Cyber Insurance - Liability Protection - Your Business Operation - Business Banking Services

Why Cyber Insurance ?

The information and digital age allow us to collect more data, collaborate more efficiently, streamline business processes, and extract information around the globe 24/7.

Increased reliance on computer systems and access to information can significantly increase a company’s vulnerability to cyber security threats. Outages, mistakes, or attacks on these new processes can result in significant out-of-pocket costs that can devastate an organisation’s bottom line. When it comes to data security breach or privacy loss, it isn’t a matter of whether it will happen, but rather when it will happen. To prevent it from happening, you’ll need comprehensive protection from an insurer that specialises in handling cyber risks, offers a full suite of integrated insurance solutions to help minimise gaps in coverage, and understands how to tailor coverage for your business.

Expertise
Chubb’s international cyber teams have over 20 years of underwriting experience and claims handling

Enterprise risk
Beyond insurance, we provide prevention and risk management advice to help your business minimise loss

Tailored solutions
Our team works together to provide tailor-made solutions for your specific needs

Features & Benefits

Assessment during underwriting helps you understand risks and plan coverage more effectively
Enhanced risk management advice during the policy period
Dedicated 24/7 incident response teams assist in a covered cyber incident
A simplified policy with end-to-end solutions, backed by a diversified AA+ rating global insurer

Coverage Highlights

Standard version

First Party

Incident Response – from an actual or suspected cyber event – often nil deductible
Business Interruption – loss of net profit and continuing operating expenses
Data and System Recovery – increased cost of work, data recovery costs, additional business interruption mitigation
Cyber Extortion – extortion payments and negotiation

Third Party

Privacy and Network Security Liability – liability following data breach or failure of network security:
- PCI DSS contractual fines and penalties
- Consumer redress fund
- Regulatory fines and penalties (where legally insurable) – GDPR
Media Liability – liability following defamation or infringement online

The Highlights

Contingent business interruption – for outsourced technology providers
System failure triggers – human error, programming error, power failure

Standard extensions:

Emergency incident response expenses within 48 hours for SME and Middle Market insureds – nil deductible
Betterment costs – improvement of software and applications
Cyber crime – direct financial loss following cyber theft
Reward expenses
Telecommunications fraud
Pay on behalf for incident response expenses
Flexible incident response providers
Rogue employee
Voluntary notification
Voluntary shutdown
By endorsement: Reputational Harm Extension, Social Engineering Fraud
Cyber terrorism
Worldwide coverage

Simplified version

Network or data extortion
Computer Crime – Theft of money by Unauthorized assess or by Vendor or supplier/ Executive impersonation/ Client impersonation (Social Engineering Fraud).

Contact Us

Contact your Relationship Manager

Call 2198 8000

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Disclaimer

i. The above general insurance plan ("this Plan") is underwritten by Chubb Insurance Hong Kong Limited (“Chubb”) which is authorised and regulated in Hong Kong SAR by the Insurance Authority. Chubb reserves the right of final approval of the policy issuance. Hang Seng Bank Limited ("Hang Seng Bank") is registered as an insurance agency by the Insurance Authority (License No.: FA3168) and authorised by Chubb for distribution of this Plan. This Plan is a product of Chubb and not Hang Seng Bank. Upon application to this Plan, insurance premium will be payable to Chubb, and Chubb will provide Hang Seng Bank with commission and performance bonus as remuneration for distribution of this Plan. The existing staff remuneration policy on sales offered by Hang Seng Bank takes into account various aspects of the staff performance instead of focusing solely on the sales amount.

ii. In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between Hang Seng Bank and the customer out of the selling process or processing of the related transaction, Hang Seng Bank is required to enter into a Financial Dispute Resolution Scheme process with the customer; however, any dispute over the contractual terms of the insurance product, underwriting, claims and policy service should be resolved directly between Chubb and the customer.

iii. The above information is intended to be a general summary for reference only. Please refer to the policy wording for exact terms, conditions and details of the exclusions.

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