What cyber insurance costs by sector
The three sectors paying the highest prices for cyber insurance all fall into the finance industry, according to a new study from AdvisorSmith. The business insurance and financial organization analyzed data from The System for Electronic Rates & Forms Filing (SERFF) on cyber insurance costs from small businesses with $1 million in revenue.
The ten sectors with the highest annual cyber insurance expenses are:
- Payment Processing [$2,449]
- Financial Services (other) [$2,429]
- Investment Services [$2,280]
- Law Firms [$2,269]
- Insurance [$2,235]
- Pharmaceuticals [$2,226]
- Gaming [$2,139]
- Oil & Gas [$2,131]
- E-Commerce [$2,097]
- Telecommunications [$2,044]
The sectors with the lowest annual cyber insurance expenses are:
- Transportation & Logistics [$909]
- Administrative Services [$971]
- Manufacturing & Industrial [$975]
- Auto Dealers [$1,070]
- Construction & Contractors [$1,070]
- Food & Beverage [$1,070]
- Wholesale Trade & Distribution [$1,072]
- Education (excluding higher education) [$1,273]
- Membership Organizations [$1,277]
- Public Non-Profit [$1,336]
The study also ranked U.S. states by their average annual cyber insurance costs. Minnesota reported the highest cyber insurance expenses, with an average cost of cyber insurances for businesses in the state being $1,708.11 per year.
Find more study results here.
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