Market Size of Sri Lanka Cyber (Liability) Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Sri Lanka Cyber (Liability) Insurance Market Analysis
The Sri Lanka Cyber Liability Insurance Market achieved a market size of USD XX million in 2022 and is expected to grow at a CAGR of about 2% between 2021 and 2027.
Sri Lanka's cyber insurance market is currently very small, yet, it has good growth potential due to supportive internal and external factors. Given the damages from data breaches caused by cyberattacks globally, Sri Lanka's cyber insurance does not provide the necessary levels of coverage for losses. Most firms find the premium amount unacceptably expensive, given their minimal coverage. Additionally, Sri Lankan digital policy, data protection, and cybercrime laws still need to be developed sufficiently to offer effective legal defense and assistance.
Information technology professionals and their management in Sri Lanka are now looking to Cyber insurance products as solutions in managing the risks as incidents of malware, phishing, and ransomware are occurring more frequently in "corporate" Sri Lanka. Although the new Personal Data Protection Act is making its way through Parliament, with increased exposures resulting from "work from home," professionals are experiencing more cyber-attacks than ever. They find the Sri Lankan insurance industry needs to be more responsive to their cyber security needs.
The recent fall of the Sri Lankan currency has driven up the cost of renewing licenses for cybersecurity products. As many businesses experience an increase in phishing and distributed denial-of-service attacks, opportunistic hackers are using the crisis as an excuse to plunder. Cyber insurers are reluctant to renew current coverage as Cybersecurity is the second concern, while the financial crisis is causing food and medicine shortages in the country.
