Chubb 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 as “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,” said Chubb in a statement.
“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 company added.
The policy provides comprehensive cyber risk cover, including 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, the claims and crisis management specialist, will provide Chubb’s clients with a single point of contact and a 24/7 incident response platform to report cyber incidents.
Crawford’s 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,” according to Chubb.
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.
- 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.
- Access to Chubb’s global expertise and network, including: dedicated cyber teams in Europe and the US 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.
“Brokers and clients have told us they want an end to unclear and opaque language, as well as less promotion of off-the-shelf cyber products by insurers and more joined-up risk management solutions,” said Tim Stapleton, vice president and Cyber Insurance Product manager, Overseas General Insurance at Chubb.
“We have launched Cyber Enterprise Risk Management in response. The new solution underlines our commitment to provide cover for the wave of new, emerging risks that worry risk managers across Europe the most,” he added.
“With a new simplified policy wording and a comprehensive end-to-end risk management solution, clients and brokers can be confident about what they are getting and how it protects them against the growing challenge of cyber risk,” said Kyle Bryant, Cyber Risk manager, for Chubb in Continental Europe.
“Cyber Enterprise Risk Management combined with our team of cyber experts across Europe and dedicated cyber risk engineering support positions Chubb to provide our clients with the market-leading cyber risk solutions and service they deserve,” Bryant went on to say.