The average price of cyber insurance premiums has risen 20% this year , despite a only 20% increase in claims this year , according to AdvisorSmith . The five percent increase bumped up the average annual premium to $1,501 for a business facing moderate risks with liability limits of $1 million, a $10,000 deductible, and $1 million in company revenue. It said the "relatively stable" uptick was due to the claim loss severity falling 5% and insurance companies improving their cyber risk underwriting. AdvisorSmith added that businesses had strengthened their cyber defences, though only 20% had taken out cyber insurance.
The average price of cyber insurance premiums has risen 20% this year , despite a only 20% increase in claims this year , according to AdvisorSmith . It said the "relatively stable" uptick was due to the claim loss severity falling 5% and insurance companies improving their cyber risk underwriting. AdvisorSmith added that businesses had strengthened their cyber defences, though only 20% had taken out cyber insurance.