To help protect commercial organisations against losses resulting from data security breaches
CyberSecurity by Chubb, a new insurance policy from the Chubb Group of Insurance Companies, is designed to help protect all types of commercial organisations against losses resulting from data security breaches.
In addition, the customers can utilise Chubb’s Risk Matrix, an online security assessment tool, to help evaluate the overall effectiveness of the organisation’s risk controls against a cyber-security breach.
Tracey Vispoli, vice president, Chubb & Son, and Chubb’s global cyber-solutions manager, said: In the past, cyber criminals tended to focus on early adapters of technology, such as financial institutions. Today, nearly every company is at risk of a cyber-security breach: It isn’t a matter of if they will experience a data security breach, but when. Our original cyber-liability insurance product for financial institutions was so successful that we’ve expanded it to meet the needs of all types of commercial enterprises. Chubb’s next generation cyber-liability insurance solution addresses the growing risks associated with conducting business electronically, from identity theft to e-business interruption.
CyberSecurity by Chubb consists of third-party (cyber-liability) and first-party (cyber-crime expense) protection in one worldwide policy. CyberSecurity by Chubb buyers may also select from optional first-party cyber coverages such as privacy notification expenses. Many states require companies to notify all their customers if a breach is even suspected, these costs are estimated at up to $30 or more per customer.
Privacy notification expenses will pay for costs to notify and monitor the credit of affected customers, even when not required by the state. Other coverages include crisis management and reward expenses, e-business interruption, e-communication loss, e-theft and e-vandalism expenses.