Best Cybercrime Insurance Companies Ranked 2021


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

(Photo: Getty Images)

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

The annual damage to the German economy amounts to 223 billion euros, according to the digital association Bitkom. That is more than double that of 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.

Businesses need to better protect themselves and their IT systems from attack. Cybercriminals use employees as the supposedly 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 render IT systems useless. If an employee clicks on a link with faulty software in an email, it will be installed. The attackers only intend to decrypt the data again if the companies pay a ransom.

best jobs of the day

Find the best jobs now and
be notified by email.

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

The experts closely examined the Handelsblatt’s policies for small and medium-sized enterprises. With these companies, the conditions and general conditions of the insurers are comparable, with the largest they are negotiated and agreed individually.

The focus of the evaluation is the rating of policies, which represents 70 percent of the evaluation. 30 percent of the price goes to the policies. Franke und Bornberg has put the insurance conditions and services of insurers to the test. The rating agency examined the policies qualitatively based on 115 criteria. The spectrum ranges from bearing the costs of a business interruption to the scope of secured IT systems and the restoration of IT systems.

Because companies are exposed to different cyber risks depending on their industry, the rating agency looked at sample cases for three companies: an electrician company, a language school, and a clothing retailer. “As a general rule, the electrical engineering company will not need any protection against damage caused by attacks in the cloud or with electronic payment,” explains Franke.

Insurance coverage is not cheap, as the evaluation shows. This is a consequence of the increasing number of cyberattacks and the increased associated damage. According to consulting firm Aon, cyber policy premiums will rise 30 percent in the industrial sector.

A policy for a craft business costs between 629 euros and 1,325 euros per year. High premiums are not an indication of quality. With the “Cyberprotect 3.0” rate, VHV offers the second cheapest rate with an annual premium of 656 euros, and with a maximum FFF rating, which means very good product quality. On the contrary, the “cyber risk insurance” fee of 1,325 euros from R+V was only rated as “sufficient”.

Insurance coverage for service providers or retailers is usually more expensive. The reason for this: They typically need protection against cyber damage that goes beyond the needs of a cottage business. This includes damage that can be caused by cyber-attacks in the cloud or with electronic payment. Therefore, they need a more comprehensive insurance package.


In all three sample cases, VHV was able to take 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 easy-to-understand online form,” explains product manager Marek Naser of VHV. Customers can extend the extensive basic protection with additional modules. For example, for damage caused by cyber espionage.

In case of damage, the insurance company offers a comprehensive service. The service package includes immediate help available 24 hours a day from certified IT service providers. “The goal is to get IT systems back up and running as quickly as possible,” explains Naser.

The first step is often to restore the company’s ability to communicate. The insurer provides experts for fast IT restoration. In addition, policyholders benefit from a performance upgrade guarantee in the event of future product enhancements. Hackers always find new ways to attack. Therefore, it is particularly important to have up-to-date insurance coverage.

With its “Cybervlex” rate, the insurance company Víctor offers a rate that can be adapted to the needs of companies in different sectors. The goal is also to prevent damage from the start.

The insurer also offers computer security tests and web security checks. The company trains its clients’ employees to make them aware of cyberattacks. In the model case of the retailer, the rate was rated “very good”. The annual premium of 640 euros is also the cheapest in this category.

Franke recommends that companies purchasing cyber insurance seek the advice of consultants: “It is usually difficult for a company to monitor risks. It is also important to check if cyber risks are already covered by other policies. For example, the risk of corporate bankruptcy could already be covered. The examples show: The need for cybersecurity advice is very high and will continue to be so in the future.

Plus: Hacker attacks are becoming an incalculable risk: insurers are calling the state.


Leave your vote

Leave a Comment

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.