Cyber insurance

Cyber insurance protects against the financial consequences of internet crime – one of the fastest-growing risks.

What is covered (private individuals)?

• Identity theft: costs of restoration, lawyer
• Phishing/online fraud: reimbursement of lost amounts
• Data recovery: after ransomware or a virus infection
• Cyberbullying: legal costs, reputational damage
• Coverage limits: €1,000–15,000 (premium plans up to €300,000)

Costs:

• Private individuals: from approx. €5/month (€60/year)
• Self-employed/SMEs: much higher, depending on sector and turnover
• Average damage per company: €42,000 per cyberattack

Do I need it?

• Check first: your existing liability, household contents and legal expenses insurance often already cover parts of it
• Makes sense for: the self-employed, frequent online shoppers, people with many online accounts
• Less necessary: if you use good passwords, 2FA and common sense

Market situation in Germany 2025:

• Only 14 insurers offer standalone private cyber policies
• Quality: not a single policy achieves the top rating from the rating agency Franke und Bornberg
• 34% of companies are affected by ransomware (3x as many as in 2022)