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16th of May 2012

European cyber security product launched

Vicky Beckett 14/12/2011

A new cyber security insurance product for European insurers was launched by Chubb this week.
 
The product is designed to protect private and sensitive financial information, health data or internet business transactions.
 
Chubb has already successfully launched the product in the US, which covers liability losses for associated first party and third party. 
 
Neil McCarthy, UK and Ireland regional underwriting manager at Chubb said: “The product has the flexibility to fit with existing financial and commercial insurance policies such as E&O and D&O cover.”
 
Michael Thyssen, European product manager, Chubb Insurance Company of Europe SE said: “As Viviane Reding, the European Justice Commissioner, intends to introduce mandatory notification in Europe, this adds pressure on European companies to address and properly manage this operational risk.
 
“Current buying patterns suggest that the cyber insurance market is in its infancy in Europe and we’re noticing a significant upswing in enquiries.
 
“A data breach can result in significant financial loss due to customer notification and crisis management expenses such as credit monitoring services and call centres for customers, as well as legal and forensic investigation costs.
 
 “Data security breaches pose huge reputational risks to a company, so specialist PR consultants and advertising firms are needed to help contain the damage.”

Tags: Breaches, Chubb, Commissioner, Cyber, Data, Europe, European justice, Insurance, Product, Secuity

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Medpol 20/02/2012 10:22pm

I sooo hate thank you notes and I lguhaed at the envelope part, because it's my least favorite too! I am in love with the large box of assorted cards that you can get at Costco though thank you notes included too!

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