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Chubb introduces new cyber insurance model
Cyber COPE, a new model for underwriting cyber insurance, is intended to simplify and improve the assessment of both cyber and privacy risks.
Staff on October 25, 2016
Companies seeking cyber insurance coverage have to answer complex and subjective questions, often making it harder for them to secure the coverage they need. A new advisory from Chubb explores this discrepancy and introduces Cyber COPE, a new model for underwriting cyber insurance that is intended to simplify and improve the assessment of both cyber and privacy risks.
“Cyber COPE: Transforming Cyber Underwriting,” was authored by Russ Cohen, Director of Cyber/Privacy Services at Chubb. The advisory outlines how the COPE methodology, used effectively by property underwriters for nearly 300 years, can be modified to measure cyber risk.
Cyber COPE, an acronym for components, organization, protection, and exposures, relies on the use of simple questions to provide objective and subjective measurements to help customers and brokers better assess risk, including business interruption-related losses. It also fosters information sharing so the industry is better equipped to identify future cyber and privacy weaknesses in advance.
“Cyber COPE has been designed to be simple to use and to provide the right balance of objectivity and subjectivity for the underwriter,” said Cohen. “Moreso, it provides a path forward for the cyber insurance industry to begin to break down the historic barriers common with information sharing.”
“By sharing information and developing a common foundation in which to underwrite constantly evolving cyber risks, the industry will be better equipped to provide the proper coverage and solutions to protect organizations from cyber-related exposures.”
Chubb introduces new cyber insurance model
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