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“First of its kind” robust cyber security solution helps large
companies secure the protection they need
PHILADELPHIA--(BUSINESS WIRE)--
As the number of highly publicized cyber attacks has increased in recent
years, the demand for cyber security insurance has escalated rapidly,
with industry analysts forecasting a growth of 150 percent in the next
five years.1 However, large corporations are finding it
increasingly difficult to secure the cyber security insurance protection
they need. To address this growing need, ACE Group today announced the
launch of ACE’s Global Cyber Facility, which goes beyond standard risk
transfer by incorporating a comprehensive risk management solution into
a single policy purchase.
ACE’s Global Cyber Facility provides up to $100 million of primary
capacity. This innovative solution incorporates integrated loss control
services provided by industry-leading cyber security experts, a
proprietary application process designed to assess an organization’s
current risk profile, a specialized policy form, comprehensive claims
management, and ongoing, detailed analysis to help organizations detect
potential weaknesses that could give rise to future cyber attacks — all
within a single policy purchase and backed by the financial strength of
ACE’s A++ balance sheet. ACE’s Global Cyber Facility is available to
eligible companies worldwide. This solution is the first of its kind in
the industry and is exclusive to ACE.
“Boards recognize that cyber insurance is a priority, but they also know
that risk transfer isn’t enough. Risk managers are asking for a
comprehensive strategy that helps them assess their cyber and data
privacy risk, incorporates appropriate loss control services to mitigate
losses before they happen, provides access to post breach services to
assist them in the event of a breach, and offers higher limits to meet
their coverage needs,” said Toby Merrill, Division Senior Vice
President, Global
Cyber Risk Practice, ACE Group. “ACE is uniquely positioned to meet
this need. We have handled data breach incidents for more than 15 years
and were the first in the market to introduce both the Data Breach Team
and Loss Mitigation Services, giving our insureds access to the expert
resources they need to both mitigate risk before it happens and quickly
respond to a breach when it occurs. We’re excited to be able to use this
expertise and leverage our relationships with globally recognized cyber
defense organizations to once again lead the market in meeting the
critical needs of organizations worldwide.”
ACE’s Global Cyber Facility offers more than just risk transfer. Key
features include:
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Increased primary capacity to meet the needs of large insureds, with
up to $100 million per insured for qualifying risks globally.
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ACE will act as the single point of contact for all Global Cyber
Facility components including underwriting each risk, evidencing
global coverage, managing the claims process, and coordinating loss
control services both pre and post incident.
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The integrated loss control service offering includes the following:
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Core Security Defense, which incorporates a review of the
implementation of and compliance with industry standard security
controls for protecting information.
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Enterprise Risk Management, which measures the completeness
of vision and cultural awareness of information security and
privacy at the Board level.
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Incident Response Capabilities, which measures the
detection and response capabilities in the event of a network
security or confidential data compromise.
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Business Interruption Calculation, which calculates the
financial outcome based on the organization’s ability to withstand
and recover from interruptions in network operations.
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Data Analytics and Industry Metrics, which provides an
“outside looking in” perspective on cyber attacks. Provided on an
ongoing basis throughout the life of the policy, this analysis
combines data from multiple vendors with ACE’s own proprietary
claims data, giving insureds insight into current threats that
could lead to a compromise of the network or a data breach.
These five pillars combine to support a broad cyber risk framework,
which was created working with industry-leading cyber security experts
to analyze data and identify the core strategies that can help
organizations mitigate future risk.
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An enhanced underwriting process that incorporates the expertise of
our vendors from the application process through the binding of each
policy.
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A specialized policy form designed exclusively for Global Cyber
Facility insureds that incorporates the full breadth of ACE’s cyber
security offering.
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Experienced claims management by ACE’s expert claims staff, with the
ability to access ACE’s Data Breach Team, if preferred.
The loss control services offering incorporates five core strategies,
with one or more services provided by BitSight, FireEye, Navigant,
NetDiligence, Promontory Financial Group, and/or Verizon Enterprise
Solutions. Product highlights are summaries only; please see the actual
policy for terms and conditions. All products and services may not be
available in all instances. Product offerings may vary by ACE location.
1Insurance 2020 & beyond: Reaping the dividends of cyber
resilience (2015) http://www.pwc.com/gx/en/insurance/publications/assets/reaping-dividends-cyber-resilience.pdf.
About ACE Group
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 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, https://twitter.com/ACEGroupNA.
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Source: ACE Group