Cyber risk is on the rise. Coverage amounts are falling.

The fact that insurance companies are raising their premiums – especially in the case of cyber insurance – is not surprising. The risk of a cyber attack has never been as high as it is today. What is less understandable, however, is the fact that at the same time coverage amounts are falling. The current coverage amounts for new cyber insurance contracts usually stop at 10 million euros. Damage caused by ransomware is usually covered for as little as 5 million euros. In the event of a successful ransomware attack, however, these sums are usually not enough to cover the damage completely.

And it gets even worse. More and more insurers do not pay out if business interruption damage occurs. Or even if it can be deduced from the attack that human error from the affected company led to the successful attack.

What do we deduce from this?

Clearly, the majority of successful ransomware attacks on companies are due to the actions of individual employees. As a rule, there is no intent behind this. Rather, this fact is due to the unawareness of the workforce, which simply does not know and recognize the immediate threat situation.

So what needs to be done? Companies and organizations need to increase their level of IT security – and invest in a solid, well thought-out and effective security strategy. This is the only way to meet the strict coverage requirements of insurance companies.

It is important to focus on the workforce and provide targeted training. After all, a trained employee is the best firewall. This kills several birds with one stone: First, the probability of a successful attack is drastically reduced. Second, you meet the strict requirements of insurers. And third, it gives employees a safer feeling when working in the digital world.

Employees remain the number one target

Cybercriminals take advantage of the ignorance of individual employees. They know about the ‘human vulnerability’ and exploit it. But you can get ahead of the hackers by making your staff aware of the dangers on the World Wide Web and in their mailboxes. And by showing them how to behave correctly in which situation.

With the IT-Seal Awareness Academy you have an efficient solution at hand, with which your staff learns gladly and successfully. The goal behind the training: to enable employees to recognize and report signs of attacks and dangers at an early stage and to initiate defensive measures.

Don’t let it get to the point of emergency! Invest in prevention to avoid successful hacker and ransomware attacks. Get more information and successful solution strategies from us. You can also test our Security Awareness Training free of charge and learn how to strengthen your human firewall.