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The best cybercrime insurance in the 2021 ranking

Cyber ​​crime

Nine percent of companies in Germany fear bankruptcy as a result of a cyber attack.

(Foto: Getty Images)

Düsseldorf Cybercrime is a lucrative business. The financial outlay for hackers is minimal, the profit margins are high, and the risk of being tried in court is extremely low. Many attacks come from perpetrators in countries that the judiciary in this country cannot prosecute.

The annual damage to the German economy amounts to 223 billion euros, as the digital association Bitkom reports. That is more than twice as much as in 2019 with a volume of 103 billion euros. After all, nine percent of companies in Germany even fear bankruptcy as a result of a cyber attack.

Companies need to protect themselves better and protect their IT systems from attacks. Cyber ​​criminals use employees as the supposed weakest link in the chain for their attacks. The most popular scam used by virtual attackers is ransomware.

This is software that encrypts data and can make IT systems unusable. If employees click on a link with malicious software in an email, it will be installed. The attackers only pretend to decrypt the data if the company pays a ransom, or “ransom”.

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Not only good IT, cyber policies also protect against the financial consequences of cyber attacks. “Cyber ​​insurance is essential. Because every company has IT for billing or customer data, ”says Michael Franke, managing director of the Franke und Bornberg rating agency.

The experts took a close look at the policies for small and medium-sized companies for the Handelsblatt. With these companies, the terms and conditions of the insurers are comparable; with larger companies, they are negotiated and agreed individually.

The focus of the evaluation is the rating of the policies, which makes up 70 percent of the evaluation. 30 percent of the price is included in the policies. Franke und Bornberg has put the insurance conditions and the services of the insurers through their paces. The rating agency examined the policies qualitatively on the basis of 115 criteria. The spectrum ranges from the assumption of costs in the event of a business interruption to the scope of the insured IT systems to the restoration of the IT systems.

Because companies are exposed to different cyber risks depending on the industry, the rating agency has analyzed sample cases for three companies: an electrician’s company, a language school and a textile retailer. “The electrical engineering company will generally not need any protection for damage caused by attacks in the cloud or with e-payment,” explains Franke.

Insurance coverage is not cheap, as the evaluation shows. This is a consequence of the increasing number of cyber attacks and thus greater damage. According to the consulting firm Aon, the premiums for cyber policies in the industrial sector will rise by 30 percent.

A policy for a craftsman’s business costs between EUR 629 and EUR 1,325 per year. High premiums are not an indication of quality. With the “Cyberprotect 3.0” tariff with an annual premium of 656 euros, VHV offers the second cheapest tariff – and that with a top rating FFF, which stands for very good product quality. In contrast, R + V’s “Cyberrisk Insurance” tariff for EUR 1325 is only rated “sufficient”.

Insurance cover is generally more expensive for service providers or retailers. The reason for this: You usually need cyber damage protection that goes beyond what a craft company would need. This includes damage that can result from cyber attacks in the cloud or with e-payment. That’s why they need a more comprehensive insurance package.


In all three sample cases, VHV took first place with the Cyberprotect 3.0 product. “For companies with an annual turnover of up to ten million euros, we offer a simple closing process with an understandable form on the Internet,” explains Product Manager Marek Naser from VHV. Customers can expand the extensive basic protection with additional modules. For example, for damage caused by cyber espionage.

In the event of damage, the insurance offers a comprehensive service. The service package includes immediate help available around the clock from certified IT service providers. “The goal is to get the IT systems up and running again as quickly as possible,” explains Naser.

Often the first step is to restore the company’s ability to communicate at all. The insurer arranges experts for the quick restoration of IT. In addition, policyholders benefit from the guarantee of service updates for future product improvements. Hackers are always finding new ways of attack. It is therefore particularly important to have the latest insurance coverage.

With its “Cybervlex” tariff, the insurance company Victor offers a tariff that can be adapted to the needs of companies in different industries. The aim is also to prevent damage from the outset.

The insurer also offers IT security tests and web security checks. The company trains its customers’ employees to make them aware of cyber attacks. In the sample case for the retailer, the tariff scores “very good”. The annual premium of 640 euros is also the cheapest in this category.

Franke recommends that companies that take out cyber insurance should seek advice from consultants: “As a rule, it is difficult for a company to keep track of the risks. It is also important to check whether cyber risks are already covered by other policies. For example, the risk of operational downtime could already be covered. The examples show: The need for advice on cybersecurity is very high and will remain so in the future.

More: Hacker attacks are becoming an incalculable risk – insurers are calling for the state.

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