Latest news on FIRM.fm

Latest news on FIRM.fm

Cyber security: Hopes for improvement

The issue of cyber risk management has gained in importance for a majority of German companies. A total of 86 percent are now interested in transferring cyber risks to a separate insurance policy. These are results from the "Cyber Study 2019" from Willis Towers Watson, an advisory, broking and solutions company. According to the study’s authors, however, only 36 percent are familiar with the scope of a cyber insurance policy and there remains a lot of uncertainty about how it differs from existing types of cover." Companies in Germany have finally woken up and recognised the potential danger posed by cyber attacks", says Mathias Pahl, Head of Corporate Risk and Broking at Willis Towers Watson in Germany. "94 percent of those participating in the study view cyber risks as relevant to them. This shows us that cyber security is increasingly becoming an issue for top managers and that there is a need to offer specific measures." Participants view the biggest challenge in dealing with cyber risks as risk assessment and recording (39 percent), followed by quantitative evaluation of loss scenarios (32 percent).

Further information can be found at: www.willistowerswatson.com