HDI Global targets international growth in cyber line

Germany-based insurer  HDI Global, the industrial lines division of the Talanx Group, is eyeing international growth in the cyber line of business where it sees “enormous potential for growth” – but also risks that it says some insurers shy away from.

Despite increasing cyber-attacks, companies frequently fail to take out adequate insurance to protect against cyber risks, HDI said. The insurer is offering clients a range of tailor-made value added services (VAS) to raise awareness of cyber threats.

The VAS encompass services in three categories that HDI claims “extend beyond the area of classic risk transfer” and improve defence against risks within the company. These are: Human Firewall, Organisational and Procedural Security, and Technological and Offensive Security.

“The dynamic development of cyber-risks requires a corresponding approach from companies,” Meike Röllecke, head of cyber at HDI Global, said.

“The key to this is: bolstering prevention on the part of the clients in a continuous risk dialog with our Risk Engineering experts. This enables companies to significantly reduce their cyber-risks before they become the victim of an attack.”

Röllecke added: “But if there is an actual cyber-attack, we provide support through our expertise by ensuring a rapid and effective response so that the effects on the client’s business are kept as low as possible, and the client’s IT systems are better able to withstand future cyber-attacks.”

Mukadder Erdönmez, board member at HDI Global, added: “On the back of our VAS expertise, we target making companies and their cyber-risks insurable. Our clients benefit from improvement in the risk quality. The objective is to use VAS to support our clients in enhancing resilience within their core activities.”

“The global cyber insurance market offers enormous potential for growth – but at the same time risks that some insurers shy away from. We make use of the Value Added Services to create the platform for continuing to offer our clients cyber insurance policies. Moreover, we join forces with our clients to lay the foundation for making one of the most important risks of our era more manageable for them,” Erdönmez continued.

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