Cyber Insurance premiums vary according to the characteristics of the business and the cover being requested.

Insurers consider a range of underwriting factors rather than applying one standard price.

What can affect the premium? #

Factors can include:

• Annual turnover
• Industry and business activities
• Number of employees
• Type and volume of information held
• Dependence on technology and online systems
• Cybersecurity controls
• Previous cyber incidents or claims
• Limits of cover
• Excess
• Cybercrime or Social Engineering limits
• Geographic exposure
• Insurer appetite

Cybersecurity controls #

Insurers may ask about controls such as:

• Multi-factor authentication
• Email security
• Endpoint protection
• Backups
• Software patching
• Access controls
• Staff training
• Incident response procedures

The controls required vary between insurers and businesses.

Strong controls can improve the availability and terms of Cyber Insurance, but there is no universal discount structure. Controls can affect whether an insurer is prepared to offer cover, the terms available and the premium.

Can Cyber Insurance prices vary significantly? #

Yes. Two businesses with similar turnover may receive different premiums because their activities, data exposure, IT environment and security controls differ.

Contact our team if you would like us to obtain Cyber Insurance terms for your business.