As of January 2024, around 58 percent of large companies in the United Kingdom (UK) had experienced cybercrime within the past year. Medium businesses ranked second, with 45 percent of companies experiencing cybercrime. Overall, about 22 percent of UK businesses stated having experienced any form of cybercrime in the preceding year.

As of January 2024, around nine in ten businesses in the United Kingdom (UK) stated having experienced a phishing attack in the past year. A further 10 percent said they had experienced hacking incidents. Additionally, around two percent reported experiencing viruses, spyware, or malware attacks.

During the fourth quarter of 2024, data breaches exposed more than a million user data records in the United Kingdom (UK). The figure decreased significantly from nearly 41 million in the quarter prior. Overall, the time between the first quarter of 2022 and the fourth quarter of 2023, saw the lowest number of exposed user data accounts.

As of January 2024, around 50 percent of businesses in the United Kingdom (UK) encountered disruptive cybersecurity breaches or cyberattacks in the last 12 months. This is a notable increase since 2022, when the figure stood at only 39 percent.

As of January 2024, about ** percent of organizations in the United Kingdom reported experiencing a data breach accident once a month. A further ** percent said they had encountered a data breach event less than once a month in the past 12 months. Meanwhile, ** percent said they had experienced a data breach incident once a week.

The Internet of Things has changed how society operates, from businesses undertaking their activity online to transferring financial information via online data packets. However, the digital age has also allowed cyber-attacks and malware to obtain unauthorised access to computer networks for financial gain or personal data, threatening businesses and public resources. The Cyber Security Software Development industry has rapidly gained prominence as cyber threats continue to evolve in complexity and volume. The government's cybercrime statistics reveal that in 2023, UK businesses faced approximately 7.8 million cybercrimes, pushing organisations to ramp up their cyber defences. High-profile cyber breaches have sped up investment in intrusion prevention systems and given a boost to innovation-led cyber start-ups pioneering a new era of security software. The influx of public funding, like the £2.6 billion National Cyber Security Strategy (NCSS) 2022-2025, has supported sustained growth and development in an increasingly vulnerable digital landscape. Over the five years through 2024-25, cyber security software developers' revenue is set to climb at a compound annual rate of 7.3% to reach £1.2 billion. Revenue is anticipated to swell by 8.9% in 2024-25 as demand for cyber security continues to soar. A recurring revenue model has supported profit, although it's been held back by high wage costs and considerable investment in R&D. As malware becomes more and more complex, spending on defence software will continue to swell. Over the five years through 2029-30, revenue is forecast to grow at a compound annual rate of 8.7% to reach £1.9 billion. The government's ongoing NCSS will continue to facilitate UK cyber security initiatives, helping to close the current skills gap in the cyber market. New data protection laws, which come with hefty fines, will make businesses think twice about their cyber security solutions; they'll boost their spending on new IT defence software to ensure they don't break the rules. However, the long-term success of next-generation cyber start-ups depends on their ability to attract equity investment.

As of January 2025, the most significant data breach incident in the United Kingdom (UK) was the 2017-2018 Dixons Carphone breach. As a result of this incident, 14 million user records were affected, and 5.6 million payment card information was exposed. The Equifax data breach between 2011 and 2016 impacted over 15 million customers nationwide.

Crime Survey for England and Wales (CSEW) and Home Office police recorded crime data, by quarterly time periods.

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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-

As of 2024, the average data breach cost in the United Kingdom (UK) was around **** million U.S. dollars. In the measured period, 2022 registered the highest cost for breached data, more than five million U.S. dollars. The figure, thus, has increased from *** million U.S. dollars since 2020.

Cybercrime costs in the United Kingdom (UK) reached an estimated 51.81 billion U.S. dollars in 2024. Between 2017 and 2024, this figure has seen a significant increase. According to the latest estimates, this dynamic will continue in upcoming years, reaching approximately 98 billion U.S. dollars in cybercrime costs by 2028.

The United Kingdom Digital Transformation Market is experiencing robust growth, projected to reach £47.33 billion in 2025 and maintain a Compound Annual Growth Rate (CAGR) of 14.72% from 2025 to 2033. This expansion is fueled by several key drivers. The increasing adoption of cloud computing and edge technologies is streamlining operations and enhancing data management capabilities across various sectors. Furthermore, the burgeoning Internet of Things (IoT) and advancements in artificial intelligence (AI) are creating new opportunities for businesses to optimize processes, improve efficiency, and develop innovative products and services. The rise of Industry 4.0, driven by industrial robotics and additive manufacturing, is also contributing significantly to the market's growth, particularly within the manufacturing and logistics sectors. Government initiatives promoting digitalization and the rising demand for enhanced cybersecurity solutions are further bolstering market expansion. While data privacy concerns and the potential skills gap pose some challenges, the overall market trajectory remains strongly positive. Significant segment growth is observed across various areas. Analytic solutions, including use case analysis and market outlook projections, are in high demand due to their crucial role in data-driven decision-making. Extended Reality (XR) technologies are transforming customer experiences in retail and e-commerce, while blockchain is enhancing security and transparency in numerous industries. The manufacturing, oil & gas, and healthcare sectors are leading the end-user adoption, driven by the need for operational efficiency, improved patient care, and enhanced supply chain management. Key players like Google, IBM, Microsoft, and Siemens are actively investing in research and development, fostering innovation and competition within the UK market. This competitive landscape ensures continuous improvement and the availability of advanced digital transformation solutions tailored to the specific needs of various industries. Recent developments include: In June 2024, Salesforce announced that starting July 31, 2024, its Data Cloud would be accessible on Hyperforce, a platform architecture rooted in the public cloud, specifically in the United Kingdom (UK). This move aims to empower organizations in the United Kingdom to leverage the Data Cloud's capabilities. By keeping data stored within the country, it can adhere to local regulations and compliance standards. This setup enhances performance, enabling them to manage heightened workloads efficiently on the public cloud., In March 2024, ISA Cybersecurity, a Canadian firm specializing in cybersecurity and incident response, inaugurated its inaugural UK office. This strategic move was prompted by the rising cybercrime rates. ISA Cybersecurity, renowned for its Detection, Response, and Recovery Services, along with its Managed Security Services (MSS), chose London as the site for its expansion. The primary goal of this new branch is to cater to its expanding transatlantic client base and introduce its renowned services to the UK market.. Key drivers for this market are: Increase in the adoption of big data analytics and other technologies in the region, The rapid proliferation of mobile devices and apps. Potential restraints include: Increase in the adoption of big data analytics and other technologies in the region, The rapid proliferation of mobile devices and apps. Notable trends are: Analytics, Artificial Intelligence and Machine Learning is Anticipated to Witness Growth in Demand.

Cyberattacks are potentially ruinous events for business owners. As of 2024, the average cost the most disruptive cyber security breach in the previous 12 months in the United Kingdom was 1,205 British pounds across all businesses, however, this figure becomes greater as the size of a business increases. The cost of a cyber attack is not only financial, with companies having to spend time on recovering from the attacks. Methods of attackWould-be cyber attackers have a large range of tools at their disposal, with which to get around a business’s digital defenses. Fraudulent emails or being directed to fraudulent websites was by far the most common method used during 2019, with 80 percent of security breaches coming in that form. Preventing future attacks Investing in new security technology is a key focus for European and American businesses. Most forms, of all sizes are committed to increasing their spending on cyber security.

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Cyber Security Market Size 2025-2029

The cyber security market size is forecast to increase by USD 164 billion, at a CAGR of 12.5% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing use of mobile devices and the widespread adoption of IoT (Internet of Things) technologies. These trends present both opportunities and challenges for market participants. On the one hand, the growing number of connected devices creates a larger attack surface, necessitating robust cybersecurity solutions. On the other hand, this expansion offers new opportunities for innovation and revenue generation. However, the high cost of deployment remains a substantial challenge for market entrants. Implementing advanced cybersecurity measures can be expensive, particularly for small and medium-sized businesses. Furthermore, the constant evolution of cyber threats necessitates continuous investment in research and development to stay ahead of adversaries. Companies must balance the need for effective security with the financial constraints of their organizations. To capitalize on market opportunities and navigate these challenges, cybersecurity providers must focus on offering affordable, scalable solutions that can adapt to the evolving threat landscape.

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

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free SampleIn the ever-evolving the market, entities such as cloud security, vulnerability scanning, multi-factor authentication (MFA), risk management, security awareness training, incident response, access control, disaster recovery, endpoint protection, data encryption, log management, and others continue to play crucial roles in safeguarding digital assets across various sectors. The market dynamics of this industry remain in a constant state of flux, with emerging threats and evolving attack vectors requiring continuous adaptation and innovation. Cloud security solutions are essential as businesses increasingly migrate their operations to the cloud. Vulnerability scanning tools help identify and address weaknesses in systems, while MFA adds an extra layer of protection against unauthorized access. Risk management strategies ensure organizations are prepared for potential threats, and security awareness training equips employees with the knowledge to avoid common pitfalls. Incident response plans enable swift action when breaches occur, access control policies restrict access to sensitive data, and disaster recovery plans ensure business continuity in the face of disruptions. Endpoint protection shields devices from malware and other threats, while data encryption keeps information secure. Log management and analysis help detect and respond to anomalous behavior, and artificial intelligence (AI) and machine learning (ML) technologies enhance threat intelligence and improve overall security posture. The landscape is further enriched by advanced techniques such as threat modeling, threat hunting, and purple and red teaming, which help organizations proactively identify and address vulnerabilities. Zero-day exploits, man-in-the-middle (MITM) attacks, cross-site scripting (XSS), SQL injection, denial-of-service (DoS) and distributed denial-of-service (DDoS) attacks, social engineering, and penetration testing are just some of the ongoing threats that necessitate the continuous evolution of cyber security solutions. The market is a complex and dynamic ecosystem, where entities such as PCI DSS, cyber insurance, compliance auditing, zero trust security, and threat intelligence play integral roles in maintaining security and ensuring regulatory compliance. The ongoing unfolding of market activities and evolving patterns underscore the importance of staying informed and adaptive in this ever-changing landscape.

How is this Cyber Security Industry segmented?

The cyber security industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userGovernmentBFSIICTManufacturingOthersDeploymentOn-premisesCloud-basedProductSolutionServicesSectorLarge enterprisesSMEsTypeCloudEnd-point and IOTNetworkApplicationGeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKAPACChinaIndiaJapanSouth AmericaBrazilRest of World (ROW)

By End-user Insights

The government segment is estimated to witness significant growth during the forecast period.The market encompasses various solutions and services, including cloud security, vulnerability scanning, multi-factor authentication, risk management, security awareness training, incident response, access control, disaster recovery, endpoint protection, data encry

As of 2024, ** percent of businesses that encountered the most disruptive cybersecurity breaches or attacks in the last 12 months in the United Kingdom (UK) reported them to banks, building societies, or credit card companies. A further **** percent reported it to the internet or network service provider.

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Cloud Security Solutions Market Size 2024-2028

The cloud security solutions market size is forecast to increase by USD 4.25 billion at a CAGR of 8.5% between 2023 and 2028.

The market is experiencing significant growth due to several key factors. Regulatory requirements mandating the use of security solutions to protect sensitive data are driving market expansion. Additionally, the increasing number of mobile workers necessitates robust cloud security to ensure data security and compliance. However, a lack of awareness about cloud security solutions among end-users remains a challenge. Despite this, the market is expected to continue its growth trajectory as organizations recognize the importance of securing their data In the cloud. With the increasing adoption of cloud services, the demand for advanced security solutions is on the rise. Companies are investing in innovative technologies such as artificial intelligence and machine learning to enhance their security offerings and meet the evolving needs of their customers.Overall, the market is poised for continued growth as businesses seek to protect their digital assets In the cloud.

What will be the Size of the Cloud Security Solutions Market During the Forecast Period?

Request Free SampleThe market is experiencing significant growth as businesses increasingly adopt cloud applications for enhanced productivity and user satisfaction. With the distributed nature of cloud environments, traditional legacy networking models are no longer sufficient for protecting these dynamic and flexible environments from cybercrime. Cloud security solutions have become essential for safeguarding data and ensuring compliance with various regulations. Firewalls and encryption are key components of cloud security, but they represent only the perimeter defense. Data protection and disaster recovery are equally important, as the weakest point in cloud security can often be found withIn the applications and data themselves. Cloud services offer scalability and flexibility, but they also introduce new challenges for security teams.Hybrid clouds and public clouds require specialized security solutions to ensure data security and compliance. Disaster recovery solutions are crucial for businesses that rely on cloud services for mission-critical operations. Compliance tools help organizations meet regulatory requirements and mitigate risks. As the market for cloud security solutions continues to evolve, it is essential for businesses to stay informed about the latest trends and best practices for securing their cloud environments. Protecting cloud applications and data from cyber threats is a top priority for organizations of all sizes and industries.

How is this Cloud Security Solutions Industry segmented and which is the largest segment?

The cloud security solutions industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. End-userBFSIHealthcareRetailGovernmentOthersComponentCloud IAMCloud e-mail securityCloud DLPCloud IDS/IPSCloud SIEMGeographyNorth AmericaUSEuropeGermanyUKAPACChinaJapanMiddle East and AfricaSouth America

By End-user Insights

The bfsi segment is estimated to witness significant growth during the forecast period.

The BFSI sector, including banking, financial services, and insurance, has experienced a significant increase in web-based attacks over the past few years. Hackers exploit vulnerabilities in cloud applications and legacy networking models to gain unauthorized access, disrupt systems, and steal sensitive data. With the rise of online transactions and payments, security risks have escalated, particularly In the payment card industry where individual consumers are heavily engaged. Cybercriminals seek to steal money, harm capital markets, and compromise user data. Cloud security solutions are essential to protect these environments from evolving threats. Firewalls, encryption, access controls, and compliance tools are critical components of a robust cloud security strategy.Flexibility and scalability are also important considerations for cloud services, ensuring business continuity and customer trust. Data protection, disaster recovery, and legal compliance are key concerns for both individual and enterprise clients. Cloud providers must prioritize security, implementing best practices and adhering to technology protocols to safeguard their clients' data and maintain user satisfaction.

Get a glance at the Cloud Security Solutions Industry report of share of various segments Request Free Sample

The BFSI segment was valued at USD 1.5 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 44% to the growth of th

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.

As of February 2024, the United States ranked first by the average cost of a data breach, 9.36 million U.S. dollars. The average cost of data breaches in the Middle East is 8.75 million U.S. dollars. Benelux followed in the ranking, with 5.9 million U.S. dollars. In the measured period, the global average data breach cost was 4.88 million U.S. dollars. Phishing scams in the U.S. Breached data often ends up in the hands of threat actors who use it for malicious purposes, including online scams. Phishing continues to be a major threat in North America, particularly on smartphones. In the second quarter of 2023, the region recorded the highest number of phishing and malicious attack attempts globally. The United States was particularly affected, with 45 percent of U.S. citizens reporting being targeted by scam texts, e-mails, and calls on a daily basis. Additionally, phishing and spoofing were the most common types of cybercrime, impacting 298 thousand individuals in 2023. These attacks led to financial losses, with U.S. victims reporting nearly 20 billion U.S. dollars in damages throughout the year. U.S. users and data privacy Despite only 20 percent of internet users in the United States being highly knowledgeable about data privacy and cybersecurity, a significant portion of users demonstrated caution and awareness in protecting their information. In fact, over half of surveyed U.S. users reported being somewhat confident in knowing the right steps to take in the event of a cyberattack. Furthermore, 43 percent of U.S. users actively decline cookies on websites, reflecting their increasing concern for data protection. Many respondents also take additional steps to safeguard their digital privacy, such as limiting or avoiding clicking on ads as well as not answering phone calls due to cybersecurity risks.

According to a survey conducted in October 2024 in the United Kingdom, women were more worried than men about online harms in relation to extremism, human trafficking, suicide, female genital mutilation, and hateful content than their male counterparts. Overall, extremism was the most concerning online harm according to women.

According to a survey conducted in May 2024 in the United Kingdom, one third of teenage girls reported receiving unwelcome friend or follow requests, compared to 21 percent of teen boys. Teen girls were more likely to experience body image content, excessive or unhealthy eating or exercise content, and group shaming than boys. However, teen boys were more likely to see dangerous stunts, with 29 percent reporting to have done so.