Cyber insurance for companies is becoming increasingly important in the context of digitalization. The cyber threat situation is increasing, because companies are constantly being shut down.
Why would I need cyber insurance for my business?
Many German companies are not sufficiently well equipped against serious cyber attacks. The number of cyberattacks increases every year. The simple virus scan and the usual firewall are not enough to provide optimal protection. Economic damage in millions can occur, especially in Corona times. Through COVID-19, retailers temporarily close their doors and switch to Click & Collect or, if possible, to their own online store.
What may happen to my company?
Criminals are usually not picky! Even companies with simple or small IT operations cannot process their orders without their customer and supplier data. Goods orders may also no longer be possible! Access to timesheets for orders is not feasible – your billing stops! So the answer is frighteningly simple: Blackout and data theft! What happens if your online store and multimedia communication no longer work because you have been hacked? This can become a real IT disaster in your company. This happens via so-called Trojans, a malicious software. These attacks can result in the loss of access to your business-critical data, as the files have been encrypted and thus disabled for your purposes. Hackers sometimes demand ransoms to restore the data.
Is there a trend in this field?
The Corona Year 2020 saw an unprecedented increase in cybercrime. Never before have so many German companies been victims of cyberattacks. This probably has to do with the pandemic, the accompanying surge in the digitization and the related home office. Here, too, there are many unprotected interfaces, which the hacker can use to find a hole in your system. Therefore, in accordance with the home office boom, don’t forget to secure your home workplace against attacks from the network as well.
How can my employees actively participate to protect the company?
Please pay attention to the issue of encryption in the home office and BYOD – Bring Your Own Device. In short: bringing and using private notebooks and the private smartphone. Some insurers offer training for employees on how to behave and when to behave, and this goes far beyond simply not reading an abandoned USB stick lying next to the coffee machine into your PC.
Is protection available for my size of business?
Sure! Cyber insurance for companies is designed to provide protection against digital vandalism and virtual kidnapping of company data. Small cyber policies, for example, cover annual turnover sizes up to €250,000 and up to three employees. Furthermore, a policy is possible for part-time micro-enterprises according to UStG up to €17,500 per year with simple IT in the company.
Large cyber policies can include business interruption, third-party damage protection and system recovery.
What are the main benefits of cyber insurance for businesses?
The most important benefits that we recommend to pay attention to are, for example, a real 24/7 immediate assistance as a part of the insurer. Furthermore, you should pay attention to the possibility of on-site repair. In addition, please plan two days for IT expert to support in restoring data and IT systems.
What do I need to look for in a business cyber insurance policy and what is covered?
When it comes to cyber insurance for commercial customers, it should be noted that the number of threats and the associated costs for cyber attacks are increasing disproportionately year after year. Furthermore, small and medium-sized businesses do not have enough experience to be able to estimate this risk for themselves. We will be happy to clarify what exactly should be covered in a personal and tailored discussion with you.
How can we help?
With our experience, since our founding in 1945, we cover almost all topics of the German insurance sector. We trust in more than 30 well-known partner insurance companies. This still very young insurance branch has so far only a few standardized descriptions of the tariffs. As experts, we are glad to help and find the optimal protection for you! Arrange a consultation with us in Hamburg Schnelsen today! Contact us!
