HDI expands cyber insurance and offers new coverage concepts
HDI Versicherung and HDI Global, two companies from the Talanx group operating in retail and corporate insurance and industrial insurance, have expanded their insurance cover against cyber hazards for businesses of any size.
They are now offering all businesses the appropriate financial protection against loss or damage caused by hackers and other cyber criminals.
Alongside technical and organisational protective measures, HDI has said comprehensive insurance cover against cybercrime has meanwhile become a key issue for the ongoing existence of virtually every company as a going concern.
Almost 46,000 cases of cybercrime were recorded in the criminal statistics of the German Federal Criminal Police Office (BKA) in 2015.
According to HDI, experts suspect that the figure is significantly higher if unreported crime is taken into account. This demonstrates the extent to which companies are today the focus of criminals on the internet.
HDI Versicherung offers the supplementary module 'Cyber Risk' for public liability to cover small and mid-sized enterprises up to sales of 5 million euros or 20 million euros for trading companies.
The cover can be put together with a single line product and with the 'Compact' combined policy.
Daniel Koch, head of the product management department at HDI insurers explained: "We therefore offer small companies and small mid-sized enterprises compact and yet comprehensive protection against cyber risks. This positions 'Cyberrisk' ideally as supplementary cover for public liability."
According to HDI, this Cyber coverage is not simply restricted to protection against loss and damage caused by third parties, it also includes cover for own loss or damage.
That means "Cyberrisk" can provide cover for companies against loss or damage which they sustain as victims of computer criminality, and against loss or damage for which they are held liable by customers or third parties.
In particular, the combination of "Cyberrisk" with the "Compact" combined policy simplifies the appropriate overall insurance cover of a company, said HDI.
HDI explains this is because "Compact" combines complete insurance cover in a single policy, which can be tailored to the individual sector and structured on a modular basis to cover risks extending from public liability to erection all-risks or inland carriers' liability - now also including cyber coverage.
HDI Global has also introduced its “Cyber+ Smart” policy aimed at mid-sized companies with annual sales of up to 50 million euros.
The policy was developed as a standardised standalone product specifically for these companies. The scope of cover for "Cyber+ Smart" also includes own and third-party damage, including losses from business interruption, which have arisen as a result of data privacy breaches, data confidentiality breaches or network security breaches.
Philipp Lienau, who oversees the cyber insurance team at HDI Global, said: "This policy enables us to provide a bespoke solution for companies which are responding to the threat posed by cyber risks and want to expand their insurance cover accordingly."
