Bosch.automotiveITRobert Bosch has taken out a 100 million euro insurance policy to safeguard its operations against cybercrime, according to a report in the German newspaper Sueddeutsche Zeitung.

The policy was issued by a consortium led by German insurer Allianz, according to the report. It also includes industrial insurance specialist Ace ad the Zurich Group.

The Sueddeutsche said Bosch, one of the world's largest automotive supplier groups,  is paying around 1 million euros to cover risks of as much as 100 million euros per attack.

According to a survey by insurance broker Marsh, 54 percent of European companies were hit by cybercrime in 2013.