What criteria do insurers use to determine premiums for businesses applying for cyber insurance coverage?
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What criteria do insurers use to determine premiums for businesses applying for cyber insurance coverage?
Insurers use various criteria to determine premiums for businesses applying for cyber insurance coverage. Some common factors include:
1. Industry sector and size of the business.
2. Previous cyber incidents and claims history.
3. Security measures and protocols in place.
4. Level of exposure to cyber risks.
5. Type and volume of sensitive data handled.
6. IT infrastructure and systems in use.
7. Compliance with data protection regulations.
8. The extent of coverage and limits required.
These factors help insurers assess the level of risk a business poses and determine the appropriate premium for cyber insurance coverage.