To address the growing enterprise-wide reputational and financial risks posed by cyber threats to companies in the Asia Pacific region, global insurer Chubb has launched the Cyber Enterprise Risk Management (ERM) solution, kick-starting with Australia, Hong Kong, and Singapore.
Chubb said its Cyber ERM is more than a simple policy – it is an end-to-end loss control and risk management solution to help businesses understand what leads to cyber events, how to prevent cyber events prior to policy inception, and how to minimize losses and manage reputation in case of a cyber event.
Chubb highlights the following benefits of Cyber ERM solution to clients:
- Access to a specialist network of cyber risk professionals and underwriters − the Chubb Global Cyber Practice − to help clients understand and measure their risk exposures and customize their coverage effectively;
- Simplified policy structure and language that bring together in one wording the key elements of first-party cover and third-party cyber liability cover; and
- Dedicated 24/7 incident response teams to assist clients in a crisis resulting from a covered cyber event.
Andrew Taylor, Chubb's cyber product manager for Australia and New Zealand, explained why Aussie businesses should avail of the new offering.
"Our newly enhanced cyber solution caters to both large and small clients in the Australian market. The name – Cyber Enterprise Risk Management – underscores how cyber threats have become an enterprise-wide issue and not just a concern for IT departments of businesses.
“In Australia, we're seeing a steady increase in submission flow, buying habits, and claims activity related to cyber. We will continue to build our capabilities and solutions to address the needs of clients in this evolving segment," said Taylor.
Tim Stapleton, VP and cyber insurance product manager, overseas general insurance at Chubb, stressed the importance of partnering up with a specialist like Chubb in dealing with cyber threats.
“With our experience in this field, we are well equipped to deliver truly global solutions to address the current and future cyber risk challenges faced by various organizations, regardless of size, industry, or location," said Stapleton.
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