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Chubb has announced the launch of a new personal cyber insurance product. Masterpiece Cyber Protection, which functions as a supplement to Chubb’s Masterpiece Homeowners policies, offers coverage to individuals and families to protect against cyberattacks that could lead to extortion, ransomware, financial loss, cyber bullying, disruption and breach of privacy.
Policyholders will also receive discounted access to third-party resources, with tools to help them secure network and mobile devices and spot signs of online manipulation, according to Chubb.
While most Americans are concerned by being impacted by a cyber breach, only a small percentage takes the right steps to protect themselves, according to Chubb.
“While technology has enhanced our lives in countless ways, it also allows us to bring our work life home and our home life to work, thereby increasing our chances of falling victim to cybercrimes, which continue to occur at an alarming rate,” said Michael Tanenbaum, executive vice president of Chubb’s North America cyber practice. “Simply clicking on the wrong email or downloading a new app could put your personal data in the wrong hands. Personal cyber protection is no longer a ‘nice to have,’ but rather a ‘must have.’ Our new policy is designed with this need in mind, and will provide clients with peace of mind knowing they are protected against cyber threats.”
Key features of the Masterpiece Cyber Protection policy include:
The cyber policy is available to clients with a Masterpiece homeowner’s policy. It is currently available in Arizona, Colorado, Hawaii, Kansas, Michigan, Louisiana, Maryland, New Hampshire, New Jersey, Ohio, Oregon, Pennsylvania, Rhode Island, Tennessee, Virginia, and Washington, DC. It will be rolled out to additional states and Canada throughout 2018 and 2019.
