More and more companies are looking for help to better protect themselves against cybercriminals. This pleases the IT industry, which, however, suffers from its own problems.
The IT industry is benefiting from increasing cybercrime: In a company survey by the British specialist insurer Hiscox, more than half of the IT companies in Germany reported an increase in the number of orders this year to remedy their corporate customers’ weaknesses in cyber security. At the same time, the industry is suffering from several negative factors that are hampering business. These include the Ukraine war and the shortage of skilled workers. In September, Hiscox had 200 IT executives interviewed by the consulting firm Techconsult.
Almost 60 percent of the managers said that their companies are suffering from increasing difficulties in recruiting suitable specialists in Germany. That’s why, according to Hiscox, IT specialists are increasingly being recruited from abroad.
According to the survey, IT service providers themselves are often not particularly well prepared for the financial consequences of hacker attacks. Only a good third 36 percent is insured against cyber attacks, although the number of attacks has increased significantly.
Because of the large number of claims, some insurers have already restricted their cyber business again. Nevertheless, the market is growing. According to the reinsurer Munich Re, the premium volume in the European market has multiplied within five years from around 400 million euros to two billion euros.