Chubb is making sure the APAC region is even more cyber-secure, with the recent announcement of its Cyber Enterprise Risk Management (ERM) solution.
The company's ERM covers end-to-end loss control and risk management, offering a broad education programme about how cyber attacks happen, right down to threat guidance when an attack does happen.
The company aims to use its underwriters to help clients minimize losses, manage reputations and measure risk exposure so coverage can be tailored to each organisation's requirements.
"Cyber attacks are on the rise and taking a serious toll on businesses. According to various reports, Asia Pacific businesses have lost billions of dollars in revenue due to cyber attacks in recent years. Against this backdrop, companies can no longer ignore the reputational and financial risks posed by cyber threats. Through Cyber ERM, we're moving beyond insurance to offer a loss control and risk management solution. Our dedicated cyber teams in Asia collaborate with clients to deliver tailor-made solutions to meet their specific needs," explains Marcel Van Peenen, regional professional indemnity & cyber liability manager for Chubb in Asia.
Chubb combines first party cover elements and third party cyber liability cover, which the company says covers business interruption loss, cyber extortion, crisis response expenses, data restoration and liability and 24/7 incident response.
"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," says Tim Stapleton, Vice President and Cyber Insurance product manager, overseas general insurance at Chubb.
Chubb's ERM solution has launched in Australia, Singapore and Hong Kong so far.
"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," concludes Andrew Taylor, cyber product manager for Australia and New Zealand.