Cyber insurance, what does it cost and what is actually covered

Premium depends on turnover, sector, security posture, and loss history. What it covers matters more than the premium.

Try this first

1. 1Get at least three quotes via a broker specialised in cyber. Hiscox, Chubb, Allianz, AIG, and NN are active in NL. A single quote is not a market.
2. 2Read what IS covered: ransomware payment (often with sublimit), business interruption, recovery cost, legal aid, breach notification, customer notification. PR crisis management is sometimes separate.
3. 3Read what is NOT covered: director liability (separate D&O policy), absolute reputational damage, fraud by own staff, outdated systems that were not patched.
4. 4Check the per-claim deductible and yearly limit. For SMB a yearly limit around a hundred thousand is standard, but that does not cover ransomware at a manufacturer with daily turnover above ten thousand.
5. 5Read the security requirements the insurer imposes: MFA, EDR, backup, awareness training. Almost every policy now sets these as preconditions. Not meeting them means no payout.

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