Cyber insurance
Due to the ongoing digitalisation of our society, the economy and, in particular, operational processes and activities, companies are increasingly dependent on IT infrastructures. With increasingly frequent hacker attacks and the associated data thefts, cyber blackmailing, installation of malware or even blocking of operational infrastructure, data security issues are shifting into companies' focus more and more.
Cyber criminals have been successful with every third Swiss SME already. This results in huge financial losses, which put a strain on your company and in addition may have a negative impact on your company’s reputation.
By taking out cyber insurance, you can cover the following losses related to cyberattacks
Crisis management: Emergency and rescue costs; investigation costs; information and notification costs; crisis communication consultancy; emergency manager
First-party damage: Unauthorised use of telephone systems; hacking and manipulation of online banking; cyber fraud; additional costs for forensic analyses after data theft or data loss; attorneys’ fees and PR consulting to restore trust; costs for notifying clients; work involved in the reconstruction of lost or compromised data; recovery and restoration of compromised software; costs related to menace and cyber blackmailing and possible payment of ransom
Business interruption: Loss of turnover and additional costs incurred from cyberattacks and data loss
Liability damage: Protection against third-party damage claims in the case that personal or company data are lost or made public; protection against involuntary breaches of data protection and confidentiality provisions; payment of procedural and defence costs
Cyber legal protection: Contractual law; personality rights violations; criminal and privacy proceedings
Important questions
In what areas is our company exposed to cyber risks? What damage could hackers do to our company?
Who is currently in charge of our IT structures and IT security? Do we have a suitable IT concept?
Are our employees aware of cyber issues, and are they receiving regular training on the topic?
How would our company manage a potential cyberattack? What does our crisis management for such a case look like? What would we do in the case of a total breakdown of our IT-controlled processes, facilities and workplaces?
Are we using digital systems that are especially vulnerable to such attacks (control systems, cloud solutions, online shops, among others)?
