Table of contents
- The heavy toll of cyberattacks
- The paradox of low insurance coverage
- Losses that could have been avoided
- What this means for European businesses
The heavy toll of cyberattacks
In the last five years, cyberattacks have cost over €300 billion across Italy, France, Germany, and Spain. This is the key finding of a Howden study, which portrays a Europe still dangerously exposed to increasingly sophisticated digital threats.
Nearly one in two companies (49%) has suffered at least one cyber incident in the past five years, with often devastating consequences.
The paradox of low insurance coverage
Despite the frequency and severity of incidents, more than 70% of companies in these countries lack cyber risk insurance coverage. This figure is even higher than the 61% in the UK, where the cyber insurance market is more developed.
This lack of protection leaves many businesses financially exposed and unprepared to handle crises effectively.
Losses that could have been avoided
The report points out a striking fact: two-thirds of total losses (€204 billion) could have been avoided through basic cyber security measures and appropriate insurance coverage.
Simple practices such as timely patching, employee training, data backup, and identity management can drastically reduce risk at a fraction of the potential losses.
What this means for European businesses
The message is clear: ignoring digital risks is no longer an option.
Companies that fail to invest in cyber security and targeted insurance coverage jeopardize not only their financial health but also their long-term survival.
