Interview with Hanno Pingsmann, CEO of CyberDirekt
2020-05-25, by Julia Bialek, Head of GDPR Conference, EIPS
Mr. Hanno Pingsmann, could you briefly introduce yourself?
I am CEO of CyberDirekt – a digital broker exclusively for commercial cyber insurance. I have been in financial services for more than ten years, working as consultant and for a large FinTech founded by Rocket Internet. I am fascinated by the opportunity of how technology will change business models within the financial services sector. With CyberDirekt, we are delivering innovation towards the SME insurance business, where cyber risk is the biggest driver for market growth.
What role does data protection or the storage of data play in the context of cyber insurance?
Cyber insurance covers a wide range of risks like network security breaches, malware infection, denial-of-service attacks or even errors which result in the change, damage, destruction, deletion, encryption, or loss of data.
Cybercrime is one of the greatest risks in an economy of exponentially growing global interconnectivity. As part of a risk management concept, companies have to decide which risks to avoid, accept, reduce, or transfer. Transferring risk is where cyber insurance comes into play. Therefore, any organization which stores customer data or collects online payment information should consider adding cyber insurance to its budget.
Could you explain what cyber insurance covers and why a company may need cyber insurance?
A very important one: Physically separated back-ups is a must-have requirement for the underwriting of insurance contracts. Moreover, data protection is also a basic prerequisite for cyber insurance coverage. If a company is knowingly deviating from data privacy law, the insurance carrier will not cover the cost of a breach associated with the affected data.
You'll be giving a speech at the #GDPR2 conference. What can the participants learn/expect from your speech/talk?
In my speech, I will answer the question of how cyber insurance can protect a company from the consequences of a data breach. We will explore the relevance of data protection within a cyber insurance contract. I will also explain, how insurance carriers support their customers after a cyber-attack and which costs of a data breach will be settled.
Thank you for the interview, Hanno Pingsmann.