Mexico City and Bogotá, April 2017 - According to the report of Kaspersky Lab, a single cybersafety incident costs large companies an average of US$ 861,000 and US$ 86,500 to the small and medium companies (SME).
These figures become more relevant for the companies in an era in which business is based on computer tools: systems for inventories, orders, accounting, and production.
At present this subject does not revolve around the possibility that a problem may come up associated to the equipment or to the data but rather to how the organizations and companies are prepared for facing the situations; therefore cybernetic protection is being seen more and more as a primary need to guarantee the safety and sustainability of the businesses.
Operating risks in the XXI century and merits of the policy
According to Sandra Cabrera, Chubb’s regional specialist in Cybernetic Liability, «recognizing that information is one of the most important assets a company has, also implies assuming that there is an intrinsic risk in the use of technological tools. Today the concept of cybernetic risk is linked to the operational risk of enterprises, having as a consequence equity losses occasioned not only by third party liability but also by own operational risks».
Chubb Cyber seeks to give a prompt answer to the need to restore web pages or communications structures and thus guarantee that the companies affected retake their habitual activities as soon as possible, minimizing financial losses and/or market losses. This is why an insured may find support through Chubb Cyber when it has to assume the cost of recovering digital files or losses due to business interruption resulting from malicious computer acts such as malware, hacking and unauthorized use or access, as well as those that may be generated by attacks that inhibit access to webpages.
It also considers protection of the insured’s liability in dealing with its own clients, because, as Cabrera explains, «the policy considers expenses of defense and compensation, including costs associated to regulatory procedures and to the notification of clients or users, in dealing with the third party liability that is generated by the handling and custody of personal and confidential information, by the fulfillment of the privacy norms and by a fault in the security of his network».
Within the cybernetic risk management approach, the insured is able to contract an incident answer service immediately, finding support to determine the course of action when dealing with a computer emergency. Chubb considers that this type of event occurs abruptly so that rapid and precise action is vital in giving appropriate crisis management.
With the design of Chubb Cyber, the insurance company maintains its philosophy of innovation to satisfy the needs of its clients in all corporate segments. The company, which is among the country’s principal insurers because of its products, services, and financial strength, has a broad portfolio of property and civil liability insurance.
Chubb is the world’s largest property and civil liability insurance company that is listed on the stock exchange. With operations in 54 countries, Chubb insures property and commercial and personal civil liability, personal accident insurance and complementary health insurance, reinsurance and life insurance to a diverse group of customers. As an underwriting company, we advise, assume and manage the risks with vision and discipline. We provide service and pay our losses equitably and rapidly. The company is also defined by its broad offer of products and services, widespread distribution capacities, exceptional financial strength and local operations worldwide.
The parent company, Chubb Limited, is listed on the New York Stock Exchange (NYSE:CB) and is on the S&P 500 list. Chubb has executive offices in Zurich, New York, London and other locations and employs approximately 31,000 people around the world.
You can find additional information at www.chubb.com
• Vivian Budinich, Vice-president Marketing & Communications, Chubb Latin America +56 (2) 2 549 8276 firstname.lastname@example.org