Answered By
Jonathan Selby - Founder Shield
Technology Practice Lead

With his years as a Long Island Broker, Jonathan blends the “old school” with fresh, tech-powered ideas. His commitment to turning over one more stone reassures us that we can pursue the perfect insurance fit for our clients, regardless of their challenges in the Digital World. The sky is the limit when humans and tech collaborate responsibly.

What Factors Determine the Cost of Cyber Liability Insurance?

Asked by: Jordan M.

Jonathan Selby - Founder Shield
Jonathan Selby

• data: what type of data is being collected and how much is being collected?
• controls: what type of security measures and incident response plans do you have in place already?
• industry: a payment processor is more likely to be attacked than a cookie store with an online presence.
• customer base: the more customers, the higher the potential severity of a data breach. If the customers are large companies/institutions with deep pockets and a lot to lose, underwriters will recognize the increased risk of expensive litigation in the event of a data breach.
• revenue: this is the primary factor for determining rate change on renewal.
• and, as always, claim history: a history of litigation raises red flags

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