A substantial number, specifically four out of 19, private cyber law enforcement agencies are deemed as subpar.
In the ever-evolving digital landscape, cyber insurance for individuals has emerged as a relatively new product, with the first standalone policies entering the market back in 2014. A comprehensive analysis by the firm Franke and Bornberg has examined all 19 standalone cyber tariffs currently available, shedding light on the performance of these offerings.
The analysis, which developed 68 test criteria, revealed that public insurers generally perform better overall. However, among the private insurers, the Inter Allgemeine Versicherung stands out, with its private cyber policy being the only one rated FF+ by Franke and Bornberg. Despite this, it ranks third, indicating a competitive landscape.
The aspects of "account/data/identity misuse", "data and device recovery after cyber attacks", and "loss in online purchases" were the most heavily weighted in the analysis. For crucial aspects such as "account/data/identity misuse", coverage can reach up to 20,000 euros, while "loss in online purchases" and "loss in online sales" are covered up to 15,000 euros. However, no tariff receives the highest rating FFF+ (excellent), and only one is rated "very good" (FFF) by the researchers.
The insurance company that received the highest rating FFF for a cyber insurance product for private customers according to Franke and Bornberg's test criteria is not explicitly named in the provided search results. Meanwhile, the "very good" tariff is a product of the relatively small ÖSA Öffentliche Versicherungen Sachsen-Anhalt.
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It's important to note that coverage levels vary depending on the criterion, and most private cyber insurance policies are not particularly good, with about one fifth (four out of 19) ending up in the worst category F- ("inadequate"). Therefore, it's crucial to carefully consider your options and make an informed decision when choosing a cyber insurance policy.
In conclusion, while the landscape of cyber insurance for individuals is still evolving, the availability of comprehensive analysis and a growing number of options provide a promising future for individuals seeking digital protection.
