The insurability of large-scale cyber risks: The symposium underlines the urgency of sustainably protecting the Swiss economy from major cyber attacks
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The insurability of large-scale cyber risks: The symposium underlines the urgency of sustainably protecting the Swiss economy from major cyber attacks
Helvetia Holding AG / Key word(s): Miscellaneous The insurability of large-scale cyber risks: The symposium underlines the urgency of sustainably protecting the Swiss economy from major cyber attacks 05.06.2023 / 12:50 CET/CEST
Swiss companies are in urgent need of cybercrime solutions, and that need is growing fast. According to the "Global Digital Trust Insights 2023" from consulting firm PwC, 73% of Swiss companies see an urgent need for action in this area. With cybercrime becoming one of the central top risks, the insurance gap for major cyber events is growing – both nationally and internationally. Helvetia's "The challenges of overcoming the main cyber risks" symposium on 5 June 2023 aggressively brought this acute problem area into the public eye. "The insurance industry today can provide good cover for individual risks – as long as companies invest in prevention and data security", says Martin Jara, CEO of Helvetia Switzerland. "But Switzerland currently lacks sufficient protection from major incidents with multiple victims, which can go far beyond individual attacks." The central element must be the increased resilience of the Swiss SME economy: no compulsory insurance, but sector-specific prevention so that financial compensation remains possible. "Triad of resilience" Hans-Ulrich Bigler, Director of the Swiss Trade Association (SGV), pointed out that the most important pillar of the Swiss economy – the 600,000 or so SMEs – were at least as affected by the threat from cybercriminals as large companies and system-critical infrastructure operators. It was therefore important for SMEs to address the risks and take prevention seriously. Raphael Reischuk, Partner and Head of Cybersecurity at Zühlke Engineering, took up the previous speaker's thread enthusiastically – stressing that for the benefit of the population, the economy and ultimately also the democratic structure of our society, cyber risks must be insurable as soon as possible. Reischuk showed how the issue can be tackled technically by means of a data-based system for the identification of cyber risks in real time, which enabled the global situation to be improved, promised incentives to reduce cyber risks and rewarded policyholders with adaptive insurance premiums. Administration and science support broad cooperation On the scientific side, the economy and state authorities can rely on the extensive expertise of specialist start-ups and national institutions such as the Swiss Federal Institute of Technology (ETH). Prof. Florian Tramèr, an expert in computer security, privacy protection and machine learning in the Department of Computer Science at ETH Zurich, highlighted how intensively science was currently dealing with the topic – and that future-oriented models were already in development with the involvement of business and the state. The insurance industry relies on improved fundamentals and appropriate risk models The prospects for political acceptance are good Seen in this light, it is realistically possible that Switzerland would be able to establish authentic cooperation between the most important representatives of business, science and the state – within the urgent time frame, and with the support of all parties. This would be a globally ground-breaking measure, as well as a great opportunity for Switzerland as a business location. About Helvetia Group Cautionary note
End of Media Release |
Language: | English |
Company: | Helvetia Holding AG |
Dufourstrasse 40 | |
9001 St.Gallen | |
Switzerland | |
E-mail: | [email protected] |
Internet: | www.helvetia.com |
ISIN: | CH0466642201 |
Valor: | 46664220 |
Listed: | SIX Swiss Exchange |
EQS News ID: | 1649559 |
End of News | EQS News Service |
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1649559 05.06.2023 CET/CEST