Swiss Re partners with insurtech OZON to launch SME cyber cover
Swiss Re Corporate Solutions, the commercial insurance arm of Swiss Re Group, has launched an innovative risk management product that combines insurance with cyber attack protection services.
Developed in the collaboration with the French cyber security insurtech company OZON, the cover is designed for small and medium-sized enterprises (SMEs) with 10 to 250 employees to help them manage their cyber and digital risks.
The new product, CyberSolution 360°, is currently available in France as of February 6, with more European markets to follow in 2019, the company said.
The insurance 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.
"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."
Regis Rocroy, CEO and founder of OZON, added: "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."
According to the FERMA European Risk Manager Survey 2018 and also Allianz Risk Barometer 2019, cyber threats are the number one concern in Europe; 37 percent of risk managers named cyber threats as the main risk to their company’s growth prospects.
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