Chubb Releases Cyber Risk Needs Analysis

September 9, 2002

The Chubb Group of Insurance Companies has released a four-page guide, the Cyber Risks Needs Analysis, to provide corporate board members, risk managers and information technology security professionals with a methodology to identify and mitigate their organizations’ cyber exposures.

The guide addresses such risks as breaches of security, invasion of privacy, identity theft, intellectual property infringement, errors and omissions, defamation and product disparagement, discrimination and harassment, extortion, digital forgery, business interruption and disaster planning.

The Cyber Risks Needs Analysis guide provides an introduction to a broad range of cyber issues financial institutions confront. It focuses on giving financial institutions the wherewithal to begin protecting themselves against potentially catastrophic threats. The guide outlines basic questions companies should be asking as part of their risk-management process, such as:

*What must their disaster plan cover in case a hacker brings down their systems?
*What security measures-encryption, antiviral, firewalls, intrusion detection systems-must they have in place to prevent hacker intrusions?
*How must they collect and secure information to thwart identity theft?

The CyberSecurity Handbook was published following Chubb’s introduction of the first comprehensive insurance policy specifically addressing the cyber risk exposures of financial institutions in Jan. 2001. CyberSecurity by Chubb for Financial Institutions helps protect these firms against denial of service attacks, Web site vandalism, cyber extortion and other exposures not covered by traditional computer crime and fidelity bonds.

For a copy of the Cyber Risk Needs Analysis, visit Chubb’s Web site at www.chubb.com/businesses/dfi/cyber/index.html.

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