View this article online: https://www.insurancejournal.com/news/international/2019/02/05/516769.htm
Swiss Re Corporate Solutions is expanding its cyber offering by launching CyberSolution 360°, a risk management solution that combines insurance with cyber attack protection services.
Developed in the exclusive collaboration with the French cyber security insurtech firm OZON, the solution is tailor-made for small and medium-sized enterprises (SMEs) with 10 to 250 employees to help them manage their cyber and digital risks, said Swiss Re Corporate Solutions in a statement.
The cyber security services designed and offered by OZON do not have technical constraints and come at a competitive price which makes them valuable for any type of SME, said Swiss Re. The dynamic protection system constantly adapts to new cyber threats and targets the three main attack points of an SME: its website, emails and endpoints.
The compatible cyber insurance services offered by Swiss Re Corporate Solutions cover cyber incident management, including costs such as data recovery fees, legal advice fees or administrative penalties; first party losses including the loss of income; as well as third party claims, such as damages under an SME`s privacy liability.
CyberSolution 360° is available in France as of Feb. 6, with more European markets to follow in 2019, Swiss Re said.
“By combining cyber insurance with protection services, we’re able to help European SMEs better manage their cyber risk,” said François Brisson, head Cyber Technology EMEA, Asia Pacific and Latin America Swiss Re Corporate Solutions. “CyberSolution 360° reduces both the likelihood and the impact of a cyber attack, and therefore gives SMEs better protection for growing their business safely.”
“With CyberSolution 360°, we are making a paradigm shift, moving from the one-time assessment of cyber risks to the integrated and continuous management of cyber and digital risks for SMEs,” explained Regis Rocroy, CEO and founder of OZON, which is headquartered in Versailles, France. “This innovation is our first step into the insurtech market.”
Cyber threats are the number one concern in Europe with 37 percent of risk managers naming cyber threats as the main risk to their company’s growth prospects, according to the FERMA European Risk Manager Survey 2018, which was conducted by the Federation of European Risk Management Associations.
CyberSolution 360° helps risk managers to address this threat in a two-fold way: by helping SMEs respond to a cyber incident and reducing the likelihood one will occur in the first place, Swiss Re Corporate Solutions continued.
Source: Swiss Re Corporate Solutions