Chubb launches cyber policy to assist with ransomware attacks
Chubb's global cyber risk practice has launched a service to assist policyholders with ransomware attacks.
The move comes in response to a 430 percent growth rate in the insurer’s criminal-related cyber losses over the past five years.
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 organidations following the acquisition of Chubb by ACE.
Chubb's new cyber extortion solution can immediately connect impacted policyholders with cyber experts to help assess the scope of an attack. Threat assessment is a critical component of this service because ransomware 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.
Toby Merrill, division senior vice president and global cyber risk practice leader, said: "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 publicised cases show that ransomware can be just as damaging as data breaches to a company's reputation and balance sheet.”
He added: "The introduction of our ransomware service underscores Chubb's commitment to helping businesses face the increasingly complex nature of cyber risk. Cyber exposures have no boundaries, and Chubb is one of the few insurers capable of quickly delivering truly global solutions to all organisations, regardless of size, industry or location."
