PHILADELPHIA, June 24, 2016 /PRNewswire/ -- Chubb received top honors at the 2016 Advisen Cyber Risk Awards in two categories: Cyber Risk Innovation of the Year and Pre-Breach Team of the Year. Now in its third year, the Advisen Cyber Risk Awards winners are determined by the largest number of votes received from members of the insurance community.
Chubb's Global Cyber Facility was named Cyber Risk Innovation of the Year. This is the second year in a row that Chubb has been honored with this award, which recognizes an innovation that has made an outstanding contribution to improving the way that cyber risk is managed. The Global Cyber Facility provides additional capacity to the market, giving organizations access to larger towers of insurance protection to help them address their cyber risk transfer needs. In addition, it incorporates integrated loss prevention services provided by industry-leading cyber security experts, a proprietary application process designed to assess an organization's current risk profile, comprehensive claims management, and ongoing, detailed analysis to help organizations detect potential weaknesses that could give rise to future cyber attacks — all within a single specialized policy form.
Chubb received the Pre-Breach Team of the Year award for its Loss Mitigation Services. This award recognizes a team that has successfully prepared and mitigated losses pre-breach. Named Advisen's Cyber Risk Innovation of the Year in 2015, Chubb's Loss Mitigation Services helps insureds mitigate against breaches before an event happens through a unique, multi-tier approach that focuses on training, preparation, and assessment, with multiple options designed to fit with all varieties of policyholders.
"This honor is especially meaningful because we were selected by our peers in the insurance community, and we are thankful for the recognition," said Toby Merrill, Division Senior Vice President, Global Cyber Risk Practice, Chubb. "Chubb takes a three-pronged approach to cyber risk management, incorporating risk transfer with pre-incident and post-incident services to help our customers mitigate losses before they happen, and quickly manage a breach when one occurs. These awards highlight our commitment to refining cyber risk management to better meet risk managers' needs."
Chubb is the world's largest publicly traded property and casualty insurer. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 30,000 people worldwide. Additional information can be found at: new.chubb.com.