Security News > 2021 > April > What to consider when shopping for cyber insurance
Since cyberinsurance is relatively new, some business owners are concerned about what's involved and if it makes sense.
Adrian Mak, CEO of AdvisorSmith, a business insurance consulting firm, has pulled together a Cyberinsurance Cost report that looks at what to expect.
Deductibles affect cyberinsurance costs: In the event of a cyber event, the cyberinsurance deductible is the money not covered by cyber liability insurance and the responsibility of the victimized organization.
Number of sensitive records affect cyberinsurance costs: Amount and sensitivity of stored customer data impacts cyberinsurance premiums.
There are a lot of variables to consider when pricing cyberinsurance.
The average cost of cyberinsurance is $1,485 per year in the U.S. Disclaimer: AdvisorSmith seeks to provide accurate and up-to-date information for business owners.