With DigiTech® ERM and Chubb’s approach to Widespread Events coverage, businesses can tailor coverage to their unique exposures and needs, providing for greater coverage certainty and also providing long-term stability in the cyber insurance marketplace.
Coverage Highlights
Competitive Advantages
- Leading provider of technology and cyber risk solutions since first product was launched over 30 years ago.
- Premiums scale for all sizes of risks based on the scope of coverage and limits.
- Market-leading, highly customizable solutions to address clients’ unique needs, regardless of size, industry or type of risk.
- Cybercrime coverage by endorsement or explicitly provided under separate cover from Chubb’s industry-leading Fidelity and Crime products.
- Cyber Incident Response Expenses with expansive consumer-based solutions that are ahead of regulatory requirements.
- Industry-leading coverage designed to address evolving regulatory, legal, and cybersecurity standards and built to consider future changes.
- Easy-to-read form is aligned with the flow of a typical cyber incident in order to aid decision-making throughout.
- Coverage Territory applicable to anywhere in the universe.
What All Cyber Criminals Know
Significantly more than half of all cyberattacks are directed at small and mid-sized businesses, and that number is steadily increasing. Help reduce your exposures and mitigate potential losses. Chubb’s expertise and specialized solutions can help you do just that.
Key Features
- Broadened definition of Technology Incident
- Coverage available for Software Copyright Infringement and Product Recall Loss of Use
- No exclusions for Delays or Failure to Deliver
- Industry-leading coverage designed to address evolving regulatory, legal and cybersecurity standards and built to consider future changes
- Easy-to-read form:
- Structure aligned with the flow of a typical incident
- Presentation of Cyber Incident Response Expenses aligned with the typical flow of decision-making throughout an incident
- Clearly labeled exclusions with competitive carve-backs
- Payment Card Loss coverage built into the base form
- Discovery-based coverage at a Control Group level
- Includes enhanced Business Interruption and Extra Expense language
- Broadened definition of Protected Information includes biometrics, internet browsing history and personally identifiable photos and videos
- Extortion Expenses explicitly include Bitcoin and other cryptocurrencies
- Coverage Territory applicable to anywhere in the universe to address continued evolution of hosting and data storage
New Endorsements
- Widespread Event Endorsement addresses events with widespread impact, affecting parties with no relationship to the Insured. Similar to how flood and earthquake risks are addressed in property policies— coverage, limits, retentions, and coinsurance can be tailored for all Widespread Events, or by specific peril:
- Widespread Severe Vulnerability Exploits
- Widespread Severe Zero-Day Exploits
- Widespread Software Supply Chain Exploits
- All other Widespread Events
- Ransomware Encounter Endorsement addresses the increasing risk of ransomware by allowing for a tailored set of coverage, limit, retention, and coinsurance to apply uniformly across all cyber coverages.
- Neglected Software Exploit Endorsement recognizes and rewards good software patching hygiene by providing full coverage for 45 days, and then for software that remains unpatched beyond 45 days, gradually re-weights risk sharing between the Insured and Insurer as time passes.
Target Client
- General technology services
- Consultants/integrators of hardware, software and systems architecture
- Application service providers
- Data processors
- Software developers