Finlex – theCyber Ecosystem.

Cybercrime has become a real threat to each and every business, large or small. Data kidnapping via ransomware, IT espionage and sabotage – never before have there been so many cyber attacks. The German digital industry association Bitkom found out that in 2021 German companies incurred damage in the range of 223 billion euros. However, according to the German Federal Office for Information Security (BSI), only 16 percent of companies increased their IT security budget during the Covid-19 crisis in 2021. Since the insurers’ minimum requirements for the insured company’s IT have increased drastically in recent years, by no means all companies are nowadays able to benefit from comprehensive cyber insurance. And yet, cyber insurance not only provides financial security for the risk transfer. In fact, it also helps companies evaluate their own cyber security and, by way of its assistance services, provides them with experienced specialists to help them in the event of a claim.

The Finlex Cyber Ecosystem provides an all-round service covering multiple core areas. The starting point is the “Risk Assessment”, the identification and evaluation of the individual risk – in part fully-automated. This is followed by the second core area, “Smart Protection”, where the focus lies on the placement of high-quality and competitive insurance solutions as well as on ongoing support and continuous monitoring of IT security. The ecosystem is completed by the third core area, “Claims Support”.

The advisory process around cyber risk coverage begins well before an insurance contract is signed. The Finlex network includes a broad expertise of ecosystem partners specialized in IT security:

• Quantitative risk analysis workshops with results that create a broad understanding of the monetary consequences of cyber risk.
• Telephone quick check or a detailed risk audit as a qualitative risk analysis. Finlex cooperates with renowned network and data security specialists such as Prof. Dr.-Ing. Ulrich Greveler. As a result, the customer quickly receives an overview of their IT security level and recommendations for actions to enhance it.
• Technical vulnerability audit in a multi-day project by renowned IT service providers. The IT infrastructure’s specific weaknesses are identified and the path to fix them is laid out.
• Automatically generated risk score based on the questionnaire on the Finlex platform to classify the risk.
• Network of lawyers specializing in IT law.
• Continuous expansion of the ecosystem by adding further IT security experts.

According to the German Insurance Association GDV, demand for cyber insurance remains very high and it will continue to rise, especially in the SME segment. This is creating great sales potential for the brokers connected to our platform. Complexity and dynamics in the cyber market call for more oversight and smart processes, which can only be achieved through a well-constructed ecosystem. For example, the automated evaluation of the questionnaire makes it easier for the broker to provide advice and assists in selecting the right insurance partner. With the help of the automated risk assessment on the Finlex platform, brokers can provide their client companies with more customized advice on cyber risks and utilize the ecosystem to propose solutions right away. Since in many cases, a reduction of risks is essential for a company to become insurable in the first place. Companies that have already taken out cyber insurance can also benefit from quickly and easily receiving comparison offers and a risk assessment. Possible weaknesses can be eliminated before an insurer becomes aware of them and their own coverage can be checked.

1. Risk capture

Quantitative risk analysis: Together with your customer, we analyse the company’s risk scenarios and their monetary consequences in personal workshops.
Qualitative risk analysis: We support your customer with various tools to survey the content-related risks of the company, in part in a fully-digital way.
The tools include – based on the individual needs – a digital risk questionnaire with benchmarking, a scan with external partners, a quick check via telephone and a risk audit.

2. Risk assessment
Your customer receives a report with an evaluation of their risk assessment. Shortly after, they are provided with a proposal with concrete measures to optimize the security of the company.

3. Placement of the insurance
We offer your customer reassurance in explaining & evaluating the insurers’ constraints and we prepare a decision proposal.

4. Ongoing support
We offer your customer ongoing support and help with any necessary adjustments as well as during the challenging Renewal phase.

5. Claims handling
From the reporting and coordination of emergency measures to the arrangement of forensic experts and other experts in the event of a claim to the commercial handling & support in the event of a legal dispute – we provide end-to-end support in the worst-case scenario!

For businesses, cybercrime is one of the fastest evolving risks in the world. The uncertain economic situation as well as the war in Ukraine are significantly increasing the dangers surrounding potential cyber attacks. As such, Cyber insurance is important for companies of all industries and sizes. However, due to the tight market situation, the issue is less the cost of a policy, but rather whether a company is even able to take out insurance at all. In the majority of cases, an extensive ecosystem is essential for companies to be able to answer the latter question with “yes”. Get in touch with us, we will inform you as a broker in detail about how you can easily use the modules of the Cyber Ecosystem.