Cyber insurance for companies: protection against high costs
Not only that a hacker attack can be responsible for a standstill of the entire production and thus for high sales losses. Above all, the cyber attack can result in incalculable costs that also extend to the company network and customers.
But cyber insurance does not only cover attacks from outside. Employees who pass on sensitive data or install defective software can also cause major damage, which is covered by cyber insurance. Both personal and liability losses are insured, the latter being limited to pure financial losses and immaterial losses. The costs for legal advice are also covered.
Cyber insurance has a big plus because it not only pays when direct damage has occurred, but it also pays for indirect damage. These arise, for example, when there is a complete loss of data. Downtimes in production can also result in high costs for a company, which, however, can be borne thanks to the insurance. The protection of cyber insurance for companies thus goes well beyond IT system insurance.
Cyber insurance for private individuals: everyday claims covered
Not only are companies increasingly working digitally, the everyday life of the Swiss is also increasingly determined by computer technology. Cyber insurers have recognized this and have long been offering corresponding insurance for private customers. These are often available as an addition to normal household insurance, and legal expenses insurance sometimes also includes cyber insurance.
Some insurers, however, now also offer individual insurance. This covers the typical damage cases:
- Data loss
- Theft of one's identity
- Damage from online shopping
- Personality violations
In addition, legal protection insurance services are usually provided so that legal advice and representation are also included in the scope of services of the cyber insurance. However, these benefits are usually rather scarce, so that they are often not sufficiently high in an actual legal dispute.
Damages in connection with online shopping are not offered by all insurers. In addition, the amount of cover is usually limited, for example to 10,000 francs. Wrong deliveries, damage or missing deliveries are then insured.
The benefits are usually capped when it comes to protection against identity theft. Some insurers explicitly exclude damage from online or mobile banking. Anyone who wants to protect themselves as a private person with cyber insurance against damage that can result from the use of the Internet should therefore take a close look.
Not all providers offer really sensible policies, some set the performance limits clearly too tight. This still leaves a large part of the costs with the insured.
Conclusion: Before getting cyber insurance? regardless of whether for a company or as a private person? the providers should definitely be compared here on neotralo.ch in terms of services and premiums!
