Chubb on Tuesday announced the launch of a service to assist policyholders following ransomware attacks, the first new offering from its Global Cyber Risk Practice since Chubb was acquired by ACE in January.
Chubb said it launched the service in response to a 430 percent growth rate in its criminal-related cyber losses over the past five years.
The new cyber extortion solution connects policyholders with cyber experts who can help assess the scope of an attack. The security specialists can also help policyholders determine an appropriate response and assist with any necessary ransom payments, including through the use of bitcoin technology, according to a statement from Chubb.
Chubb said its Global Cyber Risk Practice brings together the expertise, underwriting capabilities, and claims and loss control services from the insurer’s cyber risk-related business units around the world, giving policyholders access to a worldwide network with the personalized touch of a local underwriter.