Chubb, the world’s largest publicly traded property and casualty insurer, has rolled out comprehensive new protections for its policyholders against cyber-related incidents.
Following its agreement with CyberCube, a leading provider of cyber risk analytics for the insurance industry, Chubb is able to leverage the firms’ analytical capabilities to supplement their ability to quantify and better understand systemic risks across their commercial cyber portfolio.
Commenting on the agreement, Pascal Millaire, Chief Executive Officer (CEO) of CyberCube, said, “Cyber is one of the most complex risks facing insurers in the 21st century. Data-driven tools can be extremely valuable when it comes to managing cyber aggregation. We are pleased to support Chubb, a recognised leader in the cyber insurance space, by providing them with additional insights into the systematic risks and other cyber-related exposures within their cyber portfolio.”
Additionally, the launch of Chubb’s new Masterpiece Cyber Protection sees individuals and families across the U.S. offered enhanced protections for cyber attacks that lead to extortion and ransomware, financial loss, cyber-bullying, cyber disruption, and breach of privacy.
According to Chubb, clients will benefit from discounted access to third-party resources, with tools ranging from network and mobile phone security to identification of online manipulation.
The move follows research by the firm that suggests that while most Americans are concerned about being impacted by a cyber breach, only a small percentage are actually taking the right steps to protect themselves and their families.
Michael Tanenbaum, Executive Vice President, Chubb’s North America Cyber Practice, said, “While technology has enhanced our lives in countless ways, it also allows us to bring our work life home and our home life to work, thereby increasing our chances of falling victim to cyber crimes, which continue to occur at an alarming rate.”
“Simply clicking on the wrong email or downloading a new app could put your personal data in the wrong hands. Personal cyber protection is no longer a ‘nice to have,’ but rather a ‘must have.’ Our new policy is designed with this need in mind and will provide clients with peace of mind knowing they are protected against cyber threats.”