Chubb has announced that it has launched its cyber enterprise risk management (ERM) solution in Malaysia.
Cyber ERM not only provides a cyber insurance policy but also includes end-to-end loss control and risk management expertise, as well as cover for business interruption, cyber extortion and liability arising from privacy and security breaches.
Policyholders are also being given access to Chubb’s eRisk Hub, which provides around the clock incident response and helps clients respond to cyber attacks more efficiently.
Want the latest insurance industry news first? Sign up for our completely free newsletter service now
In Malaysia alone there were more than 9,000 cyber security incidents reported in 2015 with more than 2.7 million botnet drones and malware infection attacks.
“Cyber risks do not respect borders,” Steve Crouch, country president of Chubb Insurance Malaysia Berhad said. “They can strike anywhere, at any time, with global consequences for any organisation.
“Our insureds will benefit from a simplified policy structure and language, bringing together in one wording the key elements of first party cover and third-party cyber liability cover.”
The policy will provide both local and global expertise as policyholders have access to Chubb’s global cyber practice, as well as local underwriters to help customise coverage.
Related stories:
Lloyd’s reveals Asia plans
Favourable growth in Malaysian market
