Swiss Re Corporate Solutions, a division of reinsurance major Swiss Re, has rolled out its latest cyber risk protection coverage for small and medium-sized enterprises (SMEs).

Known as CyberSolution 360°, the new offering has been developed in partnership with the French cyber security specialist OZON.

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The new offering combines insurance with cyber attack protection services and is suitable for SMEs with 10 to 250 staff.

The protection system, according to Swiss Re, continually adapts to new cyber threats and targets the three main attack points of an SME, namely its website, emails and endpoints.

The solution offers coverages for cyber incident management, including costs such as data recovery fees, legal advice fees or administrative penalties.

It also covers first party losses including the loss of income along with third party claims, such as damages under an SME’s privacy liability.

Swiss Re Corporate Solutions EMEA, Asia Pacific and Latin America head of cyber technology François Brisson said: “By combining cyber insurance with protection services, we’re able to help European SMEs better manage their cyber risk.

“CyberSolution 360° reduces both the likelihood and the impact of a cyber attack, and therefore gives SMEs better protection for growing their business safely.”

OZON CEO and founder Regis Rocroy said: “With CyberSolution 360°, we are making a paradigm shift, moving from the one-time assessment of cyber risks to the integrated and continuous management of cyber and digital risks for SMEs. This innovation is our first step into the Insurtech market.”

Currently, cyber threats are the number one concern for businesses in Europe, with 37% of risk managers naming cyber threats as the main risk to their company’s growth prospects, according to the FERMA European Risk Manager Survey 2019.

At present, CyberSolution 360° is available in France with more European markets to follow this year.

Recently, Swiss Re Corporate Solutions rolled out a parametric water-level insurance solution, known as Flow, to protect companies in Europe from the financial impact of high or low river water levels.