ACE USA, the U.S.-based retail operating division of The ACE Group of Companies, announced that its International & Specialty Group, in conjunction with ACE Professional Risk, has launched a new first party network risk insurance product – ACE Digital DNA(SM) (Data*Network*Availability).
The coverage “provides network risk insurance to help businesses and organizations of all sizes address the key network security and privacy exposures they face, and helps to fill coverage gaps associated with traditional property policies,” said the announcement.
“Threats to network security, cyber extortion and business interruption are rapidly growing problems for all businesses, from manufacturers and retailers to web-based companies that could face financial ruin by an ill-timed shutdown,” stated Ed Zaccaria, President, ACE USA International & Specialty Group. Ace noted that companies are being “challenged by huge volumes of data to manage and protect, while trying to maintain a growing network infrastructure.” As a result there’s an increasing threat to these intangible assets.
“We’re pleased to make available this flexible, essential gap coverage to all companies who operate in today’s high-risk business arena, and whose potential services, products and cyber exposures mirror the rapidly evolving breadth and complexity of the technology itself,” noted Brad Gow, VP, ACE Professional Risk.
Coverages provided by ACE Digital DNA(SM) Network Risk Insurance Program can include the following:
— Digital Asset Loss: Covers costs incurred to replace, restore or recollect data that has been corrupted or destroyed as a result of a network security failure.
— Cyber Extortion: Covers extortion monies and associated expenses arising out of a criminal threat to release sensitive information or bring down the insured’s network unless such consideration is paid.
— Security Failure Notification Expense: Offers reimbursement for compliance expenses incurred under personal privacy and identity theft legislation — including California SB 1386 regulation — requiring notification of affected individuals if they suspect that personal identification information housed on their system has been compromised.
— Business Interruption: Covers loss of income and extra expense arising out of the interruption of network service due to an attack on the insureds network. This includes the acts of criminal hackers, malicious insiders, and distributed denial-of-service (DDoS) computer attacks.
— Contingent Business Interruption: Covers loss of income and extra expense to the insured arising out of a network interruption caused by a key service provider. This can include co-location, web-hosting companies, and outsourced e-commerce service providers.
The announcement noted that the above is a summary of they types of coverage the company’s new product aims to cover. For further information, contact Brad Gow, Vice President of ACE Professional Risk at 215-640-1949 or visit: www.ace-ina.com.
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