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Chubb Offers Small Businesses a Way to Reduce the Cost of Cyber Crime

WARREN, NJ, August 26, 2013 — To help small businesses survive a data breach, the Chubb Group of Insurance Companies is offering its cyber liability insurance customers an incident response plan template through eRisk HUB®, its Web-based risk management portal.

“Our research has shown that only about one-third of private companies have an incident response plan for data breaches,” said Ken Goldstein, vice president and worldwide cyber security manager for Chubb. “Many small businesses may not have the resources or expertise to develop such a plan, leaving them exposed to the disruption of a data breach and costly first-party expenses, legal ramifications, and regulatory fines and penalties.”

The average cost of a data breach is $188 per compromised record, according to the Ponemon Institute’s “2013 Cost of a Data Breach Study.” The study also found that having an incident response plan can reduce the cost of a data breach by $42 per record.

Small companies that can benefit from an incident response plan include those that collect and retain customer and health care records, contact lists, debit and credit card numbers, employees’ Social Security numbers, and financial account information.

About Chubb
Since 1882, members of the Chubb Group of Insurance Companies have provided property and casualty insurance products to customers around the globe.  These products are offered through a worldwide network of independent agents and brokers.  The Chubb Group of Insurance Companies is known for financial strength, underwriting and loss-control expertise, tailoring products for the needs of high net-worth-individuals and commercial customers in niche markets and select industry segments, and outstanding claim service.

The Chubb Group of Insurance Companies is the marketing term used to describe several separately incorporated insurance companies under the common ownership of The Chubb Corporation.  The Chubb Corporation is listed on the New York Stock Exchange (NYSE: CB) and, together with its subsidiaries, employs approximately 10,000 people throughout North America, Europe, Latin America, Asia and Australia.  For more information regarding The Chubb Corporation, including a listing of the insurers in the Chubb Group of Insurance Companies, visit www.chubb.com.