PHILADELPHIA--(BUSINESS WIRE)--
ACE Group today announced the launch of Loss
Mitigation Services for privacy and network security risks. Using
proprietary claims data to identify prominent areas of privacy and
network security risk, ACE has developed a multi-tier offering to help
organizations engaging in all levels of preparation mitigate their
security risk. The unique tiered approach provides a lower barrier of
entry for businesses just beginning to explore loss mitigation
strategies for privacy and network security incidents. At the same time,
the Loss Mitigation Services provide more tailored support for
organizations that already have advanced information security measures
in place.
As the number of data breaches increases rapidly year after year, so
does the cost. According to the Ponemon Institute’s 2014 Cost of Data
Breach Study, the average cost to a company was $3.5 million, a 15
percent increase from 20131. ACE created Loss Mitigation
Services to help address this significant threat. Developed in
collaboration with ACE’s Data Breach Team partners and other
industry-leading service providers, services are available in three
distinct tiers:
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Complimentary research and self-assessments within numerous service
categories, available to all policyholders through ACE’s eRisk
HUB® portal. This proprietary content is developed by
experts in privacy and information security, including members of
ACE’s Data Breach Team, an exclusive panel of legal, computer
forensic, notification, call center, public relations, crisis
communications, fraud consultation, credit monitoring and identity
restoration firms.
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ACE’s Essential Services, to help organizations with more advanced
programs begin to address their security exposures in a more efficient
and cost-effective manner, focusing on security awareness, vendor
management, regulatory compliance, cyber readiness and breach
preparation.
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ACE’s Comprehensive Solution, providing flexible solutions based on a
custom analysis of the policyholder’s information security risk.
“More and more frequently, risk managers identify cyber security and
cyber risk as one of their top concerns. But few companies have actually
implemented the use of loss mitigation services for cyber risk, often
because of budget concerns or inadequate access to resources,” said
Thomas Kang, Assistant Vice President, Management & Professional
Liability, ACE Group. “ACE understands that implementing a comprehensive
information security program can be daunting for even the most seasoned
professionals. We’re introducing Loss Mitigation Services to help ease
this process for our policyholders.”
Loss Mitigation Services is one component of ACE’s broad Privacy
and Network Security offering that is designed to help businesses
mitigate the financial and reputational risks associated with privacy
breaches, cover first-party expenses and provide access to a suite of
data breach specialists, among other important benefits. This includes
access to the ACE Data Breach Team, which, when combined with one of the
Data Breach Team Endorsement options, bridges the gap between risk
transfer and purchased loss control, creating a comprehensive risk
management program for privacy, data breach and network security risk.
12014 Cost of Data Breach Study: Global Analysis (2014) http://www-935.ibm.com/services/us/en/it-services/security-services/cost-of-data-breach/.
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance, and life insurance to a
diverse group of clients. ACE Limited, the parent company of ACE Group,
is listed on the New York Stock Exchange (NYSE: ACE) and is a component
of the S&P 500 index. Additional information can be found at www.acegroup.com,
or follow ACE on Twitter at https://twitter.com/ACEGroupNA.
Source: ACE Group