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:
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.
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.