Chubb offers cyber liability insurance product

WARREN, NJ– Chubb Group of Insurance Companies is now offering its cyber liability insurance customers an incident response plan template through eRisk HUB^®, its Web-based risk management portal, said the company.

“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. “Many small businesses may not have the resources or expertise to develop such a plan, leaving them exposed to the disruption of a data breach and costly first-party expenses, legal ramifications, and regulatory fines and penalties.”

The average cost of a data breach is $188 per compromised record, according to the Ponemon Institute’s “2013 Cost of a Data Breach Study.” The study also found that having an incident response plan can reduce the cost of a data breach by $42 per record.