Cyber attacks resulted in insurance losses of 180 million euros last year. Their number, as well as the average damage, is increasing.
The threat of cyber attacks in Germany has increased again in the past year. The responsible insurers paid out around 180 million euros for the resulting damage, around 50 percent more than in the previous year, according to the German Insurance Association (GDV). The insurance companies’ premium income was therefore just enough to cover the damage.
A total of around 4,000 attacks were reported last year, almost 19 percent more than in 2022. “Insurers are not only facing a growing number of hacker attacks, they are also causing ever greater damage,” it said. On average, cyber damage cost around 45,370 euros, a good eight percent more than in the previous year.
IT security gaps continue to exist, particularly in small and medium-sized companies. Based on a company survey, the GDV concluded that more than two thirds of the companies surveyed did not even meet basic requirements. IT backup copies were stored incorrectly or weak passwords were used. “If the most basic security standards are not met, it will also be difficult to obtain insurance cover,” stresses GDV General Manager Jörg Asmussen.
