RFP News
Published on Oct 28, 2009
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.
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.
"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," says 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." *
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