Cyber Insurance premiums by industry
Cyber insurance premiums can vary significantly based on the industry and the size of the company:
📌 Industry Risk Factors: Certain industries are considered higher risk due to the nature of their operations and the data they handle. For example, healthcare, finance, and retail industries often handle sensitive customer data, making them attractive targets for cybercriminals. As a result, companies in these industries may face higher premiums.
📌 Company Size: Larger companies typically have more complex systems and more data, which can increase their risk profile. Therefore, they may face higher premiums. However, small and mid-size entities with strong cyber controls and in low-risk industries can have average premiums ranging from about $1,400 to about $3,000 per million of limit.
📌 Cybersecurity Controls: Companies with robust cybersecurity controls and practices may be seen as less risky and could therefore benefit from lower premiums. Conversely, companies without basic cyber hygiene controls may face higher premiums or even struggle to obtain coverage.
📌 Claims History: Companies with a history of cyber incidents may be seen as higher risk and face higher premiums.
📌 Coverage Needs: The specific coverage needs of a company, such as the type and amount of coverage, can also affect the premium. More comprehensive coverage will typically come with higher premiums.
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