Chubb Unveils Cyber-Loss Product.Consider the scenario of computer hackers cracking cracking - cracker the computer systems of a major investment firm and copying confidential customer information, including account numbers and Social Security numbers. The customers' identities are stolen, and then they sue the bank for its negligence in maintaining a secure computer system.
Because the number of consumers conducting online banking transactions is expected to triple to 24.2 million by 2004, Chubb Group of Insurance Cos. has launched its Cyber Security by Chubb for Financial Institutions product. The new insurance policy is designed to help protect financial institutions against loss resulting from Internet-related security breaches.
Because financial institutions are increasingly reliant upon computer systems to transact An earlier e-commerce system for the Web from Open Market that included order capture and secure order fulfillment using credit cards, ecash and other payment systems. It included customer service and subscription administration capabilities as well as an integrated database for reporting daily business, they have an increased dependency on technology to deliver goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. to customers. Computer viruses and hackers cost businesses $1 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time.
(mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed.
In the USA and Canada, 10^12. worldwide in 2000, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.