Harrogate, UK (June 4, 2019) – Chubb has published a new report on emerging cyber risks and multinational insurance, created in collaboration with global law firm Clyde & Co.
The report, Managing Tomorrow’s Cyber Risks and Multinational Insurance, was launched at the Airmic 2019 conference in Harrogate. It analyses the current international cyber risk landscape and highlights areas that multinational corporations must consider to prevent, protect and manage data privacy and cyber incidents.
With cyber risks and insurance solutions evolving continuously, the report reviews today’s key cyber risks and considers the primary issues for the future. It identifies the largest and most recent examples of first party and third party losses affecting multinational corporations and analyses cross-border challenges within key global jurisdictions where stricter regulatory regimes have focused on protection of data privacy.
The report also examines how major multinationals need to engage with experts from both within their own business and externally when mitigating and managing cyber risks.
“Companies are more aware of cyber risks today than they have ever been before, but the challenges are changing all the time, and the situation is especially acute for multinational businesses,” said Suresh Krishnan, Head of Major Accounts for Chubb in Europe and co-author of the report. “This report highlights that from a risk management perspective, it is vital for global organisations to have access to a multidisciplinary team of experts which can analyse the evolving threat landscape and regulatory regimes. This is also the starting point for building an effective multinational cyber insurance programme.”
“Cyber threats are now a central concern for organisations and institutions of all types, with the risks posed by malicious actors increasing in volume and sophistication all the time and organisations’ vulnerabilities constantly challenged,” said Helen Bourne, Partner, Clyde & Co LLP and co-author of the report. “As well as keeping ahead of the threats faced and mitigating risk, businesses must also consider the rapidly evolving, complex, patchwork and increasingly extraterritorial legal and regulatory environment they operate in across the world, with the direction of travel being towards more regulation and far harsher penalties.”
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 30,000 people worldwide. Additional information can be found at chubb.com.
Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada. For additional information, visit: chubb.com/ca.
About Chubb Cyber
Chubb is a leader in insuring cyber risk. Combining industry-leading underwriting and expert third-party incident response services, Chubb offers policies that are tailored to the specific needs and risks of its clients to ensure they are ready with the tools and expertise necessary should a cyber incident occur. Moving swiftly to minimize data loss and moving rapidly to connect clients with the proper parties is only part of what Chubb delivers. Keeping an eye on the ever-evolving cyber security landscape, Chubb looks fCKor ways to do more for its clients by offering cutting-edge products and holistic services to each and every client.
About Clyde & Co
Clyde & Co is a leading, sector-focused global law firm with 440 partners, 1800 lawyers, 2500 legal professionals and 4000 staff in over 50 offices and associated offices worldwide. The firm specialises in the sectors that move, build and power our connected world and the insurance that underpins it, namely: transport, infrastructure, energy, trade & commodities and insurance. With a strong focus on developed and emerging markets, the firm has achieved compound average annual revenue growth of 15% over the last ten years, making it one of the fastest growing law firms in the world with ambitious plans for further growth. Learn more at www.clydeco.com.
Source: ChubbTags: Chubb, Clyde & Co, cyber risk, emerging risks