In response to a 430-percent growth rate in Chubb’s criminal-related cyber losses over the past five years, Chubb’s Global Cyber Risk Practice has launched a service to assist policyholders with ransomware attacks.
This is the first new offering from Chubb’s Global Cyber Risk Practice, which was recently expanded by integrating the cyber insurance products and services of the legacy ACE and Chubb organizations following the acquisition of Chubb by ACE.
Chubb’s new cyber extortion product immediately connects impacted policyholders with cyber experts to help assess the scope of an attack. Threat assessment is necessary to find ransomware that is sometimes used to disguise a much larger attack, often slowing the discovery of a data breach and leading to a much greater loss.
The security specialists, who are part of Chubb’s independent panel of cyber experts, can also help policyholders determine the appropriate course of action and, if necessary, assist with ransom payments, including through the use of bitcoin technology.
“Similar to data breaches, many businesses are not equipped to deal with a cyber extortion attempt, where the timeliness of the response is even more critical. If not handled properly, recently publicized cases show that ransomware can be just as damaging as data breaches to a company’s reputation and balance sheet,” said Toby Merrill, Division senior vice president and Global Cyber Risk Practice leader.
Chubb’s Global Cyber Risk Practice services Chubb’s network of 620 global offices in 54 countries, including 48 branch offices across North America, with distribution provided through an agent and broker network that crosses independent, wholesale, and international markets.
A suite of products is available for all industries, with a focus on technology, financial institutions, professional services, law firms, non-profits, healthcare, life sciences, retail, museum and cultural institutions, educational institutions, entertainment, broadcasters, manufacturing, wineries, clean tech, construction, energy, government contractors, and private equity.