Cyber Risk: Boards Ask Questions, ACE Has Answers
September 10 2015 - 7:21PM
Business Wire
- ACE Express Private Company package
expanded to provide new cyber offering
Although many headline-grabbing cyber attacks focus on public
companies, private and not-for-profit organizations face just as
much risk — sometimes more, because they are seen as easier
targets. In response to these growing threats, ACE Group today
announced the launch of a new coverage component for the ACE
Express® package policy. Specifically designed to protect private
and not-for-profit organizations from the modern-day perils of
managing a company, the updated package policy enables insureds to
purchase privacy and network liability coverage in a single policy
with their Directors & Officers (D&O), Employment Practices
Liability (EPL), Fiduciary, and Crime insurance.
With this comprehensive solution, insureds can customize a
program that best addresses their exposures, and are able to add
coverages to their package as their businesses evolve. The privacy
and network liability coverage section was designed to address new
and emerging privacy concerns, granting insureds access to the same
experts and award-winning Loss Mitigation Services that accompany
ACE’s other industry-leading cyber solutions.
“According to Symantec’s 2015 Internet Security Threat Report,
317 million new pieces of malware were created in 2014 — that’s
nearly 1 million new threats every day. A single breach can have
serious repercussions that ricochet throughout the organization,
causing irreparable damage to its reputation, business and balance
sheet. With this kind of emerging risk, all companies must operate
with the assumption that an attack will happen and proactively
prepare to address it,” said Keith Lavigne, Executive Vice
President, ACE Professional Lines. “ACE has handled data breach
incidents and underwritten exposures for more than 15 years. By
combining privacy protection coverage with our existing management
liability offerings, we’re providing our policyholders with a
simple solution to help protect and lead their organizations with
confidence.”
By bringing together the underwriting expertise of ACE’s
wholesale and retail professional and management liability
businesses, ACE is able to provide a single product offering that
combines the features and benefits of this product to its clients.
The updated ACE Express® package policy offers the following
benefits:
- Privacy liability coverage, covering
losses arising from an organization’s failure to protect sensitive
personal or corporate information in any format, as well as
regulatory proceedings brought by a government agency.
- Network security liability coverage,
covering the liability of the organization arising from the failure
of network security, including unauthorized access or use of
corporate systems, a denial of service attack, or transmissions of
malicious code.
- Data Breach Fund coverage, covering
expenses associated with legal oversight, forensic investigations,
notification costs and credit monitoring for impacted individuals,
and crisis management services.
- Access to ACE’s Data Breach Team, an
independent panel of specialists in the legal, computer forensics,
notification, call center, public relations, fraud consultation,
credit monitoring, and identity restoration service areas who have
the capabilities and experience to help organizations and
businesses execute their data breach response when information is
lost or compromised.
- Free access to the eRisk Hub®, a
web-based loss mitigation resource designed to help policyholders
stay abreast of best practices and regulatory guidelines and
prepare detailed, comprehensive response plans.
- Capacity up to $25 million.
Product highlights are summaries only; please see the actual
policy for terms and conditions. Insurance policies are issued by
Westchester Fire Insurance Company or its affiliates. Surplus lines
products can only be offered through licensed surplus lines
producers. All products may not be available in all states.
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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version on businesswire.com: http://www.businesswire.com/news/home/20150910006891/en/
ACE GroupCarla Ferrara,
215-640-4744carla.ferrara@acegroup.com
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