Cybersecurity

Cyber insurance is surprisingly unknown

To gauge the level of knowledge about cyber insurance, Munich Re has conducted a global and representative survey. 81 percent of the executives surveyed felt that their company was not adequately protected against cyber risks. Despite this, only a few companies have invested in cyber insurance to date. 

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Munich Re's “Global Cyber Risk and Insurance Survey” (see link below) covers awareness, cyber threats to businesses and individuals, and awareness of cyber insurance with its coverage elements and services. The threats most feared include online fraud, data leaks and ransomware attacks. 

Although respondents are well aware of the rapidly increasing threat posed by cyber attacks, few companies have taken out cyber insurance to date. What's more, an astonishing number of respondents did not know that corresponding insurance solutions existed. 

Cyber insurers have already proven that they can be part of the solution when it comes to building resilience and preparedness, according to Munich Re. Implementing appropriate measures and controls can be seen as a kind of “digital vaccine” against cyber risks, the company claims.

Prevention services that are particularly in demand include network security, backup of critical systems and data, anti-malware tools, identity and access management, and IT security consulting. 

In addition, incident response is also seen as an important pillar in cybersecurity risk management - in particular, data recovery and 24/7 hotlines, but also support for legal issues.