Chubb Offers Cyber Liability Incentives

Reimbursement of cyber security product costs offered to commercial lines customers.

Insurance Networking News, October 27, 2011

Pat Speer

Acknowledging the surge—and inherent risk—in corporate smartphones, PDAs and other mobile devices, the Chubb Group of Insurance Companies is offering its customers reimbursements on payouts for products designed to help customers manage the threat to intellecutal property and other information stored on these devices.

Chubb says it will reimburse its cyber liability insurance customers, where permitted, as much as one-half the cost of products from AirPatrol Corporation that are designed to prevent mobile devices from exposure to cyber attack. The reimbursement will be up to the lesser of $10,000 or 10% of the policy's annual premium.

AirPatrol products are designed to prevent copying, recording or transmitting intellectual property and sensitive data. The products also provide customized security settings to make them compliant with corporate security protocols based on location; or, in the event of loss or theft, limit their functionality and/or wipe their data, notes Chubb.

"Mobile devices are a growing security threat to a firm's intellectual property and other valuable data," said Tracey Vispoli, SVP and worldwide cyber liability manager for Chubb. "Nearly two-thirds of small to medium size businesses participating in a recent survey have lost devices such as laptops, smartphones or iPads in a 12-month period. Even more alarming is that all the 2,152 companies surveyed have at least some devices that have no password protection and cannot be remotely wiped of their data to protect their confidential business information."

Chubb says AirPatrol products complement Chubb's suite of cyber loss prevention solutions, which includes eRisk Hub, an Internet site that provides cyber risk management tools and information.

For more information on related topics, visit the following channels:

• Risk Management
• Information Security