German insurer HDI Global is targeting international growth in the global cyber insurance market as it believes it has “enormous potential” despite risks.
Cyber attacks are on the rise, in 2022 Germany’s digital association Bitkom estimated that the German economy sustained losses of around €203bn as a result of cyber-attacks on companies.
Moreover, almost every second company is anticipating an increase in cyber-attacks for the future. Despite this, according to HDI Global, many companies frequently fail to take out adequate insurance to protect against cyber-risks.
Thus the German insurer wants to use its Value Added Services (VAS) to raise awareness of cyber threats, and is aiming to use its expertise to help companies and their cyber-risks insurable.
Meike Röllecke, Head of Cyber at HDI Global, commented: “The dynamic development of cyber-risks requires a corresponding approach from companies. At HDI Global, we are working together with our clients to make them more resilient in the digital world.
“The key to this is: bolstering prevention on the part of the clients in a continuous risk dialog with our Risk Engineering experts. This enables companies to significantly reduce their cyber-risks before they become the victim of an attack.”
He added: “But if there is an actual cyber-attack, we provide support through our expertise by ensuring a rapid and effective response so that the effects on the client’s business are kept as low as possible, and the client’s IT systems are better able to withstand future cyber-attacks.”
The VAS encompasses services in three categories that extend beyond the area of classic risk transfer and improve defence against risks within the company: “Human Firewall”, “Organisational and Procedural Security” and “Technological and Offensive Security”.
All of these services are based on needs analyses carried out by HDI, and they are tailored individually to current requirements as well as being regularly reviewed for their effectiveness. This approach means that HDI Global focuses on risk quality at clients with the single-minded objective of improvement, the insurer stated.
“On the back of our VAS expertise, we target making companies and their cyber-risks insurable. Our clients benefit from improvement in the risk quality. The objective is to use VAS to support our clients in enhancing resilience within their core activities,” said Dr Mukadder Erdönmez, Board Member at HDI Global.
“The global cyber insurance market offers enormous potential for growth – but at the same time risks that some insurers shy away from. We make use of the Value Added Services to create the platform for continuing to offer our clients cyber insurance policies. Moreover, we join forces with our clients to lay the foundation for making one of the most important risks of our era more manageable for them,” continued Dr Erdönmez.
