Innovation in Cyber Insurance – RiskWorkers and Schunck Group Break New Ground

With advancing digitalization, there is an increased need for insurance coverage for cyber risks. The worsening situation is particularly noticeable due to new types of attacks (ransomware, CEO fraud, Internet of Things, botnet), an increased number of attacks on companies, but also due to increased activities on the legislative side, for example with additional legal requirements such as the IT Security Act or the new version of the Data Protection Act. Nevertheless, more than a third (37%) of the companies that consider the threat situation to be increased or greatly increased rate their processes for identifying cyberattacks as average at best. The human factor is seen as the greatest source of danger. For 76 percent of respondents, poorly trained or educated employees are a high security risk – across all industries and company sizes. This is exactly where the international insurance broker Schunck Group and RiskWorkers GmbH come in. 

Training on Social Engineering as a Building Block of a Holistic Cyber Insurance Solution  

“We are adding an essential building block to our successful cyber product,” said Sascha Michel Kessel, Head of Competence Center Cyber of the Schunck Group. “In addition to the hardware and software, it is primarily the human being that we repeatedly identify as the weakest link in holistic cyber protection concepts. With Anti-Social Engineering training from RiskWorkers GmbH, we offer our customers a direct added value and make the risk tangible, even for non-IT specialists.” 

“It distinguishes the Schunck Group that they have chosen this innovative approach with us,” added Oliver Schneider, Managing Partner of RiskWorkers GmbH. “The previous models on the insurance market usually fell short and ignored people as an essential component of a holistic IT protection concept. In our training, we sensitize users who are confronted with risks. Because the ‘wrong president’ does not call the IT security officer, but the previously identified colleagues in accounting.” 

The mix of well-founded insurance solutions paired with selected support services make the Schunck cyber insurance unique on the German market. Because nowadays insurance is more than just providing a policy. Service as added value is becoming increasingly important for customers.