Swiss Re Corporate Solutions has developed a new cyber insurance product in conjunction with French cybersecurity company OZON.
CyberSolution 360 is a risk management solution which combines insurance with cyberattack prevention services. This new service has been designed specifically for small and medium-sized enterprises with 10 to 250 employees and to help them manage their cyber and digital risks.
The new cyber insurance policy has cover for 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.
The cybersecurity protection services can be integrated with any platform used by SMEs. It is a dynamic protection system which adapts to new cyber threats and targets three key points, websites, emails and endpoints.
Swiss Re head of cyber technology François Brisson said, “By combining cyber insurance with protection services, we’re able to help European SMEs better manage their cyber risk. CyberSolution 360° reduces both the likelihood and the impact of a cyber-attack, and therefore gives SMEs better protection for growing their business safely.”
This new service is already available in France and is expected to launch in other European markets later in the year.
OZON CEO and founder Regis Rocroy said, “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.”
Earlier in the week, CoverHound, an online insurance platform, pulled in $58m for its latest round of funding. Part of the proceeds from the round are being used to support the development of its cyber insurance platform.
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