The Chubb Group of Insurance Companies has developed a solution for smaller-size businesses for which cyber-crime-related data breaches are as challenging as prevention costs.
“Our research has shown that only about one-third of private companies have an incident response plan for data breaches,” said Ken Goldstein, vice president and worldwide cyber security manager for Chubb, which increases their risk of data disruptions and costly “first-party expenses, legal ramifications, and regulatory fines and penalties.”
Many small businesses, especially firms operating in the mortgage market that collect sensitive information and store it
If the average cost of a data breach is roughly $188 per compromised record, according to the 2013 Cost of a Data Breach Study conducted by the Ponemon Institute, a response plan helps reduce these costs by $42 per record.
Chubb’s Internet-based risk management platform, eRisk HUB, structured as an incident response plan template that helps reduce losses is one of the solutions available in the market that offers cyber-liability insurance.
