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.
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.
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.
No part of this article may be reproduced in any written, electronic, recording, or printed form without written permission of Chubb.
Disclaimer - The content of the above article is not intended to constitute professional advice. Although all content is believed to be accurate, Chubb Insurance Singapore Limited (Chubb) makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content of this article. Users relying on any content do so at their own risk.
Leave your contact details and our representatives will get in touch with you.