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Factors Influencing Cyber Liability Insurance Costs
The cost of cyber liability insurance for manufacturers can vary based on several factors. These include the size of the company, the volume of data handled, and the existing cybersecurity measures in place. Companies with robust cybersecurity protocols may benefit from lower premiums, as they are perceived to be at a reduced risk of cyber incidents2.
Additionally, the type of manufacturing processes and the level of automation used can influence costs. For instance, manufacturers with highly automated systems may face higher premiums due to the increased risk of cyber attacks targeting their network infrastructure3.