Cyber Enterprise Risk Management (ERM)/DigiTech® ERM for Small Business

Cyber ERM

With more than 15 years of experience handling cyber incidents and underwriting cyber exposures, Chubb’s Cyber Enterprise Risk Management (ERM) is an enterprise-wide solution for your enterprise-wide cyber risks.  This premier coverage is supported by Chubb’s A++ balance sheet, extensive loss mitigation services, and incident response services. 

Competitive Advantages

As a leading provider of cyber risk solutions since its first product launched in 1998, Chubb’s Cyber ERM is a tailored solution policy to address your unique needs, regardless of size, industry, or type of risk.  With Cyber ERM, Chubb policyholders have access to:

• Extensive claims experience including helping to notify more than 300 million individuals of a privacy breach
• Market-leading, highly customizable form to address the needs of individual risks
• Cybercrime coverage by endorsement or explicitly provided under separate cover from Chubb’s industry-leading fidelity and crime products
• Coverage for Cyber Incident Response Expenses, with expansive consumer-based solutions that are ahead of regulatory requirements
• No minimum premiums – premiums scale for all risk sizes based on scope of coverage and limits

New Endorsements Introduced in 2021

• Widespread Event Endorsement addresses events with widespread impact, affecting parties with no relationship to the Insured. Similar to how flood and earthquake risks are addressed in property policies— coverage, limits, retentions, and coinsurance can be tailored for all Widespread Events, or by specific peril:
  – Widespread Severe Vulnerability Exploits
  – Widespread Severe Zero-Day Exploits
  – Widespread Software Supply Chain Exploits
  – All other Widespread Events
• Ransomware Encounter Endorsement addresses the increasing risk of ransomware by allowing for a tailored set of coverage, limit, retention, and coinsurance to apply uniformly across all cyber coverages.
• Neglected Software Exploit Endorsement recognizes and rewards good software patching hygiene by providing full coverage for 45 days, and then for software that remains unpatched beyond 45 days, gradually re-weights risk sharing between the Insured and Insurer as time passes.

Key Features

With coverage designed to address evolving regulatory, legal, and cybersecurity standards, Cyber ERM includes the following industry-leading features:

• Broadened definition of protected information which includes biometrics, internet browsing history, and personally identifiable photos and videos
• An easy-to-read form that is structured and aligned with the flow and decision-making process of a typical incident
• Clearly labeled exclusions with competitive carve-backs
• Payment card loss coverage built into the base form
• Discovery-based coverage at a control group level
• Enhanced business interruption and extra expense language
• Extortion expenses explicitly include bitcoin and other cryptocurrencies
• Coverage territory applicable to anywhere in the universe to address continued evolution of hosting and data storage

DigiTech ERM

As a leading provider of technology and cyber risk solutions since its first product launched over 30 years ago, Chubb’s DigiTech ERM is the premier coverage for the constantly evolving world of cyber risk.   Backed by careful analysis and proprietary data, DigiTech ERM uses a three-prong approach that includes risk transfer, loss mitigation services, and post-incident services.

In addition to all the competitive advantages stated above, DigiTech ERM includes the following additional key features:

• Broadened definition of technology incident
• Software copyright infringement and product recall loss of use coverages
• No exclusions for delays or failure to deliver
• Broadened definition of protected information which includes biometrics, internet browsing history, and personally identifiable photos and videos

Why Chubb?

Chubb Small Business leverages superior underwriting expertise with the world renowned claims, account services, and financial strength that you expect from Chubb.

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