New Chubb service fights ransomware attacks

The cyber extortion solution connects affected policyholders with cyber experts who will determine the right course of action and help in ransom payments

Insurance News

By Louie Bacani

Chubb has expanded its global cyber insurance products with the launch of a new offering that helps fight ransomware attacks and prevent cyber losses.
 
The insurer’s new cyber extortion solution can immediately connect affected policyholders with cyber experts to help assess the scope of a ransomware attack.
 
Ransomware is a type of malware that limits access to an infected computer system and demands payment from the victimized user to remove the restriction.
 
Chubb warned that ransomware is sometimes used to disguise a much larger attack, often slowing the discovery of a data breach and leading to a much greater loss.
 
"Similar to data breaches, many businesses are not equipped to deal with a cyber extortion attempt, where the timeliness of the response is even more critical,” said Toby Merrill, division senior vice president and global cyber risk practice leader.
 
“If not handled properly, recently publicized cases show that ransomware can be just as damaging as data breaches to a company's reputation and balance sheet," Merrill added.
 
Through the new service, Chubb’s security specialists and cyber experts will help policyholders determine the right course of action and, if needed, assist with ransom payments via bitcoin technology.
 
Chubb’s latest product is also a response to a 430 per cent growth rate in Chubb's criminal-related cyber losses over the past five years.

Keep up with the latest news and events

Join our mailing list, it’s free!