PHILADELPHIA–(BUSINESS WIRE)–ACE Group today announced the launch of 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. The unique tiered approach 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 20131. 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.
“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.”
Loss Mitigation Services is one component of ACE’s broad Privacy and Network Security offering that is designed to help businesses mitigate the financial and reputational risks associated with privacy breaches, cover first-party expenses and provide access to a suite of data breach specialists, among other important benefits. This includes access to the ACE Data Breach Team, which, when combined with one of the Data Breach Team Endorsement options, bridges the gap between risk transfer and purchased loss control, creating a comprehensive risk management program for privacy, data breach and network security risk.
2014 Cost of Data Breach Study: Global Analysis (2014) http://www-935.ibm.com/services/us/en/it-services/security-services/cost-of-data-breach/.
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 and 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 at https://twitter.com/ACEGroupNA.
ACE North America Communications
Carla Ferrara, 215-640-4744
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