Multi-tier offering to help organizations mitigate security risk at all levels: ACE

ACE Group has released a multi-tier offering designed to enable organizations to engage in all levels of preparation to mitigate privacy and network security risks.

The launch of Loss Mitigation Services for privacy and network security risks seeks to provide businesses with easy access to tools to tackle privacy and cyber risks when anti-virus software is not enough, notes a statement issued Tuesday by ACE Group, one of the world’s largest multi-line property and casualty insurers.

Characterizing data breaches as a significant threat, ACE cites data from Ponemon Institute’s 2014 Cost of Data Breach Study that shows the average cost to the polled companies was US$3.5 million, a 15% increase from 2013.

“More and more frequently, risk managers identify cyber security and cyber risk as one of their top concerns,” Thomas Kang, assistant vice president, Management & Professional Liability for the ACE Group, says in the statement. “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,” Kang continues.

The multi-tier offering – developed in collaboration with ACE’s Data Breach Team partners and other industry-leading service providers – uses proprietary claims data to identify prominent areas of privacy and network security risk, the statement notes. It provides a lower barrier of entry for businesses just beginning to explore loss mitigation strategies for privacy and network security incidents, but can also offer organizations that already have advanced information security measures in place with more tailored support, ACE adds.

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, with the proprietary content developed by experts in privacy and information security.
• 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.