Cyber Liability Insurance – ACE Introduces $100 Million Global Cyber Facility to Meet Growing Demand
25 September 2015 - 8:18AM
Business Wire
- “First of its kind” robust cyber
security solution helps large companies secure the protection they
need
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:
- Increased primary capacity to meet the
needs of large insureds, with up to $100 million per insured for
qualifying risks globally.
- 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.
- The integrated loss control service
offering includes the following:
- Core Security Defense, which
incorporates a review of the implementation of and compliance with
industry standard security controls for protecting
information.
- Enterprise Risk Management,
which measures the completeness of vision and cultural awareness of
information security and privacy at the Board level.
- Incident Response Capabilities,
which measures the detection and response capabilities in the event
of a network security or confidential data compromise.
- Business Interruption
Calculation, which calculates the financial outcome based on
the organization’s ability to withstand and recover from
interruptions in network operations.
- 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.
- An enhanced underwriting process that
incorporates the expertise of our vendors from the application
process through the binding of each policy.
- A specialized policy form designed
exclusively for Global Cyber Facility insureds that incorporates
the full breadth of ACE’s cyber security offering.
- 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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ACE GroupCarla Ferrara,
215-640-4744carla.ferrara@acegroup.com
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