Fraud with fake instructions: does cyber insurance pay?

• AXA

  SME insurance, cyber insurance module (same content: «Cyberversicherung Unternehmen»)

  add-on

  Condition and source: AXA

  Only if listed in the policy. New or changed payment details must be verified by call-back and documented in writing, otherwise no cover.

  AXA Versicherungen AG, Ausgabe 06.2024 (16381DE – 2024-06), Ziff. A6, S. 9 · Open document (new window)

• Sunrise (AXA)

  Business Cyber Insurance (option for KMU SecureConnect, Sunrise Ethernet and others)

  no information

  Condition and source: Sunrise (AXA)

  No additional cover for social engineering found in the Sunrise collective contract.

  AXA Versicherungen AG / Sunrise GmbH, Ausgabe 05.2026 (Datei «vsept26»), Inhaltsverzeichnis · Open document (new window)

• Mobiliar

  Cyber insurance for companies (first-party loss, third-party loss, assistance, IT Assistance, legal protection)

  add-on

  Condition and source: Mobiliar

  Add-on «Internet fraud and social engineering»: loss of own means of payment through fake online payment orders. Not for recognisably fake or non-personalised invoices.

  Schweizerische Mobiliar Versicherungsgesellschaft AG, Ausgabe 01.2024, Ziff. B8.1, S. 16 · Open document (new window)

• Zurich

  Zurich Cyberversicherung (variants Basic, Optimum, Premium)

  add-on

  Condition and source: Zurich

  Module G «Cyber-Betrug», according to the brochure only Premium (the product page names Optimum). Verify and document new/changed bank details by call-back or digital signature.

  Zürich Versicherungs-Gesellschaft AG, Ausgabe 01/2024 (ZH9513d-2402), Art. 702.2/704, S. 15 · Open document (new window)

• Helvetia

  Helvetia Cyber-Versicherung – KMU-Spezial (variants ECO, SMART, TOP)

  limited Sublimit CHF 30'000

  Condition and source: Helvetia

  Included in KMU-Spezial (BEC, man-in-the-middle, manipulated invoice). The GTC exclude payments made after a phone call, voice message or video (deepfake) (3.3.1.8); the sample policy KMU-Spezial reinstates them via Special Condition 3.7.6, with proof of basic security measures; only covered if the policy names 3.7.6 (the sample document is marked «DRAFT»). Sub-limit 30'000/50'000/100'000; verify orders from CHF 30'000 securely; criminal complaint.

  Helvetia Schweizerische Versicherungsgesellschaft AG, Ausgabe Juni 2026 (Dokument 01.07.2026, CH00TLV), Ziff. 3.3.1.8 lit. b, S. 12 · Open document (new window)

• Allianz Suisse

  Cyber Risk Versicherung

  add-on

  Condition and source: Allianz Suisse

  According to the product page, only optional (CEO fraud, payment redirection).

  Terms not public, quote via BTAG.

  Allianz Suisse Versicherungs-Gesellschaft AG, abgerufen 06.11.2026 · Open document (new window)

• Vaudoise

  Additional cover «Cyber and data protection» to the Business One contents and business liability insurance

  no information

  Condition and source: Vaudoise

  Cyber GTC not public, no information found.

  Terms not public, quote via BTAG.

  Vaudoise Allgemeine Versicherungs-Gesellschaft AG, abgerufen 06.11.2026 · Open document (new window)

• Chubb

  Cyber Enterprise Risk Management (Cyber ERM) V2.2

  no information

  Condition and source: Chubb

  No cover for deception without a system breach found in wording V2.2.

  Terms not public, quote via BTAG.

  Chubb European Group SE, 01/2022 · Open document (new window)

• AIG

  CyberEdge

  no information

  Condition and source: AIG

  GTC not public.

  Terms not public, quote via BTAG.

  AIG Europe S.A., Zweigniederlassung Opfikon, geändert 20.08.2026 · Open document (new window)

6 insurers without a business product we read

• Baloise: No more new business under Baloise. The cyber pages of baloise.ch redirect to the Helvetia Cyber-Versicherung; existing contracts continue with Helvetia. Baloise cyber GTC no longer public.
  Where does it say so?

  Helvetia und Baloise sind jetzt eins (FAQ Zusammenschluss), abgerufen 06.11.2026, FAQ Neugeschäft

  «Neue Verträge werden immer im Namen von Helvetia ausgestellt.»

  Open document: Helvetia und Baloise sind jetzt eins (FAQ Zusammenschluss) (opens in a new window), retrieved 06.11.2026

• Generali: No cyber insurance for companies found (private customers only). For companies there is «internet legal protection» as a module of business legal protection (up to CHF 100'000 Switzerland / 50'000 worldwide, without deductible). This is legal protection, not cyber insurance.
  Where does it say so?

  Internetrechtsschutz für Unternehmen (Produktseite), abgerufen 06.11.2026

  «Deckung bis CHF 100'000 in der Schweiz»

  Open document: Internetrechtsschutz für Unternehmen (Produktseite) (opens in a new window), retrieved 06.11.2026

• Liberty: Cyber risks are underwritten (underwriters in Zürich); product page and GTC (according to VZ «Cyber Risk Versicherung 2015-09») not public. The 2015 edition is older than today’s war and infrastructure clauses.
  Where does it say so?

  Facts & Contacts Schweiz, 07/2022

  Open document: Facts & Contacts Schweiz (opens in a new window), retrieved 06.11.2026

• Hiscox: No offer found in Switzerland: country list without Switzerland; hiscox.de conditions apply only to Germany/Austria.
  Where does it say so?

  Hiscox in your country (Länderliste), abgerufen 06.11.2026

  Open document: Hiscox in your country (Länderliste) (opens in a new window), retrieved 06.11.2026

• smile: No cyber insurance for companies (products: car, household, motorcycle, travel, legal protection, death).
  Where does it say so?

  smile Produktübersicht, abgerufen 06.11.2026

  Open document: smile Produktübersicht (opens in a new window), retrieved 06.11.2026

• Simpego: No cyber insurance for companies found.
  Where does it say so?

  Simpego Produktübersicht, abgerufen 06.11.2026

  Open document: Simpego Produktübersicht (opens in a new window), retrieved 06.11.2026

In 32 scenarios from 21 industries, a cost item concerns this module.

All scenarios with this module

• Butcher’s shop
  • Fake invoice from the livestock dealer add-on
• Bakery and confectionery
  • Branch manager buys gift cards for the «boss» add-on
• Restaurant and catering
  • Beverage supplier with «new bank details» add-on
• Hotel and accommodation
  • Payouts from Booking.com to someone else’s account unclear
• Trades (electrical, plumbing, joinery, painting)
  • Hacked email account: customer pays invoice into the wrong account not covered
  • Fake invoice from the wholesaler add-on
• Construction company
  • Payment to subcontractor into the wrong account add-on
  • Fake boss orders an urgent payment not covered
• Garage and car dealership
  • Customer pays fraudsters for a used car not covered
  • Vehicle sold to a stolen identity limited
• Dental practice
  • Fake invoice from the dental laboratory add-on
• Pharmacy and drugstore
  • CEO email to the branch management add-on
• Fiduciary services
  • Fake president with a cloned voice not covered
  • Client pays fee to fraudsters not covered
• Law firm and notary’s office
  • Client funds into the wrong account add-on
  • Fake client by video not covered
• Architectural and engineering office
  • Deepfake video conference with the «CFO» limited
  • Client pays fee to fraudsters not covered
• Retail (shop)
  • Employee buys gift cards for the boss add-on
• Online shop
  • Orders with a stolen identity limited
• Hairdresser, beauty salon, nail studio
  • Invoice for a business directory entry not covered
• Agriculture
  • Fake Twint QR code at the farm shop unclear
  • Livestock dealer’s statement with a wrong IBAN add-on
• Transport and logistics
  • Freight payment to fraudsters not covered
  • Fake boss demands payment limited
• Production and industrial SMEs
  • Large order from a sham company unclear
  • Owner transfers millions after AI call not covered
• Property management
  • Tenants receive letters with a new IBAN not covered
  • Fake tradesperson’s invoice add-on
• Association and foundation
  • Treasurer pays on the «president’s» email add-on
  • Intercepted invoice for jerseys add-on
• Municipality and public administration
  • Fake mayor asks for gift cards add-on

The other 16 modules

• Immediate help in an emergency
• Restore data and systems
• Replace unusable devices
• Loss of income after an attack
• Outage at the IT provider
• Outage due to operating error
• Cyber extortion
• Third-party claims after a data breach
• Proceedings before authorities
• Inform affected people
• Hacked e-banking
• Phone hacking and extra costs
• Property damage caused by an attack
• Reputational damage
• Card industry penalties
• Media liability