Chubb brings new cyber coverage to market

Features include enhanced business interruption coverage and coverage of extortion expenses involving cryptocurrencies

Chubb has introduced two new cyber risk management products that are designed to provide enhanced business interruption coverage; broader cover of protected information; and account for the use of new types of currencies in extortion payments.

Both Cyber Enterprise Risk Management (Cyber ERM) and DigiTech Enterprise Risk Management (DigiTech ERM) are available in the wholesale and retail markets.

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“Chubb has more than 15 years of experience underwriting cyber exposures, and more than 30 years of experience handling technology-driven claims,” says Michael Tanenbaum, executive vice president, Chubb, in a statement.

“During that time, we’ve catalogued a considerable amount of proprietary loss data that reinforces our approach to combating cyber risk through a three-pronged approach that incorporates risk transfer, loss mitigation services and incident response services,” he adds.

Both products share some features, which include enhanced business interruption coverage and language for extra expenses; a broadened definition of “protected information” that includes biometrics, internet browsing history and personally identifiable photos and videos; and extortion expenses that explicitly include cryptocurrencies.

Related: Tech and cyber threats are biggest risks for insurers globally: survey

DigiTech ERM is different from Cyber ERM in that the former has a broadened definition of a technology incident and coverage available for software copyright infringement and product recall loss of use. DigiTech ERM is also targeted to clients in the general technology service space; consultants/integrators of hardware, software and systems architecture; application service providers; data processors; and software developers.

Both products do not have a minimum premium and customers can be eligible for up to US$25 million in limits with $100 million available through Chubb’s global cyber facility for qualifying risks.



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