Cyber insurance – things to look out for when choosing the right insurance for you
Computer viruses, data theft, cyberbullying and fake shops: crime is increasingly moving to the internet. You can protect yourself with an insurance solution for cyber incidents. We give you an overview of the products available.
What is it?
Although the Swiss population feels safe using the internet, the majority fear becoming victims of hacker attacks, online blackmail, phishing or identity theft. Only just over 10 percent of people aren’t worried about this, according to a survey carried out by SuisseDigital.
Those who want more security now have the option of taking out legal protection insurance for the internet, which is usually called cyber insurance. There are numerous products on the market to protect against residual risks in day-to-day digital life. But not all cyber insurance is the same – the products vary. So it’s worth comparing the exact damage covered and the benefits offered in the event of a claim.
The following benefits are available in the area of cyber insurance, although not all insurance providers offer everything:
- Data recovery (recovery of lost data)
- Help with malware issues (recovery of infected data)
- Compensation for financial losses (such as credit card misuse, online payment processing)
- Prevention services (real-time identity monitoring)
- Online shopping protection (purchases and sales)
- Protection of copyright, name and trademark rights (legal protection)
- Assistance in the event of identity theft (legal protection)
- Protection of privacy (cyberbullying, tracking down and deleting private data)
- Psychological support
- IT assistance (support with technical issues, problems)
- Highly secure data safe
Compare products in detail
In many cases, benefits in individual areas are limited. For example, some insurance providers pay up to CHF 5,000 for data recovery, while others only pay up to CHF 2,000. Some providers pay a maximum of CHF 1,000 for online shopping fraud, while others pay up to CHF 20,000.
The more risks covered and the higher the benefit amount in the event of a claim, the better. Insurance costs vary depending on the scope of benefits. They are offered to individuals or families on an annual basis. As an example, for our members, it would cost an individual CHF 47 (TCS internet protection policy), CHF 74.40 (Mobiliar cyber insurance for private individuals) or CHF 94.80 (Swisscom Easy Cyber Insurance – cyber insurance for private individuals).
Continue to surf the internet carefully
If you choose to take out cyber insurance, you can’t simply forget all of the safety rules. Insurance providers usually expect you to have up-to-date virus protection software, run regular security updates and take a cautious approach.
What should I do in the event of a claim?
In the event of a claim, contact your insurance provider. They will assist you further and explain what you need to do. In the case of fraud, you should also report this to the police as soon as possible. Your report could help the police warn others about the scammers and the nature of the scam.
Cyber insurance from our platinum members
ibarry.ch supports the products offered by our platinum members TCS, Swisscom and Mobiliar. You can find all of the details by clicking on the following links. The choice is yours!
Swisscom (in cooperation with AXA/ARAG Gruppe)