Cyber insurance protection has limits
Published: Friday, Oct 11th 2024, 10:10
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Cyber insurance is in demand among companies. However, a cyber policy does not cover all the risks that lurk online. Prevention also plays an important role.
The exclusion criteria for cyber insurance include war, government attacks on critical infrastructure and widespread outages of the internet, electricity and telecommunications supply, as the Helvetia Group writes in response to a request from AWP. Damage caused by ageing data carriers or malfunctions of a new software installation are also not covered.
However, the insurance covers the recovery of data after hacker attacks, the consequences of business interruptions or damage caused to third parties by cyber attacks, as Zurich Switzerland describes. Baloise adds that liability claims from third parties who are unable to obtain the service ordered from the company due to an attack are also covered.
Before insurance companies accept a new customer, they must demonstrate that their IT systems are already well protected against hacker attacks. It is important for SMEs to understand that they can best prevent cyber damage with a holistic approach, according to Mobiliar. This also includes identifying vulnerable, important parts of the company and protecting them.
It also trains employees and identifies gaps in cyber protection, offering companies prevention training - for example with phishing simulations. In addition to cyber warnings and cyber security checks, prevention also includes advice on the right back-up strategy and IT emergency management. At the same time, insurers have set up emergency hotlines for customers.
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