ACE has launched a cyber facility which, according to the re/insurer, goes beyond standard risk transfer by incorporating a comprehensive risk management solution into a single policy purchase.
Providing up to $100 million of primary capacity, the facility has been launched in response to a growing demand for cyber security insurance.
The solution incorporates integrated loss control services provided by cyber security experts, a proprietary application process designed to assess an organisation’s current risk profile, a specialised policy form, comprehensive claims management, and ongoing, detailed analysis to help organisations detect potential weaknesses that could give rise to future cyber attacks.
Toby Merrill, division senior vice president, global cyber risk practice, ACE Group, said: “Boards recognise 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.
“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 recognised cyber defence organisations to once again lead the market in meeting the critical needs of organisations worldwide.”