NIS2 Compliance in Munich
Munich is the undisputed insurance and reinsurance capital of the world, home to Allianz (€150B+ in revenue), Munich Re (the world's largest reinsurer), and Versicherungskammer Bayern. The city also hosts major banks like HypoVereinsbank (UniCredit) and BayernLB, alongside a booming InsurTech scene with companies like wefox, FRIDAY, and Getsafe. Munich's unique combination of traditional insurance giants and tech startups creates diverse compliance needs.
Request a demoWhy NIS2 matters in Munich
The NIS2 Directive (EU 2022/2555) is the EU's updated cybersecurity legislation covering essential and important entities across 18 sectors. With penalties up to €10M or 2% of global turnover for essential entities, and personal liability for management bodies, NIS2 represents a significant escalation in EU cybersecurity enforcement. Germany's national transposition (NIS2UmsuCG) adds sector-specific requirements.
DORA applies to insurance and reinsurance undertakings just as it does to banks. For Munich's insurance sector — managing trillions in global risk exposure — digital operational resilience is critical. Munich Re alone covers cyber risks worth billions, making their own ICT resilience a matter of systemic importance. BaFin's VAIT requirements (Versicherungsaufsichtliche Anforderungen an die IT) complement DORA with insurance-specific IT governance rules. The local InsurTech ecosystem, processing sensitive health and property data, also faces stringent GDPR and DORA obligations.
Supervisory Bodies
BaFin, EIOPA
Key Industries
- Insurance & Reinsurance
- InsurTech
- Private Banking
- Automotive Finance
Notable financial institutions in Munich
NIS2 Key Requirements
Related Resources
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