Cyber Insurance Premiums — The Industries with the Highest Premiums

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.

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

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: PropertyCasualty360.com