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Protection against cybercrime: cyber insurance for businesses
Every year, the number of fraud and attack attempts reported to Switzerland’s National Cyber Security Centre (NCSC) increases dramatically. The issue is not limited to large corporations; small and medium-sized enterprises (SMEs), which typically do not have their own cyber department to mitigate any damage, are also frequently targeted.
SMEs are practically defenceless in these cases, and data recovery (not to mention the prevention of future attacks) can be expensive and complex. This is where cyber insurance comes in. It covers the costs so that qualified experts can take the necessary steps to restore data and protect company systems.
Cyber insurance for businesses
Cyber insurance solutions are a key form of protection against cybersecurity risks. They are generally modular and cover a variety of areas that can be important for a business.
The insurance covers loss and damage suffered due to data loss, damage to systems, data theft and extortion. In the event of a claim, IT experts will take care of data recovery. Additionally, a specialised team will be on hand to help prevent loss and damage in cases of extortion.
In an emergency or crisis situation, you will receive support in assessing the threat and recommendations for damage limitation.
In the event of a hacker or DDoS attack* that paralyses your production site, website, online shop or payment system, the insurance will cover the resulting loss of income.
If one of your customers is harmed by malware that you unknowingly spread (e.g. via an infected link or attachment in an e/mail), cyber insurance will cover the resulting costs. You can also rely on a team of experts to defend you against any unjustified accusations.
Defamatory posts about your business will be taken down quickly with the help of a specialised lawyer. If your business suffers financial loss or damage as a result of a post, a specialised lawyer will assert your claims for compensation.
IT assistance for SMEs: It’s not only hacker attacks that can affect your IT systems. A team of qualified experts are available to help you with a range of other IT problems (printer not working, black screen, etc.).
With the supplementary CyberCrime-Social Engineering module, you’ll also be protected against loss and damage from identity theft.
* A distributed denial-of-service (DDoS) attack refers to the overload of an online resource by a high volume of simultaneous requests. The goal is to disrupt or paralyse the availability of the website by overloading its processing capacity.
Self-employed individuals can also take out cyber insurance, as can those who engage in self-employment as a secondary occupation (provided their annual turnover does not exceed a certain amount, for example CHF 20,000). The conditions for taking out insurance vary depending on the insurance provider. Contact us. We will be happy to help you find the product that suits your circumstances.
The most common cause of cyber incidents is human error. Carelessly clicking on links in an e-mail or opening attachments can cause severe damage to a company’s IT infrastructure, which is why it’s important to ensure your employees are properly trained in terms of IT security. Some insurance providers offer special cyber training programmes for businesses. If you are interested, we will be happy to put you in touch with them.
You can also increase IT security at your company by keeping abreast of the latest threats and making sure you receive regular security reports. Contact us if you want to find out more about the options available.
Risk analysis before you sign a contract
Before you take out cyber insurance, our experts will sit down with you to conduct a risk analysis of your business and decide which modules are relevant. Take advantage of this offer and protect your company in case of an emergency. Schedule a risk analysis consultation now. If you have any questions, you can reach us by phone on 034 422 70 24 or by e-mail at burgdorf@unionsb.ch.
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