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How much does cyber risk insurance cost?

by Uneeb Khan
Child Psychologists

Rather than wondering how much a cyber risk policy costs, it is good to understand how much it can cost not to have one

Not having insurance coverage for protection against Cyber ​​Risk can cost a lot in terms of possible damages and compensation,  the consequences in the event of loss of data and information can be much heavier than the investment required.

Every company, professional, institution needs to protect itself, it must have coverage calibrated on the real management , storage and processing of sensitive data and information.

The more complex the coverage , the more expensive it is  , for this reason it is first necessary to carry out a careful analysis of the IT risks to which the company may be exposed and vulnerable.

For example, if the company uses multiple servers or has multiple stores with lots of customer data, insurance is more expensive.

The limited number of people who can access sensitive data  can save costs, for example by letting only senior profiles or cybersecurity experts do it.

Active and effective security measures  , such as antivirus, software, network firewall, regular updating of passwords can reduce your insurance premiums.

The type of market and industry  in which a company operates affects costs, if a company operates mainly online it will face more cyber threats and consequently pay more than a physical store with a low traffic website.

Likewise, companies operating for example in the small business health insurance or accounting sectors, which store a lot of sensitive data and payment information, may be more at risk and therefore pay higher premiums.

Business Claim History Affects Premium If a business has a high loss history, the insurer may charge a higher premium than other types of businesses.

The cost of taking out cyber risk coverage  is higher based on how potentially severe the fallout is in the event of a breach.

The company that can “suffer” a high cost in terms of damages, pays a higher premium than those who can have a minor impact.

It is therefore not possible to establish in advance a single cost for taking out a policy against cyber risks.

A careful analysis is required, understanding what are the real IT risks to which the company may be exposed and defining the risk plan, only in this way it is possible to identify the economic investment necessary to protect one’s professional activity.

Thanks to our collaborative work with the best Italian and international companies in the sector, we always create tailor-made solutions, with specific details and coverage for each case and situation, which require investments calibrated on the solution.

This allows us to offer top-level coverage that covers all the aspects necessary for real protection against IT risks.

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