Swiss Re Corporate Solutions, a division of global reinsurer Swiss Re, has launched a new risk management solution for small and medium-sized enterprises (SMEs) to help them manage their cyber and digital risks.
CyberSolution 360° was developed in collaboration with OZON, a French cyber security insurtech company, and combines insurance with cyber attack protection services.
The solution is targeted at SMEs with 10 to 250 employees and covers 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.
Swiss Re Corporate Solutions said that the offering will be available in France from 6 February and will be rolled out to other European markets over 2019.
“By combining cyber insurance with protection services, we’re able to help European SMEs better manage their cyber risk,” said François Brisson, Head of Cyber Technology EMEA, Asia Pacific and Latin America at 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,” he continued.
Regis Rocroy, Chief Executive Officer (CEO) and founder of OZON, also commented: “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. This innovation is our first step into the Insurtech market.”
Swiss Re Corporate Solutions noted that cyber threats are currently the number one concern for businesses in Europe, with 37% of risk managers naming cyber threats as the main risk to their company’s growth prospects, according to the FERMA European Risk Manager Survey 2019.