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Cyber Insurance for Cyber Threats: Key Trend to Watch Out this YearBy CIOAdvisor Apac | Tuesday, May 14, 2019
Chubb, the world’s largest insurance company and commercial insurer in the U.S., in its latest attempt, has designed a practice for the industry exclusively to provide insurance coverage and risk management solutions on the healthcare market. Chubb’s practice in the health sector guides the company’s ability to supply a range of innovative insurance products and services to healthcare customers. Chubb has shared this latest practice in the health industry between the eight regions of North America and 48 agencies. This practice covers a range of healthcare options including medical professional liability, responsibility for management, environment, accidents and health, ESIS-risk management, and Third Party Administrators (TPA). These services will provide their clients with adequate and timely access to information, including risk identification, risk exposures, effective communication, and implementation of the strategy.
As business decision-makers look ahead, current and new cybersecurity problems need to be addressed. Chubb launched its first yearly predictions on cyber-security, which focused on the highest risks in 2019 and beyond. The company has over 20 years of cyber insurance policy writing skills expertise. Based on that experience, Chubb Cyber has made three predictions for cyber safety.
In addition to the post-incident protocol, cyber-security regulation and enforcement will increase and focus more on pre-incident measures undertaken. Cybersecurity Regulation (NYDFS) and the California Consumer Privacy Act have placed new obligations on organizations, not only protecting the collected information, but also ensuring that they can gather such information, use it legally, and remain responsible for the sharing of information.
Cybercriminals will prioritize attacks in 2019 rather than seeking additional personally identifiable information (PII), which lead to direct monetization as they operate the existing PII. Cybercriminals will continue to use ransomware to carry out these kinds of attacks. Ransomware is already a rising threat and will continue to grow and remain an important cyber threat for five years to come, becoming even more destructive and costly.
The company is also defined by the wide range of its products and services, wide distribution capacities, outstanding financial strength, and global-local operations. The parent company Chubb Limited, which is a component of S&P 500, is listed on the New York Stock Exchange. Business leaders should always try to prevent cyber attacks and defend their companies from them. As cyber threats develop, cyber insurance will play a significant role in government awareness, readiness, and resiliency.