Cyber Insurance Cost
The costs of cyber insurance can vary greatly depending on a number of factors which will be highlighted in this post. Depending on these factors, a cyber insurance policy could cost anywhere from €500 to thousands depending on the various factors. For a quote you can Contact Us.
Below are some of the factors that may affect the cost of your cyber insurance policy.
Some industries are more attractive to insurers that others. This is due to the different levels of risk and exposures. For example, an architect firm will have a certain level of sensitive information such as their own finances and information on their clients and their projects. This is standard information for a business to hold and is seen as low risk.
A hospital on the other hand, holds vast amounts of highly sensitive and confidential information on their patients. Excluding other factors such as size of the organisation and the number of records, a hospitals policy would still be higher based on the nature of the data and the subsequent risk.
Number of Records/Size of Business
The more records you hold, the greater the damage if there is a cyber breach. The cost of your cyber insurance policy will reflect this as the greater the risk the greater the premium.
Also as well as Cyber Liability cover some insurers will offer ‘Crime Cover ‘ as part of an insurance package .
This is cover for fraud like phishing scams or fund transfer type fraud. If you want these covers they can add to the cost of your insurance.
Typically for this cover factors like your organizations operation and safeguards to prevent fraudulent transfer and the like are relevant. Poor systems may result in insurer not quoting for you at all.
Here you can read more on “What is Cyber Insurance and What Does it Cover”
I.T. Systems / Previous Breaches
The systems you use can also be a key factor when calculating the cost the premium. Say for example your organisation is using an old version of Windows computers that are no longer being updated by Microsoft. This will make your systems more vulnerable as they are no longer being updated and patched. There may also have been other cases reported of weaknesses and breaches in the system you use, all of which will be taken into consideration.
Level of Cover Required
The level of cover you choose will also effect the cost of your cyber insurance policy. Common limits of liability are: