| |DECEMBER 20248CIOReviewIN MY OPINIONAs cyber criminals become more creative and technology evolves, individuals and enterprises need to take steps to protect themselves. In Canada, bad actors have devised a sophisticated array of schemes, causing more than $379 million in annual losses due to cyber fraud alone according to the Canadian Anti-Fraud Centre. Chubb has been a pioneer in this space as one of the first insurers to recognize these risks and offer specialized liability protection in 1998. Since then, Chubb has supported thousands of clients through privacy and network security incidents, and assisted policyholders in reducing their risk through underwriting and loss mitigation services. This experience and claims data has allowed Chubb to refine underwriting strategy and cyber insurance policies to match the ever-evolving range of cyber threats. It also enables us to educate our clients on how to mitigate their risk exposure and develop response readiness strategies. During my eight years in the company's cyber and professional liability group, I have watched firsthand as threats have become more frequent and severe, and cyber insurance has gone from an optional "nice to have" in their risk management portfolio to an essential safeguard. Just as our policies have adapted to the changing landscape, all individuals and businesses need to tailor their protective measures to today's modern threats.A Growing ThreatCybercrime is nothing new, but risks have proliferated as the world becomes more dependent on technology. Organizations of every size and industry around the globe rely on a growing array of digital By Erin Flett, Vice President of Cyber and Professional Liability, ChubbNAVIGATING CYBER RISK IN AN INTERCONNECTED WORLDErin Flett
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