With the National Strategy for the Protection of Switzerland against Cyber Risks 2018-2022, the Federal Council takes into account the increased importance of cyber risks. (Image: depositphotos)

Cyber risks are a major threat for many companies. Criminal attacks on computer systems and disruptions on websites or in databases cause high damages. For the affected companies, this means a loss of sales, angry customers, idle time.

Many entrepreneurs need to act now. A few weeks ago, the Confederation recommended a new minimum standard for cyber security, which it can declare binding if necessary. A company can check how fit it is in the event of a cyber attack or a breakdown of its IT systems using a checklist (see link below).

In addition, the new EU data protection law has been in force since mid-year. The EU wants to better protect personal data. Failure to do so could result in heavy fines.

The regulation is not limited to the EU area. In Switzerland, there are hardly any companies that are not affected by the new regulation. Today, a company must therefore analyse exactly what data it manages and how it is protected. And it must, for example, be able to delete personal data if this is requested.

Avoid unnecessary cover

A company can protect itself against damage with cyber insurance. However, you have to take a close look at the offers - there are enormous differences in the premiums.

This is shown by the example of a Swiss company on whose behalf VZ VermögensZentrum compared several offers. If the company insures a sum of CHF 2 million against cyber risks, it pays CHF 14,500 with the most expensive provider. With the cheapest provider, it only pays CHF 6,200: that's CHF 8,300 less per year - for comparable benefits (see table).

Cyber insurance: Large differences in premiums

Example: Industrial company, 130 employees; incl. insurance cover for external service providers, liability claims (data protection, network security, etc.) and own damage (forensic services, business interruption, cyber extortion, notification, reputation and emergency costs, etc.); deductible CHF 50,000, waiting period business interruption up to 12 hours; premiums excl. insurance tax of 5 percent; all figures in CHF

In addition to the premium amount, SMEs must also check which risks and damages are already covered by other policies in order to avoid overinsurance.

Cyber insurance is generally worthwhile for every business. It is particularly important for SMEs that sell goods or services online or conduct other online business - as well as for companies that manage or transmit confidential and personal data.

Would you like to protect your company optimally against cyber risks? Order the leaflet "Cyber Risk Insurance.