Products: Chubb launches cyber security product
Chubb has launched a new cyber security insurance product for companies in Europe that own or control confidential, personal, sensitive financial information or private health data. It is also targeted at companies that transact business via the internet.
The policy, which provides coverage for financial loss arising out of a data security breach by offering cover for associated first party and third party liability losses, has been based on Chubb’s US offering.
The insurer warned that a company holding data could expect to suffer a breach, be it from an employee leaving an unencrypted laptop or data stick on a train or a full-blown attack by professional and criminal hackers.
Michael Thyssen, European product manager at Chubb, commented:
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