Chubb invests in cyber risk with new solution for Europe

Chubb has launched Cyber Enterprise Risk Management, 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.

The new solution is part of the property and casualty insurance company’s continued investment in its cyber risk capabilities across Europe.

Cyber Enterprise Risk Management 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.

Crawford & Company, the claims and crisis management company, 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.

It also features 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, as well as a simplified policy structure and language, bringing together in one wording the key elements of first- and third-party cyber liability cover.

Tim Stapleton, vice president and cyber insurance product manager, overseas general insurance at Chubb, said: “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.

“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.”

Kyle Bryant, cyber risk manager, for Chubb in Continental Europe, 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.

“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.”