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Chubb's criminal-related cyber losses over the past five years has sparked the cyber insurance pioneer to launch a service to assist policyholders with ransomware attacks.
The cyber extortion solution is the first new offering from Chubb’s recently-expanded Global Cyber Risk Practice, and can immediately connect impacted policyholders with cyber experts to help assess the scope of an attack, as in such attacks, time is of the essence.
"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. 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," said Toby Merrill, Division Senior Vice President and Global Cyber Risk Practice Leader in a company statement.
"The introduction of our ransomware service underscores Chubb's commitment to helping businesses face the increasingly complex nature of cyber risk. Cyber exposures have no boundaries, and Chubb is one of the few insurers capable of quickly delivering truly global solutions to all organizations, regardless of size, industry or location."
