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The price is not only what you can get on the black market, but it's also considering:

- How likely it is for someone else to find it (even internally)

- How long does it take for it to be identified and exploited, the impact of that, and time for mitigation/fixing

True, but it's also:

- How much would it cost to repair the trust of the users if the breach occurs. PR, marketing, organizational costs

Do you think a big company would pay $5k for a PR campaign to fix a mess due to a breach of private data? Not remotely.

It's always a question of probability: expected cost x expected probability gives you the end cost

You don't lock a $1000 bike with an $1000 lock, maybe with a $100 lock though