Cyber Insurance Premiums — The Industries with the Highest Premiums

This is a no-brainer when you think about cyber-attacks. The more personal information an industry has, the more likely they are to be attacked, and to have that personal information compromised.

AdvisorSmith took a look at cyber premium costs for a number of industries. It’s all about risk and the company broke down those risks:

• Rapid growth in exposure without adequate risk controls
• Growing sophistication of cyber criminals
• The cascading effects of cyber risks
• A lack of geographic or commercial boundaries

According to AdvisorSmith, insurance — no surprise— has the fifth highest cyber insurance rates. Here’s the top-10:

1. Payment processing

Average annual cyber insurance premium: $2,440

2. Financial services (other)

Average annual cyber insurance premium: $2,429

3. Investment services

Average annual cyber insurance premium: $2,280

4. Law firms

Average annual cyber insurance premium: $2,269

5. Insurance

Average annual cyber insurance premium: $2,235

6. Pharmaceuticals

Average annual cyber insurance premium: $,2,226

7. Gaming

Average annual cyber insurance premium: $2,139

8. Oil and gas

Average annual cyber insurance premium: $,2,131

9. E-Commerce

Average annual cyber insurance premium: $2,097

10. Telecommunications

Average annual cyber insurance premium: $,2,044

Source link: PropertyCasualty360.com —  https://bit.ly/3zR7hZI