New – the extendedCyber Ecosystem.

Cyber crime 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 offers all-round service covering multiple core areas. It starts with “risk assessment”, the semi-automated identification and evaluation of the individual risk, as well as support in closing security gaps. This is followed by the second core area, the “qualitative protection” of the identified risk with the help of competitive insurance solutions and ongoing support. This is rounded off by the third core area, “claims support” as a service solution in the event of a claim.

The advisory process around Cyber risk coverage begins well before an insurance contract is signed. The Finlex network includes the broad expertise of Ecosystem partners in the field of IT security:

• Automated risk scores with potential analyses for real-time quantification of collected risk data
• Damage forecasts as an orientation aid for assessing potential risks
• Dynamic overview of service providers suitable for the identified risk to close various security gaps
• Risk dialogues for the quantitative analysis of complex risks
• Telephone quick check or detailed risk audits (e.g. with recognised network and data security experts such as Prof. Dr Ulrich Greveler, ujima GmbH, @yet, etc.)
• Access to a network of lawyers and data protection experts specialising in IT law
• Continuous expansion of the Ecosystem with additional IT security experts

According to the German Insurance Association (GDV), demand for Cyber insurance remains high, particularly among small and medium-sized enterprises (SMEs). This segment opens up significant sales opportunities for brokers connected to our platform. The complexity and dynamics of the Cyber market require an increased overview and intelligent processes, which can only be achieved through a well-designed Ecosystem.

The automated evaluation of questionnaires and the listing of service providers that match the risk considerably simplifies the advice for brokers and supports them in selecting the optimal security and insurance partner. The Finlex platform’s automated risk assessment enables brokers to provide their client companies with more targeted advice on cyber risks and suggest suitable solutions within the Ecosystem, which also increases overall insurability and resilience. This is particularly interesting for companies that are already insured when a change or renewal needs to be made. Above all, features such as the Partner Marketplace or PartnerGuard help to eliminate potential weaknesses before insurance is taken out on expensive terms.

1. Risk identification
Quantitative risk analysis: The Finlex risk assessment provides a detailed risk assessment based on the state of your customers’ IT security. In addition, complex risks can also be identified and quantified with the help of personalised workshops and partners.
Qualitative risk analysis: By using various tools, such as a digital risk questionnaire with integrated risk assessment, external scans or telephone quick scans, your customer’s risk can be analysed accurately and transparently.

2. Risk & Potential assessment
The risk data collected forms the basis for the creation of a digital report on the current risk with comprehensive assessments of security gaps and potential for risk reduction. The evaluation of the results can be further enriched with the help of our external partners.

3. Dynamik risk reduction
With the help of our external partners, the security gaps identified by your customers can be closed quickly and effectively and resilience can be increased. We use the Finlex Partner Marketplace and PartnerGuard to provide you with ongoing support in selecting the right service provider for your customer.

4. Placement of insurance
Our experts provide you and your customers with comprehensive support in placing even complex risks, perfectly complementing our semi-automated cover via the Finlex platform. By explaining and evaluating insurer requirements, we provide the decision-making template for your customers.

5. Ongoing support
We support you and your customers beyond the initial placement and help with necessary adjustments due to changes/new features as well as renewals.

6. Claims support
From the reporting and coordination of emergency measures to the arrangement of forensic 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, Cyber crime 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 order to answer the latter question as positively as possible, a one-stop solution with a wide variety of solutions in the form of an ecosystem is essential. 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.