Small and Midsize Businesses at Risk of Cyberattack, Says New Whitepaper

WHITEHOUSE STATION, N.J., Oct. 24, 2017 /PRNewswire/ -- Although stopping cyber criminals from accessing small and midsize enterprises' (SMEs) funds and data may seem like a formidable task, there are a handful of simple measures that companies can use to create their own cyber risk management program and limit their exposure to cyber crimes, according to a new whitepaper, entitled "What Cyber Criminals Know: Small and Midsized Businesses With Little or No Cybersecurity Are Ideal Targets," from Chubb, CoverHound and Symantec.

Download the whitepaper at: https://www2.chubb.com/us-en/business-insurance/simple-measures-to-create-cyber-risk-management-program.aspx

"While SME owners are aware of cybercrime, they often see themselves as too small to attract such attacks or don't see themselves as a gateway to large cyber threats," said Anita Sathe, Chief Strategy Officer at CoverHound. "When it comes to hacking, SMEs' vulnerability and state of unpreparedness make them a perfect target."

In addition to exploring the ability of cyber criminals to identify specific weaknesses within SMEs, such as outdated or unpatched software, poor password hygiene, open web ports and unencrypted data in transit, the paper also offers steps SMEs can take to help shield themselves from these threats, including:

• Developing and enforcing a formal, written password policy
• Educating all employees on cybersecurity vigilance
• Updating IT equipment and monitor computer networks
• Creating a cyber incident response plan
• Purchasing cyber insurance

"Although SMEs don't often think they are a target for cyber criminals, according to Symantec's 2016 Internet Security Threat Report, small businesses now comprise 43 percent of all spear phishing attacks, up from 18 percent in 2011," agreed Pascal Millaire, Vice President, Cyber Insurance at Symantec.

"Cyber criminals can easily pinpoint SMEs with few cybersecurity measures in place, which makes the risk of a cyberattack too great to ignore," said Patrick Thielen, Senior Vice President of Chubb's Financial Lines division.  "Companies can create their very own cyber risk management programs, but before anything, they need to identify what areas of their internal system are vulnerable to a breach."

"What All Cyber Criminals Know: Small & Midsize Businesses With Little or No Cybersecurity Are Ideal Targets" was authored by Mr. Millaire, Ms. Sathe, and Mr. Thielen and is based on research completed by the Janet & Mark L. Goldenson Center for Actuarial Research at the University of Connecticut.

About Chubb 
Chubb is the world's largest publicly traded property and casualty insurance company and the largest commercial insurer in the United States. 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. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength 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 31,000 people worldwide. Additional information can be found at: chubb.com.

About CoverHound
CoverHound is an insuretech company for consumers and businesses to easily compare and purchase insurance, built to deliver fast, accurate and actionable rates from leading U.S. carriers based on their specific needs. Through its subsidiary, CyberPolicy, the company also matches businesses with the right coverage to protect them from cyberattacks. CoverHound offers the most competitive rates in 50 states. Developed by a team with deep insurance and online financial services experience, CoverHound is dedicated to providing the best in class customer experience.

About the Janet & Mark L. Goldenson Center for Actuarial Research at the University of Connecticut
The Goldenson Center for Actuarial Research at the University of Connecticut offers clients a unique combination of academic rigor and industry knowledge. As part of the university community, the Goldenson Center is able to partner top actuarial students and faculty with industry professionals to provide high quality applied research at cost effective rates. With students and faculty from the University of Connecticut's acclaimed actuarial science program, the Center is able to provide innovative research projects designed to help industry professionals better understand and manage actuarial issues and challenges. The result of this distinctive collaboration between academia and industry is an exceptional research center that provides industry professionals with leading research while supplying actuarial students with an invaluable experiential education.

SOURCE Chubb

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