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'INSURING' AGAINST HACKER ATTACKS

Source: Internet.com

Posted on March 15, 2001

      There's no denying companies' increasing vulnerability to hacker attacks. There are, however, ways to mitigate damages.

      Chubb Insurance Company of Canada has launched CyberSecurity for financial institutions, an insurance policy specifically designed to help protect financial institutions against losses resulting from Internet-related security breaches.

      "Traditional computer crime insurance policies and fidelity bonds weren't designed to contemplate the specific cyber exposures that a networked world poses for financial institutions. That's why we've introduced a state-of-the-art policy that combines insurance for direct loss, legal liability and consequential loss to help protect them from the risks of e-business," said Fred Shurbaji, Canadian underwriting manager for Chubb's Department of Financial Institutions.

      The policy consists of five insuring clauses:

  • E-Theft, which includes custom-tailored insurance protection against compensatory damages if the financial institution is found liable for identity theft;

  • Denial or Impairment of E-Service, including loss of business income and extra expenses incurred during the period of recovery;

  • E-Communication, including protection in situations involving fraudulent e-mail;

  • E-Vandalism, including acts of employees which damage or destroy data; and

  • E-Threat, which helps protect financial institutions even if the threat is not carried out





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