WARREN, N.J., Oct. 27 /PRNewswire/ -- CyberSecurity by Chubb(SM), a new
insurance policy from the Chubb Group of Insurance Companies, is designed to
help protect all types of commercial organizations against losses resulting
from data security breaches. In addition, customers can utilize Chubb's Risk
Matrix, an online security assessment tool, to help evaluate the overall
effectiveness of the organization's risk controls against a cyber-security
breach.
"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," said Tracey Vispoli, vice president, Chubb & Son,
and Chubb's global cyber-solutions manager. "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. It offers virtually any company -- from large to
small -- broad cyber coverage and several options to customize coverage to
meet the organization's needs."
The Verizon 2009 Data Breach Investigation Report found that size does not
matter to cyber criminals -- 50% of companies hit by a cyber breach had 1,000
or fewer employees. The Ponemon Institute 2009 Annual Study found that as
many as 85% of U.S. organizations, from private corporations to government
agencies, may have been hit by one or more data breaches within the past 12
months.
CyberSecurity by Chubb(SM) consists of third-party (cyber-liability) and
first-party (cyber-crime expense) protection in one worldwide policy.
Third-party liability insurance provides coverage for:
-- disclosure injury, including lawsuits alleging unauthorized access to
or
dissemination of the plaintiff's private information;
-- content injury, including suits arising from intellectual property,
trademark and/or copyright infringement;
-- reputational injury, including lawsuits alleging disparagement of
products or services, libel, slander, defamation and invasion of
privacy;
-- conduit injury, including suits due to system security failures that
result in harm to third-party systems; and
-- impaired access injury, including suits arising from system security
failure resulting in an insured's system being unavailable to its
customers.
CyberSecurity by Chubb buyers may also select from six 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.
"A company's existing policy most likely will not help protect against these
data security exposures or may only offer protection for specific exposures,
leaving gaps in their coverage," said Vispoli. "A cyber-insurance policy
should be an indispensable part of any company's risk management program."
Chubb has been insuring cyber-security risks for complex financial
institutions since 2001. The member insurers of the Chubb Group of Insurance
Companies form a multi-billion dollar organization providing property and
casualty insurance for personal and commercial customers worldwide through
5,000 agents and brokers. Chubb's global network includes branches and
affiliates throughout North America, Europe, Latin America, Asia and
Australia.
Chubb Group of Insurance Companies
15 Mountain View Road
P.O. Box 1615
Warren, New Jersey 07059
Contact: Jodi Dorman
(908) 903-2608
Email: jdorman@chubb.com
SOURCE Chubb Group of Insurance Companies
Jodi Dorman for Chubb Group of Insurance Companies, +1-908-903-2608,
jdorman@chubb.com
