CyberSecurity by Chubb
CyberSecurity by Chubb is designed to protect commercial businesses of all kinds against a wide range of first party and third party liability cyber exposures that arise when their customer information is breached or stolen.
Companies with access to private, confidential information about their customers have a responsibility to keep it secure. Equally, companies who have a web presence or a dependency on technology have emerging content and transactional exposures.
Cyber risk is steadily increasing: Data breaches affect hundreds of millions of records a year and reports of breaches continue to rise at a dramatic rate. Awareness by customers has increased, fuelled by heightened media attention to incidents and litigation.
Features of CyberSecurity by Chubb
First party insuring clauses offer coverage for:
- Business interruption: including first dollar Extra Expenses.
- E-Theft Loss: due to having transferred funds or property or given any value due to the fraudulent input of data into a computer system or through a network into a computer system.
- E-communication Loss: due to a customer having transferred funds or property or given any value on the faith of any fraudulent communication for which loss you are held legally liable.
- E-Threat Loss: including the cost of a professional negotiator and ransom payment.
- Privacy Notification Expenses: including the cost of credit monitoring services for affected customers. Subject to a sub limit.
- E-Vandalism Loss: even when the vandalism is caused by an employee.
- Crisis Expenses: including the cost of public relations consultants. Subject to a sub limit.
- Reward Expenses: including the cost of paying an informant. Subject to a sub limit.
Third party liability coverage pursuant to the Cyber Liability insuring clause which includes coverage for:
- Disclosure Liability: including claims by customers arising from system security failures that result in unauthorised access to or dissemination of private information on the Internet.
- Content Liability: including claims arising from intellectual property infringement, trademark infringement and copyright infringement.
- Reputational Liability: including claims alleging disparagement of products or services, libel, slander, defamation and invasion of privacy.
- Conduit Liability: including claims arising from system security failures that result in harm to third-party systems.
- Impaired Access Liability: including claims arising from a system security failure that results in your clients’ systems being unavailable to customers.
- Defence Costs: cover available for costs incurred in defending any claim brought by a government agency or licensing or regulatory organisation.
Any advice that may have been given is general advice only, please be aware that we have not taken into consideration your needs, objectives or financial requirements. Before deciding to purchase a financial product you should consider the appropriate Product Disclosure Statement to ensure the product is suitable for your needs
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