ACE’s Global Cyber Facility will provide up to $100 million of primary capacity
In response to the growing demand for cyber security insurance, particularly from large corporations looking to secure their cyber security risks, the ACE Group announced this week the launch of its new ACE Global Cyber Facility. The first-of-its-kind facility goes beyond traditional standard risk transfer by incorporating a “comprehensive risk management solution into a single policy purchase.”
“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.”
With the industry forecasted to grow a whopping 150 percent in the next five years, ACE’s is providing a first-of-its-kind solution in the cyber insurance industry through its new program. According to the company, the new Global Cyber Facility will incorporate integrated loss control services by industry leading cyber security experts. It also offers a proprietary application process which can assess an organizations current cyber risk profile and tailor the policy to a company’s needs including a specialized policy form, comprehensive claims management and an ongoing, detailed analysis to help an organization detect and treat potential cyber security risks.
Key features of the program 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.