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Chubb Insurance Responds to the Growth in Cyber Attacks on Asian Companies

HONG KONG, 26 April 2010-The Chubb Group of Insurance Companies has introduced CyberSecurity by ChubbSM , a new insurance policy to help protect all types of commercial organizations against losses resulting from data security breaches.

Small and medium-sized companies in Asia trading with global counterparts are particularly vulnerable to cyber attacks because they often lack the technology resources to protect customer, supplier and other data. The Hong Kong Police Force investigated 791 computer-related crimes last year, up from 272 cases in 2002. These cases involved unauthorized access to computers, criminal damage, theft and obtaining property by deception.

"In the past, cyber criminals tended to focus on early adapters of technology, such as financial institutions. Today, nearly every company is at risk of a cyber-security breach. It isn't a matter of if they will experience a data security breach, but when," said Tracey Vispoli, vice president and global cyber-solutions manager for Chubb. "Chubb's CyberSecurity product will respond to increasing concerns over cyber attacks in Asia. It offers virtually any company-from large to small-broad cyber coverage and several options to customize coverage to meet the organization's needs."

CyberSecurity by Chubb consists of third-party (cyber-liability) and first-party (cyber-crime expense) protection in one worldwide policy. Third-party liability insurance provides coverage for:

  • disclosure injury, including lawsuits alleging unauthorized access to or dissemination of the plaintiff's private information;
  • content injury, including suits arising from intellectual property, trademark and/or copyright infringement;
  • reputational injury, including lawsuits alleging disparagement of products or services, libel, slander, defamation and invasion of privacy;
  • conduit injury, including suits due to system security failures that result in harm to third-party systems; and
  • impaired access injury, including suits arising from system security failures resulting in an insured's system being unavailable to its customers.

Other coverages include crisis management and reward expenses, e-business interruption, e-communication loss, e-theft and e-vandalism expenses.

"A company's existing policy most likely will not help protect against these data security exposures or may only offer protection for specific exposures, leaving gaps in coverage," said Vispoli. "A cyber-insurance policy should be an indispensable part of any company's risk management program."

The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers worldwide through 8,500 agents and brokers. Chubb's global network includes branches and affiliates throughout North America, Europe, Latin America, Asia and Australia.