Cyberattacks caused damage to 86% of companies in 2021. The German economy suffers total damage of over 223 billion euros. Communication data, e.g., e-mails, top the list of stolen information; intellectual property, such as patents and information from research and development, is experiencing a considerable increase in data theft. (Source: Bitkom Wirtschaftsschutz 2021 (bitkom.org)) This data is forcing companies to reevaluate and upgrade their IT security. In this context, many companies are considering cyber security insurance, which will pay for the damage in the event of an emergency. But the serious increase in cyberattacks affects insurers as well, so they are tightening up their criteria. Cyber insurers are imposing increasingly stringent requirements on their policyholders in order to acquire insurance or keep their existing one. From protecting remote access to your network to maintaining encrypted backups to securing your email traffic, insurers demand that you demonstrate appropriate capabilities nd controls. Lack of compliance leads to higher rates at best and, at worst, policy rejection or denial of coverage in the event of a claim.
Good cybersecurity thus provides the foundation for cyber insurance and is essential on multiple levels. Because the monetary damage can perhaps be compensated by insurance, but damage such as loss of image and trust cannot be reimbursed.
Learn more in our presentation:
- What is Cyber Insurance?
- What is Cyber Insurance NOT?
- What needs to be considered?
- What should be prepared?