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Insurance industry

Chubb Commits $300,000 to Combat Technology Theft

Strategic Insights

— 1 min read

The Chubb Group of Insurance Companies, along with officials from the electronics industry and law enforcement, has announced the establishment of the Technology Theft Prevention Foundation. The foundation aims to tackle the growing problem of high technology crime, which is expected to cost the electronics industry up to $200 billion worldwide by the year 2000. Annual losses from high technology theft are already estimated at $8 billion, resulting in higher costs to the industry and its customers.

Key Takeaways:

  • The Technology Theft Prevention Foundation is a national initiative aimed at combating high technology crime, with an initial three-year grant of $300,000 from Chubb.
  • The foundation's activities will include helping law enforcement agencies nationwide to fund, developing and conducting educational programs, and serving as a conduit for the electronics industry and law enforcement communities.
  • High technology theft is a rapidly increasing problem, with estimated annual losses of $8 billion and an expected cost of up to $200 billion to the electronics industry by the year 2000.
  • The foundation's board of trustees will include Chubb's Thomas Cornwell, high-tech law enforcement official Sgt. Jim McMahon, and American Electronics Association's Michael McQuade.
  • The foundation's charter includes providing safety awareness and counseling programs for electronics employees who are increasingly victims of armed robberies.
  • The Technology Theft Prevention Foundation will focus on education, communication, and aggressive law enforcement to prevent and solve high tech crimes.

Statistics:

  • Estimated annual losses from high technology theft: $8 billion
  • Expected cost of high technology crime to the electronics industry by the year 2000: up to $200 billion
  • Proposed grant from Chubb: $300,000 for three years
  • International black market sales of stolen electronics: $8 billion per year

Sources:

  • "PRNewswire", April 25 (no date given for publicationdate)
  • Sgt. Jim McMahon, San Jose Police Department and National Chairman of the High Technology Crime Investigation Association
  • Thomas Cornwell, Vice President at Chubb & Son Inc.
  • Michael McQuade, Senior Vice President of the American Electronics Association

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