Learn about actual and potential costs
How much should I pay for Cybersecurity Insurance?
What is the average price of Cybersecurity Insurance?
This procurement report includes pricing information to help you purchase Cybersecurity Insurance. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Cybersecurity Insurance been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Cybersecurity Insurance yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Cybersecurity Insurance?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Cybersecurity Insurance with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Find the vendor to meet your needs
Where can I purchase Cybersecurity Insurance?
The cybersecurity insurance market exhibits a moderate level of market share concentration. The largest vendors in the market Chubb, AXA XL (a subsidiary of AXA) and AIG account for around 40.0% of total market revenue. About 618 vendors operate in this market, including direct insurance providers and brokers. During the... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
How does your company mitigate its risk of bankruptcy?
How does your company hedge against any systemic risks that affect the market?
How do you ensure your company has enough cash to honor claims?
What evidence supports your ability to honor contractual liabilities to buyers?
Do clients have a dedicated account manager?
Through what mediums may a client contact you?
Do you offer 24/7 customer account support?
On average, how quickly do you respond to client queries?
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Key elements for every RFP
What should my Cybersecurity Insurance RFP include?
Buyers should state the desired deductible levels and coverage limit, if available.
Buyers should indicate their preferred method and frequency of payment.
Buyers should refer to the Benchmark Price section of this report to gain a better understanding of average premiums in the market.
Buyers should consider a vendor's past experience providing cybersecurity liability policies.
Buyers should evaluate vendors' financial health.
Buyers should assess the extent of coverage and exceptions to coverage that vendors offer.
For a detailed list of key selection criteria, buyers should reference the Buying-Decision Scorecard section of this report.
Buyers should state how long the contract period should last.
Buyers should indicate when bid proposals are due.
Buyers should include when interviews and bidder meetings will take place.
Buyers should indicate on which date the bid award will be announced.
Buyers should specify what date they wish the policy to start on.
Evaluate major factors to mitigate risk
How risky is the Cybersecurity Insurance supply chain?
Supply chain risk for cybersecurity insurance has been moderate in the three years to 2019. Providers could therefore potentially face unexpected expenses due to disruptions to their supply chains. As a result, they may be less willing to negotiate on premiums, which weakens buyer power. Insurance providers source inputs... Subscribe to learn more.