SOC 2 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 SOC 2 matters in Munich
SOC 2, developed by the AICPA, evaluates how organizations manage customer data based on five Trust Services Criteria: security, availability, processing integrity, confidentiality, and privacy. Type II reports — covering 6-12 months of operating effectiveness — are increasingly required by enterprise clients and partners worldwide.
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
SOC 2 Key Requirements
Related Resources
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