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AdvisorSmith Releases the 'Average Cost of Cyber Insurance' Study

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NEW YORK - eTradeWire -- AdvisorSmith, a leading information resource for small business owners, published a study today about the average cost of cyber liability and data breach insurance in the United States.

The study was based upon data collected from estimated quotes and rate filings from over 50 insurance companies in all 50 states and Washington, DC.

Key Findings

• The average cost of cyber liability insurance in the United States was $1,501 per year for $1,000,000 in liability coverage, with a $10,000 deductible, for a sample business rated as a moderate risk with $1,000,000 in company revenue. Premiums nationwide ranged from as low as $544, to as high as $2,642 for comparable insurance coverage.

• Primary drivers of cost for cyber insurance included the type of business, the number of credit/debit card transactions, 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 level of security measures implemented at a company.

• Arizona, Michigan, and Minnesota had the lowest average premiums for cyber insurance, while California, North Carolina, and Delaware had the highest

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10 States with the Lowest Average Cyber Insurance Premiums

1. Arizona

Average Cost: $1,139.00

2. Michigan

Average Cost: $1,232.67

3. Minnesota

Average Cost: $1,253.67

4. Hawaii

Average Cost: $1,277.50

5. Massachusetts

Average Cost: $1,277.50

6. Ohio

Average Cost: $1,277.50

7. Arkansas

Average Cost: $1,288.00

8. South Dakota

Average Cost: $1,308.00

9. Missouri

Average Cost: $1,340.65

10. Wyoming

Average Cost: $1,341.11

To view the original report and see the full list with all 50 states, visit:
https://advisorsmith.com/data/average-cost-of-cyber-insurance/

About AdvisorSmith

AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, go to https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc.



Source: AdvisorSmith
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Filed Under: Insurance

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