TOP STORIES
CYBER INSURANCE
PREMIUMS
The Industries with the Highest Premiums
TOP-10 LIST 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
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.
6. Pharmaceuticals: Average annual cyber insurance premium: $,2,226
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:
8. Oil and gas: Average annual cyber insurance premium: $,2,131
• Rapid growth in exposure without adequate risk controls • Growing sophistication of cyber criminals • The cascading effects of cyber risks
7. Gaming: Average annual cyber insurance premium: $2,139
9. E-Commerce: Average annual cyber insurance premium: $2,097 10. Telecommunications: Average annual cyber insurance premium: $,2,044
• A lack of geographic or commercial boundaries According to AdvisorSmith, insurance — no surprise— has the fifth highest cyber insurance rates.
Source: PropertyCasualty360.com
February 2022 | Main Street Industry News | www.pianeia.com | 15
