Finlex Cyber Ecosystem

It's not just about the best cyber insurance policies in a digital marketplace, but a holistic view in terms of comprehensive cyber risk management.

Strengthening Sales & Operations for Brokers: All the tools to provide targeted advice to enterprise customers from a single source. Choose from verified service providers and experts to improve the cyber security of their enterprise customers and show more exposed risks the path to insurability.

Better risks for insurers – Finlex ecosystem drives cyber risk awareness and helps insurers better assess & evaluate risks.

Ease of use with state-of-the-art platform technology & data analytics. Cyber Ecosystem in 3 steps:

  • Intelligent Risk Assessment - Finlex Cyber Risk Report.
  • Intelligent coverage - high quality insurance solutions and continuous monitoring / Insurer independent.
  • Intelligent Claims Support.

Discover our Cyber Ecosystem – promising services in 5 modules:

01. Riskidentification

Quantitative risk analysis: With your client, we analyse the company’s risk scenarios and their monetary consequences in personal workshops.

Qualitative risk analysis: We support your customer with different tools to survey the content-related risks of the company, partly fully digitally.

The tools include – depending on individual demands – a digital risk questionnaire with benchmark, a scan with external partners, a quick check via telephone and a risk audit.

02. Riskassessment

Your customer receives a report with an evaluation of their risk assessment. Soon they will also have a proposal with concrete measures to optimize the security of the company.

03. Placement ofinsurance

We give your client assurance in explaining & evaluating the insurers’ requirements and prepare a decision template.

04. Ongoingsupport

We support your customer in the ongoing support and help with adjustments due to changes / innovations as well as in the demanding Renewal.

05. Claimshandling

Beginning from the notification and coordination of emergency measures to the mediation of forensic experts and other experts in the event of a claim to commercial processing & support in the event of a legal dispute – we provide support in the event of an emergency!

Despite the increased risk from attacks, only 16% of the companies surveyed by the BSI increased their  IT security budget  in the Corona crisis.

(2021, 13)

For companies, cybercrime is one of the most rapidly evolving risks worldwide.

The uncertain economic situation, as well as the Ukraine war, further increase the dangers around potential cyber attacks. Don't give cyber criminals a chance. Get to know our cyber ecosystem!

Cyber

Cybercrime has become a real threat to each and every business, big or small. Data kidnapping via ransomware, IT espionage and sabotage – never before have there been so many cyber attacks. Bitkom found 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 have 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 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 all-round service spanning multiple core areas. The starting point is the “Risk Assessment”, the – in parts fully automatic – identification and evaluation of the individual risk. This is followed by core area two, “Smart Protection”, where the focus lays 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 core area three, “Claims Support”.

The advisory process around cyber risks coverage begins well before an insurance contract is signed. The Finlex network includes the broad expertise of ecosystem partners around 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 client soon receives an overview of its 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 their elimination is shown.
  • 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 specialists.

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 advise 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. Because 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 and maintain 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 put to the test.

1. Risk capture
Quantitative risk analysis: We use personal workshops with your client to analyze risk scenarios of the company and their financial consequences.
Qualitative risk analysis: We support your customer with different tools to survey the content risks of the company, partly fully digital.
Tools include – as circumstances require – a digital risk questionnaire with a benchmark, a scan with external partners, a telephone quick check and a risk audit.

2. Risk assessment
Your client receives a report with an evaluation of their risk assessment. Soon, they will also have a proposal with concrete measures at their disposal to optimize their company’s security.

3. Placement of the insurance
We reassure your client by explaining & assessing the insurers’ requirements and prepare a decision template.

4. Ongoing support
We assist your client with ongoing support and help with adjustments due to changes / innovations as well as with the challenges relating to renewals.

5. Support in the event of a claim
From reporting and coordinating emergency measures via mediation of forensic and other experts in the event of a claim to commercial handling & support in the event of legal disputes – we provide support in the event of an emergency!

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 once again significantly increasing the dangers surrounding potential cyber attacks. Cyber insurance is generally important for companies of all industries and sizes. However, due to the tight market situation, rather than the costs of a policy, the issue here is rather whether a company is able to take out insurance at all. An extensive ecosystem is essential for most companies in order to be able to answer the latter question in the affirmative. 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.

Insights into the risk assessment on our platform:

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Dr. Sven Erichsen

Dr. Sven Erichsen

Non-Executive Director

Learn more about our special cyber concept

Cyber