SAN ANTONIO - The Chubb Group has introduced an insurance policy designed to protect financial institutions against losses resulting from Internet-related security breakdowns.
The policy covers losses connected to problems that include theft of confidential customer information, fraudulent electronic documents, and willful destruction of data.
Chubb cited an estimate by PricewaterhouseCoopers that computer viruses and hackers cost businesses worldwide $1.5 trillion last year.
"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," said Tracey Vispoli, cyber-solutions manager in Chubb & Son's department of financial institutions in Warren, N.J.
