ****** incidents (+***** percent) in 2023. With ****** incidents, the instances thereby reached its highest value in the observed period. Notably, the instances continuously increased over the last years.