Cyber Insurance for SMEs
A cyber incident can bring business operations to a halt very quickly. That’s why what your cyber insurance covers, how quickly you can get help and the terms of your policy really matter. With our group insurance solution, you can choose a limit of cover between €250,000 and €5 million. The policy provides worldwide cover.
Why does this cyber insurance offer more comprehensive cover than standard policies?
Our group insurance solution offers comprehensive cover thanks to our negotiating power. Every year, we arrange competitive insurance tenders for more than 4,000 organisations, giving us purchasing power that individual businesses typically don't have.
This enables us to negotiate terms and services that would be difficult for a company of this size to secure on its own. In some respects, the cover is even more comprehensive than the cyber insurance policies held by Finland's largest listed companies.
The solution is available to Söderberg & Partners' insurance management clients.
Who is the group cyber insurance solution suitable for?
Our group insurance solution is designed for businesses with an annual turnover of up to €100 million, provided their risk profile meets the requirements of the pre-negotiated policy.
Cyber insurance is particularly relevant if your business:
- Processes customer or personal data
- Uses cloud services or outsourced IT solutions
- Provides online services, e-commerce or other digital services
- Relies on IT systems for its day-to-day operations
The solution is available to Söderberg & Partners' insurance management clients. This allows us to assess your cyber insurance as part of your overall insurance arrangements and ensure there are no unnecessary gaps or overlaps in cover.
If we don't currently manage your insurance, find out more about our insurance management services. It's also an opportunity to identify other areas where your insurance cover could be improved.
What does cyber insurance cover?
Subject to the policy terms and conditions, cyber insurance covers financial losses and expenses arising from incidents such as cyber security breaches, system failures and business interruption.
The standard cover includes:
- Liability arising from cyber security breaches, data protection breaches and system failures
- Business interruption, including incidents caused by third-party IT providers
- Risks arising from dependencies on third parties
- Cyber crisis management and incident response costs
- Costs arising from regulatory requirements
The policy also covers costs associated with recovering from an incident and maintaining business operations, without the need to purchase additional cover.
In certain circumstances, the cover can be extended further. We'll discuss any relevant extensions with you during the quotation process.
The policy provides worldwide cover. If your business operates internationally, sells to overseas markets or uses foreign IT providers, your insurance protection is not generally limited to Finland. The policy also covers officially registered overseas subsidiaries within your group.
The business interruption indemnity period is 365 days. The cover is specifically designed to address situations where restoring normal business operations may take several months.
All claims are subject to the policy terms and conditions.
What happens if your business suffers a cyber incident?
The first few hours following a cyber incident can make a significant difference. That's why the policy includes a 24/7 incident response service and access to specialists experienced in handling cyber incidents.
- Chubb's incident response service is available 24 hours a day, 365 days a year. You can quickly reach an expert, with incident management typically initiated within approximately 15 minutes.
- In the event of an incident, you'll have access to specialists in IT forensics, legal matters, communications, data protection and loss assessment, as required.
- A separate limit of cover is available for incident investigation costs. This means that using expert assistance won't reduce the limit you've chosen for claims such as business interruption losses.
- We'll manage the claims process on your behalf and ensure that all compensation you're entitled to under the policy terms is claimed.
What risk management services are included in the cyber insurance policy?
Cyber insurance isn't only valuable when something goes wrong. Your premium also includes services designed to reduce the likelihood of a cyber incident in the first place.
- Attack surface assessment
Gain visibility into your company's internet-facing systems and services that could potentially be targeted by attackers. - Continuous vulnerability management
Receive information about critical vulnerabilities identified in your company's IT environment. - Cyber security training for employees
Help your employees recognise fraudulent messages and common cyber attack techniques. - Phishing simulations
Test how well your employees can identify phishing attempts in practice. - Password management service
Reduce the risks associated with weak or reused passwords. - Incident response support
Get expert assistance if you suspect a cyber incident or security breach. These services are included in your insurance premium, with no separate charges.
You'll also have access to an adviser specialising in cyber risks, who can help you identify and prioritise the most important measures for your business.
How much cyber insurance cover does your business need?
You can choose a limit of cover of €250,000, €500,000, €1 million, €2 million, €3 million or €5 million.
The level of cover is not directly linked to your company's turnover. Instead, the right amount depends primarily on the potential financial impact a cyber incident could have on your business.
When assessing your needs, it's worth considering a few key questions:
- How quickly would your business operations be disrupted if critical systems stopped working?
- How much would a single day of business interruption cost your company?
- How much customer, personal or other sensitive data does your business process, and what type of data is involved?
In addition to these factors, we can use Chubb's own Chubb Cyber Index to help assess your company's level of cyber risk.
Once we have a clear picture of your situation, we'll recommend a suitable level of cover and explain our reasoning. The final decision on how much cover to take out is always yours.
Cyber insurance made easy
Getting cyber insurance is as straightforward as possible. All we need to get started is some basic information about your business.
1. Tell us about your business
We'll need a few details, such as your company name, turnover, industry and website address.
2. We assess your risk and provide a quote
We assess your company's risk based on the information available. If needed, we'll ask for a few additional details.
You'll receive quotes for different levels of cover, along with our recommendation on the most appropriate level for your business.
3. Choose your level of cover
You decide how much cover you want. Once you've made your choice, we'll arrange for your policy to take effect.
Requesting a quote does not commit you to purchasing insurance.
FAQ - Cyber Insurance
Subject to the policy terms and conditions, cyber insurance covers costs arising from incidents such as cyber security breaches, data protection breaches, system failures, business interruption and cyber incident investigations. The exact scope of cover is always determined by the policy terms and conditions.
Standard business insurance policies generally don't cover all the financial consequences of a cyber incident. If you're unsure what your existing insurance covers, we can review your overall insurance arrangements with you.
No. With this group insurance solution, you can choose a limit of cover of €250,000, €500,000, €1 million, €2 million, €3 million or €5 million. We'll recommend a suitable level based on your company's risks, but the final decision is yours.
If your company's annual turnover exceeds €100 million or your risk profile requires individually tailored policy terms, we'll arrange a separate competitive tender for your cyber insurance.
The policy includes attack surface assessments, continuous vulnerability management, cyber security training, phishing simulations, a password management service and incident response support.
Our group insurance solution is available to Söderberg & Partners' insurance management clients. This allows us to assess your cyber insurance as part of your company's overall insurance arrangements, rather than as a standalone product.
If we don't currently manage your insurance, find out more about our insurance management services.
Standard business insurance policies generally don't cover all the financial consequences of a cyber incident.
Technical cyber security measures reduce the likelihood of an incident. Insurance helps cover the costs that arise if those measures fail or something unexpected happens.
These costs may include restoring systems, business interruption, IT forensics, legal assistance, compliance with data protection obligations, communications and compensation claims.
Businesses also face increasing regulatory obligations. Finland's Cybersecurity Act, which implements the NIS2 Directive, came into force in 2025. It places obligations on organisations within its scope to manage cyber risks and report incidents. The GDPR also sets out requirements for managing and reporting personal data breaches.
Cyber security is therefore not just an IT issue. It's an essential part of business risk management and business continuity.
The cost of cyber insurance depends on several factors, including the level of cover, industry, company size and risk profile.
We'll provide quotes for different levels of cover so you can compare the protection offered against the cost before making a decision.
You'll know the price upfront, so you can see exactly what you're paying for and what you're getting in return.