How much does Cyber/Data Breach Insurance Cost? by Christine Marciano

12/10/2014 21:59

Cyber insurance helps tame the significant costs of a cyber attack and/or data breach by offering coverage for Public Relations, forensics investigations, breach notification mailings, call centers, credit monitoring, regulatory defense, penalties and fines, attorney fees and much more.

Cyber/data breach insurance premiums are based on several factors, such as an organization’s industry or sector, risk class, number of sensitive records held, annual revenue, network security and privacy policies/procedures and more.

We advise first time cyber insurance buyers, regardless of size, industry or sector to work with experienced cyber insurance brokers, such as Cyber Data Risk Managers and insurance coverage attorneys so that your company avoids any surprises when your cyber insurance claim arises. After all, you’re buying insurance coverage to cover a cyber attack or data theft/loss/damage claim and you want to make sure your policy will cover you in such events.

Below is a sampling of our clients’ actual cyber/data breach insurance policy annual premiums in which we have helped secure.


Industry: Healthcare

Revenue: $25 million
Limit: $1 million
Premium: $12,900


Industry: Education

Revenue: $25 million
Limit: $1 million
Premium: $6,000


Industry: Financial

Revenue: $100 million
Limit: $1 million
Premium: $37,000


Industry: Retail

Revenue: $50 million
Limit: $1 million
Premium: $26,000


Industry: E-commerce

Revenue: $50 million
Limit: $1 million
Premium: $37,000


Restaurant

Revenue: $50 million
Limit: $1 million
Premium: $10,000


Industry: Manufacturing

Revenue: $100 million
Limit: $10 million
Premium: $50,000


Healthcare IT Provider

Revenue: $1.2 million
Limit: $5 million
Premium: $15,900


Healthcare SaaS Provider (startup)

Revenue: $1.5 million
Limit: $5 million
Premium: $30,420


Electronic Health Records (EHR) Provider

Revenue: $5 million
Limit: $1 million
Premium: $8010


Data Hosting Provider (startup)

Revenue: $200K
Limit: $1 million
Premium: $2750


Healthcare IT Consultant

Revenue: $150k
Limit: $1 million
Premium: $3298


Clinical Data Analysis Research Software (startup)

Revenue: $20,000
Limit: $2 million
Premium: $4900


e-Waste Company

Revenue: $1.5 million
Limit: $2 million
Premium: $3564


Psychologist’s Office

Revenue: $1 million
Limit: $1 million
Premium: $1600


Doctor’s Office

Revenue: $700,000
Limit: $500,000
Premium: $649


Online Retailer

Revenue: $500,000
Limit: $1 million
Premium: $1100


Professional Consulting Services

Revenue: $400,000
Limit: $1 million
Premium: $1200


Doctor’s Office

Revenue: $1.7 million
Limit: $1 million
Premium: $1800


SaaS Provider

Revenue: $3 million
Limit: $2 million
Premium: $6000


Fast Food

Revenue: $15 million
Limit: $1 million
Premium: $9000


Hospital

Revenue: $170 million
Limit: $5 million
Premium: $42,000


Data Storage Center

Revenue: $15 million
Limit: $20 million
Premium: $120,000


Cyber insurance policy premiums are “not one size fits all”, as premiums are based upon your Company’s industry, annual revenue, network security and data backup procedures.

For assistance, with your cyber/data breach insurance quote, please complete the form below to learn how a cyber/data breach insurance policy can help you be prepared for a data breach and/or network security event. Or call (855) CUT-RISK.

CYBER DATA RISK MANAGERS LLC is an Independent Insurance Agency specializing in Cyber Security and Data Breach response insurance. We offer solutions that help you quickly respond to cyber events and data breaches as well as to plan in advance for their occurrence. Given the ever changing nature of information assurance and compliance, you don’t want to be caught unprepared.

Source: http://databreachinsurancequote.com/cyber-insurance/cyber-insurance-data-breach-insurance-premiums/