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Chubb launches a service to assist with ransomware attacks

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Chubb Ltd. said on Tuesday that its global cyber risk practice has launched a service to assist policyholders with ransom ware attacks.

According to Chubb, this service is in response to the growth in Chubb’s criminal-related cyber losses over the past five years, Chubb said in a statement.

Chubb’s cyber extortion solution connects affected policyholders with cyber experts to help assess the attack. The security specialists, who are part of Chubb’s independent panel of cyber experts, can help policyholders determine how to handle the attack and if necessary assist with ransom payments, including through the use of bitcoin technology, according to the statement.

“Similar to data breaches, many businesses are not equipped to deal with a cyber extortion attempt, where the timeliness of the response is even more critical. If not handled properly, recently publicized cases show that ransomware can be just as damaging as data breaches to a company’s reputation and balance sheet,” Toby Merrill, division senior vice president and global cyber risk practice leader said in the statement.

“The introduction of our ransomware service underscores Chubb’s commitment to helping businesses face the increasingly complex nature of cyber risk.”