View this article online: https://www.insurancejournal.com/news/national/2014/11/13/346889.htm

ACE Group Offers Tiered Loss Mitigation Services for Cyber

ACE Group is offering a new Loss Mitigation Services designed to help businesses reduce the possibility of cyber security attacks and data breaches from occurring, minimize potential losses, and prepare for possible regulatory or legal actions.

According to recent findings from IBM’s ninth annual Cost of Data Breach Study, the average cost to a company from a data breach was approximately $3.5 million per breach in 2014 – a 15 percent increase since last year.

After using proprietary claims data to identify prominent areas of privacy and cyber risks, ACE said it collaborated with ACE’s Data Breach Team partners and other service providers to develop the services. The services are available in three distinct tiers:

• Complimentary research and self-assessments: Available to all policyholders through ACE’s eRisk HUB portal, this proprietary content is developed by experts in privacy and information security to help organizations that are just beginning to explore loss mitigation services for privacy and network security events.
• ACE’s Essential Services: Designed to help organizations with more advanced programs begin to address their security exposures in a more efficient and cost-effective manner, services in this tier focus on security awareness, vendor management, regulatory compliance, cyber readiness and breach preparation.
• ACE’s Comprehensive Solution: Flexible solutions for organizations requiring a custom analysis of their information security risk, to further refine and improve an established cyber risk detection and management process.