The estimates are known, but the numbers are as impressive as they are frightening. Worldwide damage from cyber attacks amounts to between 1 and 6 trillion francs a year, explained Martin Jara, CEO of Helvetia Switzerland. The insurer had invited to the symposium “Challenges in overcoming top cyber risks”. Possible solutions for dealing with these cases of damage and the threats should be shown at Casino Bern. At Helvetia, the number of cyber policies has multiplied by a factor of 10 since 2018, and the number of claims is also increasing, according to the CEO.
Martin Jara. All Photos: Marc-Dave Maier
“The state, science, business and society must meet this challenge together. It’s about Switzerland’s resilience,” stressed Jara. As an insurance company, you have to be able to show customers solutions, but not only focus on compensation, but also on prevention.
A black box for prevention
In his presentation, Raphael Reischuk, Head of Cybersecurity at Zühlke, then explained what a solution that also includes prevention could look like. He imagines a kind of black box in companies, like in an airplane. After an assessment has been created, they continuously send anonymous data from a customer about their IT infrastructure and existing security measures to the insurance company.
Raphael Reischuk.
The security level can then be checked on a dashboard. “If the level display falls into a red area, the customer can quickly be informed of possible problems.” At the same time, if the level is good in the long term, the customer can be rewarded with adaptive bonuses. Insurance companies themselves would have a lot of data for an analysis that would have to be evaluated better and, above all, faster. “Of course, a data exchange standard must be set. This can be done, for example, under the care of the government or the reinsurers,” said Reischuk.
Do we need a public-private partnership?
Alexandra Arni.
After a year you already have over 130 members, said Arni. In the cooperation of all parties involved, the association builds on the “triad of resilience”, namely prevention, crisis management and damage repair. For members, SF-CSC aims to provide cyber threat intelligence and capabilities to deal with cyber attacks. Not everything is operational yet, but on the way. An expert group has been set up and a crisis organization cell and an operational cyber security cell are being set up. These should then exchange information with the NCSC later.
Such a model could also be adapted for Swiss insurers and other sectors such as health, said David Ribeaud, CEO Specialty Markets Helvetia, in his presentation. His areas of work include raising awareness, developing standards, modeling risks and setting up an emergency organization together with partners.
“We can’t solve the problem alone”
David Ribeaud.
“We cannot solve the problem alone,” emphasized both Ribeaud and Jean-Philippe Moser from the Swiss Insurance Association SVV. Better foundations are needed to achieve increased cyber resilience in the Swiss economy and society and to strengthen the location. But the industry also wants to make its contribution. The SVV and the affiliated insurance companies have set up a “Cyber” working group to develop the necessary basics.
2023-06-07 14:25:50
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