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The average cost of cyber liability insurance in the United States was $1,501 per year for $1 million in liability coverage, with a $10,000 deductible, according to a study Thursday from AdvisorSmith Solutions Inc.
This example is for a sample business rated as a moderate risk with $1 million revenue, the study said.
Arizona had the lowest average premium cost at $1,139, while Delaware had the highest at $1,626.92, data from the study showed.
In addition to location, the main drivers of cost for cyber insurance included the type of business, the number of credit/debit card transactions performed, and the storage of sensitive personal information such as date of birth and Social Security numbers.
Business size, level of liability coverage, choice of deductible, and security measures at a company also greatly affect premiums.
The average annual premium for a cyber liability limit of $500,000 with a $5,000 deductible was $1,146 and the average annual premium for a cyber liability limit of $250,000 with a $2,500 deductible was $739, the study showed.
Hacking, ransomware, phishing and employee negligence were some of the most frequent claims, the study said.
Risk mitigation plays a role in the calculus, according to the report.
“The more security measures your company has put into place, the lower the insurance premiums for cyber insurance will be,” the report said.
PHILADELPHIA—Underwriters' information needs and internal company politics can make purchasing cyber risk insurance a challenging process, but it's becoming necessary as the frequency of data breaches increases, risk managers and industry experts say.