SME cyber cover from Swiss Re

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Company brief

Swiss Re Corporate Solutions, Swiss Re Group’s commercial insurance arm, has announced the launch of a new cyber protection solution for small and medium-sized enterprises (SMEs).

CyberSolution 360º, developed in collaboration with French cybersecurity-focused insurtech firm OZON, combines insurance and cyberattack protection into a comprehensive risk management product. It has been tailored for SMEs with between 10 and 250 employees, so that they can better manage the digital risks posed by the modern connected business environment. It is available in France from today, with launches in further European markets due to be rolled out over the course of the year.

The solution includes cyber incident management, including data recovery, legal advice and administrative fees/penalties, as well as first-party losses, including loss of income, and third-party claims such as damages that may fall under an SME’s privacy liability.

“With CyberSolution 360º, we are making a paradigm shift,” said Regis Rocroy, OZON’s Founder and CEO, “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.”

The launch of the solution is well-timed; according to the most up-to-date research, 37 per cent of risk managers in Europe believe cyber threats to be the biggest risk currently faced by their businesses.