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.
However, large corporations are finding it increasingly difficult to secure the cyber security insurance protection they need.
To address this growing need, ACE Group launched its 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 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. ACE said 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,” he added. “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.”