Insurers among fastest users of intrusion prevention systems: IndustryARC

The intrusion prevention system market is forecast to surpass $8.5 billion by 2025, according to IndustryARC, a research and consulting firm.

The intrusion prevention system market is forecast to grow at a compound annual growth rate (CAGR) of 13.7 percent during the period 2019-2025, said IndustryARC. This growth comes amid growing awareness and concern among corporates regarding their cyber security and data protection practices.

Insurance companies, alongside banks and other financial institutions, were the fastest growing users of intrusion prevention systems to guard against cyber attacks, with their use forecast to grow at 15.20 percent CAGR. But concern is not limited to financial institutions, with aerospace, defense, healthcare and transportation among the sectors found to be increasing their use of this kind of technology.

Captives are increasingly looking at writing cyber coverage directly, with premium growth for cyber risk among captives accelerating by 263 percent in the past year, according to Aon.