Numerous hacker attacks on companies have ruined the balance sheets of German insurers. Cyber insurers suffered losses for the first time last year, the General Association of the German Insurance Industry announced on Wednesday.
3,700 insured hacker attacks cost a total of 137 million euros. For every euro collected, the insurers had to spend 1.24 euro on claims settlement and administration costs.
“Individual cyber-attacks had particularly serious consequences, each leading to costs in the upper single-digit million range,” says Association Managing Director Jörg Asmussen.
Strong fluctuations are not unusual for a young market, the association notes. This year there has been significantly less damage so far.
Source: Krone
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