Chubb, which has been acquired by the ACE Group, this week announced the launch of Cyber Enterprise Risk Management, as the company continues to invest in its cyber risk capabilities across Europe.
Cyber Enterprise Risk Management is an end-to-end risk management solution, designed to meet the needs of middle-market and larger companies as well as multinationals in Continental Europe and the UK. It includes a wide range of cyber risk assessment, post-event crisis management and risk transfer solutions to address the growing enterprise-wide cyber and data privacy risks facing companies of all sizes. The policy provides comprehensive cyber risk cover, including for first party business income loss, data restoration, cyber extortion, third party liability arising from privacy and security incidents, and for crisis response costs.
As previously announced, Crawford & Company, a claims and crisis management firm, will provide Chubb's clients with a single point of contact and a 24/7 incident response platform to report cyber incidents. Crawford's qualified incident managers will help insureds navigate through the complexities of a cyber incident from start to finish and offer access to a global network of crisis management service providers.
Highlights of the new solution include:
End-to-end enterprise risk management, from pre-inception surveys in conjunction with Chubb's own dedicated cyber risk engineer to immediate incident response when a cyber event occurs;
Simplified policy structure and language, bringing together in one wording the key elements of first- and third-party cyber liability cover; Enhanced coverage in response to client demand, including a new cover for cyber-terrorism;
Incident response costs cover, including forensics, notification, fraud remediation, call center engagement as well as legal, and public relations expenses; and
Cover for costs to remove malware from a network, reconstruct data and systems, hire or lease third party equipment, and offset increased costs of labor during downtime.
The new solution also provides access to Chubb's global expertise and network, including dedicated cyber teams in Europe and the United States, with a track record of over 15 years of local underwriting experience and claims handling, specialist cyber-risk engineers, and Chubb's local presence spanning 54 countries worldwide.