Cyber Glossary
All important cyber insurance and IT security terms — explained in plain language for business owners.
55 terms
A
Advanced Persistent Threat (APT)
A long-term, targeted cyberattack where attackers silently infiltrate a network and remain active for weeks or months. APT attacks often target companies with valuable data or critical infrastructure.
Threats in SwitzerlandB
Backdoor
A hidden entry point in software or systems that allows attackers unauthorised access. Backdoors are often installed by malware, enabling hackers to bypass security measures.
Threats in SwitzerlandBotnet
A network of infected computers remotely controlled by cybercriminals. Botnets are commonly used for DDoS attacks, spam distribution or cryptocurrency mining, without the device owners' knowledge.
Threats in SwitzerlandBrute Force Attack
An attack method that automatically tries countless password combinations until the correct one is found. Strong passwords and multi-factor authentication provide effective protection against such attacks.
Threats in SwitzerlandBusiness Email Compromise (BEC)
A fraud scheme where attackers compromise or forge business email accounts to trick employees into making transfers or disclosing confidential data. BEC is one of the most financially damaging cybercrimes.
Threats in SwitzerlandBusiness Interruption
The disruption of business operations due to a cyberattack. Cyber insurance covers the resulting revenue losses and additional costs, for example when systems are down for days and orders cannot be processed.
Coverage scopeC
CEO Fraud
A form of social engineering where attackers impersonate a CEO or senior manager and instruct employees to make urgent transfers. The deception is often so convincing that amounts running into millions are transferred.
Threats in SwitzerlandCloud Security
Measures to protect data, applications and infrastructure stored or operated in cloud services. These include access controls, encryption and regular security audits of the cloud environment.
Coverage Limit
The maximum amount the cyber insurance pays out in the event of a claim. For Swiss SMEs, coverage limits between CHF 250,000 and CHF 5,000,000 are typically recommended, depending on company size and risk profile.
Calculate costsCredential Stuffing
An attack method that automatically tests stolen credentials from previous data breaches on other services. Since many users reuse the same passwords, this method is often successful.
Threats in SwitzerlandCrisis Communication
Professional communication following a cyber incident — towards customers, media, authorities and employees. Good crisis communication protects the company's reputation. Many cyber insurance policies cover the costs of specialised PR consultants.
Coverage scopeCyber Extortion
An attack where cybercriminals threaten data encryption, data publication or DDoS attacks and demand a ransom. Cyber insurance covers negotiation costs, potentially ransom payments and restoration.
Coverage scopeCyber Insurance
An insurance policy that protects businesses against the financial consequences of cyberattacks, data loss and IT failures. It covers first-party losses, third-party damages, crisis management and forensic investigations.
What is cyber insurance?Cyber Liability
The part of cyber insurance that covers third-party damage claims — for example when customer data is stolen or a data breach harms business partners. It includes legal defence and compensation payments.
Coverage scopeD
Dark Web
An encrypted part of the internet not accessible through conventional search engines. On the dark web, stolen data, credentials and malicious software are traded for use in cyberattacks.
Threats in SwitzerlandData Breach
An incident where confidential data is disclosed, stolen or lost without authorisation. Data breaches can lead to fines, reputational damage and liability claims. In Switzerland, there is a reporting obligation to the FDPIC.
Reporting obligationDDoS Attack
A Distributed Denial of Service attack that overwhelms a server or website with a flood of requests, making it unreachable for customers. For SMEs, DDoS attacks can lead to significant revenue losses.
Threats in SwitzerlandDeductible
The amount the insured company must pay itself in the event of a claim before the insurance kicks in. For SMEs, deductibles of CHF 2,500 to CHF 5,000 are common. A higher deductible lowers the premium.
Calculate costsDeepfake
Videos, images or voices faked using artificial intelligence that appear deceptively real. Deepfakes are increasingly being used for CEO fraud, for example to authorise a transfer via a faked video call.
Threats in SwitzerlandDigital Forensics
The systematic analysis of a cyber incident by IT specialists to determine the cause, extent and impact of the attack. The costs are typically covered by cyber insurance.
Coverage scopeDuty to Mitigate Damages
The obligation of the policyholder to take all reasonable steps in the event of a claim to limit the damage. This includes immediately isolating affected systems, notifying the insurer and cooperating with forensics experts.
Coverage scopeE
Encryption
The process of converting data into an unreadable format using cryptographic methods. Only those with the correct key can decrypt the data. Encryption protects sensitive business and customer data from unauthorised access.
Endpoint Security
Security solutions that protect end devices such as laptops, smartphones and tablets from malware, unauthorised access and other threats. In the modern working world with remote work, endpoint security is particularly important.
F
FDPIC (Federal Data Protection Commissioner)
The Swiss supervisory authority for data protection. The FDPIC monitors compliance with the nFADP and must be notified of serious data protection violations. Companies that process personal data are subject to its oversight.
Reporting obligationFirewall
A security system that monitors data traffic between the internal network and the internet and blocks unwanted connections. Firewalls form the first line of defence against cyberattacks.
First-Party Loss
A financial loss that directly affects the insured company — such as costs for data recovery, business interruption or IT forensics after a cyberattack.
Coverage scopeH
Hacker
A person who breaks into computer systems or networks. In cybersecurity, a distinction is made between criminal hackers (black hats) who cause damage, and ethical hackers (white hats) who uncover vulnerabilities on behalf of organisations.
I
Identity Theft
The misuse of personal data to impersonate another person — for example to open accounts, place orders or commit fraud. Companies are liable if customer data is stolen due to insufficient security.
Threats in SwitzerlandIncident Response
The structured process of detecting, containing and resolving a cyber incident. A good incident response plan shortens downtime and significantly reduces overall damage. Cyber insurance often provides an emergency response team.
Coverage scopeInsider Threat
Security risks originating from employees, former staff or business partners — whether through intent, negligence or compromised credentials. Insider threats are often harder to detect than external attacks.
Threats in SwitzerlandIoT Security
The protection of Internet of Things devices such as sensors, cameras, production systems or smart office equipment. IoT devices are often poorly secured and serve as an entry point for attackers into the corporate network.
M
Malware
An umbrella term for malicious software designed to damage systems, steal data or disrupt operations. Malware includes viruses, trojans, ransomware and spyware.
Threats in SwitzerlandMandatory Reporting
The legal obligation to report cyberattacks and data breaches to the relevant authorities. In Switzerland, operators of critical infrastructure must report incidents to NCSC within 24 hours. Data breaches must be reported to the FDPIC.
Reporting detailsMulti-Factor Authentication (MFA)
A security procedure that requires at least two independent proofs of identity — for example a password plus an SMS code or app confirmation. MFA reduces the risk of a successful attack by over 99%.
Check your riskN
nFADP (Swiss Federal Act on Data Protection)
The revised Swiss data protection law in force since September 2023. It requires appropriate technical and organisational protective measures and a reporting obligation for data breaches. Violations can be fined up to CHF 250,000.
Reporting detailsP
Patch Management
The systematic process of promptly installing software updates and security patches to close known vulnerabilities. Neglected patch management is one of the most common causes of successful cyberattacks.
Check your riskPenetration Test
An authorised, simulated cyberattack on one's own IT infrastructure to identify vulnerabilities before real attackers can exploit them. Regular penetration tests are a sign of good cybersecurity practice.
Check your riskPhishing
A fraud scheme where attackers use fake emails, messages or websites to obtain confidential data such as passwords or credit card information. Phishing is the most common entry point for cyberattacks on SMEs.
Threats in SwitzerlandPremium
The annual or monthly payment a company makes for its cyber insurance. The amount depends on the industry, company size, coverage limit and existing IT security measures.
Calculate premiumR
Ransomware
Malicious software that encrypts company data and demands a ransom for decryption. Ransomware attacks are the greatest financial threat to Swiss SMEs, causing average damages of CHF 100,000 to 500,000.
Threats in SwitzerlandRecovery Costs
The costs incurred after a cyberattack for restoring data, systems and normal operations. These include IT services, hardware replacement and potentially external specialists. Cyber insurance typically covers these costs.
Coverage scopeRisk Assessment
The systematic analysis of a company's cyber risks — what threats exist, how likely they are and what impact they would have. Risk assessment is the foundation for choosing the right cyber insurance.
Risk checkS
Smishing
Phishing via SMS — fraudsters send fake text messages leading to malicious websites or aiming to collect personal data. Smishing attacks are increasing sharply in Switzerland, often disguised as parcel delivery notifications.
Threats in SwitzerlandSocial Engineering
Manipulation techniques where attackers exploit human weaknesses rather than technical vulnerabilities. Through deception, trust-building or pressure, employees are tricked into revealing confidential information or performing harmful actions.
Threats in SwitzerlandSpear Phishing
A targeted form of phishing where attackers tailor their messages specifically to individuals or companies. Unlike mass phishing, publicly available information is used for a credible disguise.
Threats in SwitzerlandSQL Injection
An attack on web applications where malicious code is injected into database queries. This allows attackers to read, modify or delete data. SQL injections are among the most common attacks on online shops and web portals.
Threats in SwitzerlandSupply Chain Attack
A cyberattack that reaches the target's systems through a supplier, service provider or software vendor. Such attacks are particularly insidious as they exploit trust in the supply chain.
Threats in SwitzerlandT
Third-Party Damage
Damage that affects not the insured company itself but third parties — for example customers whose data was stolen in an attack. Cyber insurance covers damage claims and legal costs.
Coverage scopeTrojan
Malicious software that disguises itself as a useful or harmless programme to gain access to a system. Once installed, a trojan can steal data, open backdoors or download further malware.
Threats in SwitzerlandTwo-Factor Authentication (2FA)
A security measure that requires a second factor beyond the password for login — such as an SMS code, app confirmation or physical security key. 2FA is one of the most effective measures against unauthorised access.
Check your riskV
Vishing
Phishing by phone — fraudsters pose as a bank, authority or IT support on the phone to obtain confidential information. Vishing attacks are becoming increasingly sophisticated, particularly through the use of deepfake voices.
Threats in SwitzerlandVPN (Virtual Private Network)
An encrypted connection that secures data traffic between a device and the corporate network — especially important for employees working from home. A VPN protects against data interception on public networks.
Vulnerability
A security flaw in software, hardware or processes that can be exploited by attackers. Regular vulnerability scans and timely patch management help identify and fix vulnerabilities.
Check your riskW
Waiting Period
The time period specified in the cyber insurance policy after which coverage for business interruption takes effect. Typical waiting periods are 6 to 12 hours. Outages within the waiting period must be borne by the company itself.
Coverage scopeZ
Zero-Day Exploit
An attack that exploits a previously unknown vulnerability for which no security update yet exists. Zero-day exploits are particularly dangerous because companies cannot specifically protect against them.
Threats in SwitzerlandHave questions about cyber insurance?
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