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Data breaches, electronic theft and vandalism, denial of service attacks, ransomware attacks and even copyright infringement are just some of the cyber risks confronting companies today.
Cyber risks are constantly evolving, but Chubb’s cyber team is dedicated to helping commercial entities understand the threats they face. Education and awareness campaigns are particularly important for small and medium-sized enterprises (SMEs) – some of whom struggle to understand cyber as a risk to their business, and others who don’t know where to start to improve their risk profile.
Patrick Thielen, senior vice president, Chubb, commented: “A lot of hesitancy among SMEs around the purchase of cyber insurance coverage often stems from their understanding and handling of their own cyber controls, let alone how an insurance policy interacts with those.
“Historical objections from SMEs around cyber insurance include the arduous and complex application process and the simple acceptance of cyber exposure as a real and quantifiable threat to their business.”
These objections have been a key…
