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How Prepared Are You for Cyber Security Threats?

The information age allows us to collect more data, store more data and extract information around the globe 24/7. This access to private and sometimes sensitive information can significantly increase a company’s vulnerability to cyber security threats - any of which can result in significant out-of-pocket and reputational costs that can devastate the bottom line.

How prepared is your organisation for:

  • Costs related to forensic investigations, and disaster recovery related to theft on non-public privacy information or personal records?
  • An e-business interruption including expenses that result from a security failure or internet virus?
  • A cyber extortion threat?
  • Costs related to privacy notification, crisis management costs, credit monitoring?
  • A lawsuit stemming from a security failure or alleged technology error or omission that results in damages to customers?
  • A regulatory proceeding seeking fines or penalties as a result of actual or potential unauthorised access to private information?

Gaps in Traditional Insurance

The World Wide Web has no boundaries and as business models evolve through the use of new technologies, so must traditional insurance programmes and risk management practices.

Businesses may be operating under the belief that their existing insurance policies are enough to cover their data security and privacy exposures. Unfortunately, this is not the case and traditional insurance policies may be inadequate to respond to the exposures organisations face today.


Consider these traditional policies:

  • General Liability policies typically trigger in response to Bodily Injury (BI) and Property Damage (PD) claims. A cyber-attack usually will not involve either BI or PD. General Liability policies typically don’t offer any first-party costs.
  • Property/ISR policies typically respond to destruction or damage to tangible property resulting from a physical peril. The tangible loss then permits the business interruption and extra expense cover to respond. A cyber-attack can cause no physical damage, yet the attack can shut down a business resulting in substantial expense costs and lost income.
  • Crime policies typically respond to direct loss from employee theft of tangible property and money or securities. Computer crime extensions usually exclude any third-party liability cover and don’t cover the loss of confidential information.


When it comes to a data security breach or privacy loss, it isn’t a matter of whether it will happen but when it will happen. So when it does happen, you’ll need comprehensive protection from an insurer that specialises in handling cyber risks, offers a full suite of integrated insurance solutions to help minimise gaps in coverage, and understands how to tailor coverage to your business.

 

This content is brought to you by Chubb Insurance Malaysia Berhad, Registration No. 197001000564 (9827-A) (“Chubb”) as a convenience to readers and is not intended to constitute advice or recommendations upon which a reader may rely. Any references to insurance cover are general in nature only and may not suit your particular circumstances. Chubb does not take into account your personal objectives, financial situation or needs and any insurance cover referred to is subject to the terms, conditions and exclusions set out in the relevant policy wording. Please obtain and read carefully the relevant insurance policy before deciding to acquire any insurance product. A policy wording can be obtained at www.chubb.com/my, through your broker or by contacting any of the Chubb offices or Chubb agents. Chubb makes no warranty or guarantee about the accuracy, completeness, or adequacy of this content. It is the responsibility of the reader to evaluate the quality and accuracy of material herein.

© 2022 Chubb. Not all coverages available in all jurisdictions. Chubb® and its respective logos, and Chubb. Insured.SM are protected trademarks of Chubb.

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