According to Insurancenewsnet.com, there is an increasing number of private companies who are buying cybersecurity insurance.
Chubb Group of Insurance Companies has recently added insurance coverage and risk management to its services.
The firm says the new cyber coverage will help protect private companies against damages and liability resulting from network security intrusions and privacy violations.
Even if a claim for cyber liability is not triggered, the policy will respond to crisis management and privacy notification expenses in the event of a data breach.
“The frequency and severity of cyber breaches, employee thefts, kidnappings and workplace violence incidents are growing concerns for many companies and their employees,” said Lisa Jones, vice president for private business management liability products for Chubb.
“Private companies remain vulnerable to these potentially disruptive and expensive criminal incidents if they are relying solely on their general liability and umbrella insurance,” she added.