ACE develops multi-tier cybersecurity risk mitigation tool

ACE Group has launched Loss Mitigation Services for privacy and network security risks.

Using proprietary claims data to identify prominent areas of privacy and network security risk, ACE has developed a multi-tier offering to help organizations, engaging in all levels of preparation, mitigate their security risk.

“More and more frequently, risk managers identify cyber security and cyber risk as one of their top concerns. But few companies have actually implemented the use of loss mitigation services for cyber risk, often because of budget concerns or inadequate access to resources,” said Thomas Kang, assistant vice president, Management & Professional Liability, ACE Group. “ACE understands that implementing a comprehensive information security program can be daunting for even the most seasoned professionals. We’re introducing Loss Mitigation Services to help ease this process for our policyholders.”

The product provides a lower barrier of entry for businesses just beginning to explore loss mitigation strategies for privacy and network security incidents. At the same time, the Loss Mitigation Services provide more tailored support for organizations that already have advanced information security measures in place.

As the number of data breaches increases rapidly year after year, so does the cost. According to the Ponemon Institute’s 2014 Cost of Data Breach Study, the average cost to a company was $3.5 million, a 15 percent increase from 2013. ACE created Loss Mitigation Services to help address this significant threat. Developed in collaboration with ACE’s Data Breach Team partners and other industry-leading service providers, services are available in three distinct tiers:

• Complimentary research and self-assessments within numerous service categories, available to all policyholders through ACE’s eRisk HUB^® portal. This proprietary content is developed by experts in privacy and information security, including members of ACE’s Data Breach Team, an exclusive panel of legal, computer forensic, notification, call center, public relations, crisis communications, fraud consultation, credit monitoring and identity restoration firms.
• ACE’s Essential Services, to help organizations with more advanced programs begin to address their security exposures in a more efficient and cost-effective manner, focusing on security awareness, vendor management, regulatory compliance, cyber readiness and breach preparation.
• ACE’s Comprehensive Solution, providing flexible solutions based on a custom analysis of the policyholder’s information security risk.

Loss Mitigation Services is one component of ACE’s broad Privacy and Network Security offering.