Today, taking out computer or cyber risk insurance has become almost unavoidable for many companies.
Indeed, the digital transition and the growth of digital technology in our societies are considerably increasing the risks of cybercrime.
So what is cyber risk insurance?
And how do you choose it?
What cover should you take out?
Here’s an overview of the benefits of cyber risk insurance.
What is cyber risk insurance?
Without any major surprises for you, this IT risk insurance covers you against all IT-related risks: hardware failure, cyber attacks (hacking, ransomware, trojans, etc.), data loss, blackmail, cyber fraud, defamatory actions via the Internet, etc…
It is aimed at all companies, organizations or associations against cyber attacks.
Whatever your size or sector of activity, you may need this insurance to protect yourself and avoid the disastrous consequences of cyber attacks.
Why take out IT risk insurance?
Taking out cyber risk insurance helps you reduce the costs incurred by the company or organization that is the victim of a cyber attack, and also ensures that certain sanctions or third-party claims are covered.
What’s more, this is a particularly propitious time for cyber-attacks.
Hacking increased tenfold during the Covid-19 crisis, and Switzerland has been a particular target for several years.
For companies and SMEs in French-speaking Switzerland, protection has become a major issue: cyber insurance can also guarantee your customers and/or employees that you are taking care to cover yourself against an increasingly frequent risk that can be very costly.
Cyber insurance coverage
Cyber risk insurance covers all IT-related risks within your company, organization or association:
- Data theft
- Server-based attacks
- Ransomware, etc.
It can also cover the risks associated with equipment breakdowns, which can lead to major operating losses.
Generally speaking, computer risk insurance offers these different types of coverage:
- classic multi-risk insurance: protects the company’s activities against operating losses, accidental or malicious damage to property and additional operating costs;
- third-party liability: this covers damage caused to third parties, whether material, immaterial or physical.
- cyber risk insurance: this covers both material and immaterial damage to the company and damage caused to third parties, as well as costs incurred by the company in response to the cyber attack (subject to any applicable coverage limits).
Click on image to enlarge
How much does cyber risk insurance in Geneva or Lausanne cost?
The cost of cyber risk insurance in Switzerland can vary widely.
It depends on a number of factors: the size of your company, its sales, the sector in which it operates, the risk it represents from an IT point of view (hardware, software, confidentiality of “sensitive” data, etc.), the number of coverages you wish to take out…
What’s certain is that by taking out computer risk insurance, you can protect your business from the deplorable consequences of cybercrime, while saving on repair costs.
If you’d like us to support you in this process, please don’t hesitate to contact us – we’ll be delighted to help.
