Cyber insurance policies have recently been experiencing a major boom. What characterises this form of cover?
Funk experts Michael Winte and Dr Alexander Skorna provide an overview of the current status of cyber cover policies on the German market within the publication Insurance & Innovation 2017.
Here are the most important statements from their contribution:
- The number of providers on the insurer side is increasing continuously. In addition, brokers such as Funk offer their own cyber cover policies.
- The increased range is considerably improving the cyber insurance conditions overall. Premiums are falling.
- Cyber cover policies combine first-party and third-party damages cover.
- Even though far from every company has cyber cover, it is fair to say that cyber is currently probably the fastest-growing insurance class.
- With the rapidly growing digitisation of the economy, dangers are increasing – as is the demand for cyber cover policies. These could become part of the standard repertoire in the foreseeable future.
- Cyber damages are caused by Trojans, extortion and data privacy violations, for example.
- 23% of the companies affected by cyber damages are financial institutions. In contrast, mechanical engineers are caused less harm, at 8%.
- As a first step, companies should confront the new IT risks with a risk analysis. A cross-departmental workshop is a suitable approach to this.
Want to know more? Download the full publication ‘Cyber insurance: location determination and derivation of a risk management concept’ as a PDF.
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