The latest global survey of 230 senior risk managers found that network risk and regulatory risk achieved top ranking in terms of threats facing business today. In addition, almost 50% of respondents cited reputational risk as a significant threat to their organisations.
Shaun Cooper, ACE's senior network risk underwriter, commented;
"These results are not surprising given the increasing importance of data storage and transfer in today's global economy. The results merely confirm ACE's own experience within the IT risk sector that relatively few companies out there have so far taken action to cover themselves in the event of network failure or the loss of data, not to mention the consequential reputational damage".
"Equally disturbing is risk managers lack of understanding the 'tech speak' used within the IT community. ACE calls upon both parties to work in partnership to better understand the issues they face and to work together to mitigate greater exposures. ACE sees the current lack of dialogue and joint recognition of the threats as a key emerging risk in today's risk environment."
" ACE's Dataguard product is one of very few products currently in the market which offers comprehensive protection against financial loss arising from malicious or accidental incidents to computer networks and telecommunication systems. In addition, ACE also offer protection in the form of expert consultancy in the event of reputational damage arising from network risk. The Economist Intelligence Unit findings should act as a wake up call to business to take the threats of network risk more seriously and to take action to mitigate the risk."
Notes to Editors: For further information please contact: ACE European Group Communications: Miles Russell +44 (0) 20 7173 7578 or firstname.lastname@example.org Network Risk Underwriter: Shaun Cooper +44 (0) 20 7173 7338 Economist Intelligence Unit Press Liaison: Sheila Allen +44 (0)20 7830 1010 or email@example.com Global Risk Briefing editor: Gareth Lofthouse: +44 (0)20 7830 1150 or firstname.lastname@example.org
The ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. With an established presence in 16 countries across Europe and Freedom of Services permissions to operate in 27 European countries, ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE's specialty international business, underwriting through ACE's Lloyd's Syndicate 2488 and UK registered company ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. Additional information on ACE European Group can be found at www.aceeuropeangroup.com.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE: ACE), a component of the Standard & Poor's 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com
ACE's Dataguard product has been specifically designed for companies who have a dependency on their computer network. It bridges the gaps in cover with traditional policies and provides leading edge protection to take away the resulting first party financial loss, loss of network revenue, data reconstruction and company image re-establishment costs. For further information on Dataguard, contact Shaun Cooper on +44 (0) 20 7173 7338.
About the research
Trends and coping strategies in regulatory risk is part of research programme on global risk issues by the Economist Intelligence Unit. The programme is sponsored by ACE, Cisco Systems, Deutsche Bank, KPMG11 and IBM.
The findings in this press release are based on a survey of 230 senior executives. Forty-four percent of the participants were based in the US, 32% were based in Europe, and 15% were based in Asia Pacific.
Thirty nine percent of the companies participating in the survey were from the financial services sector. Respondents from 17 other industries participated in the survey, including professional services, energy sector companies, and IT and technology firms, and pharmaceutical and healthcare companies.
ACE European Group
Miles Russell +44 (0) 20 7173 7578
Network Risk Underwriter:
Shaun Cooper +44 (0) 20 7173 7338
Economist Intelligence Unit
Sheila Allen +44 (0)20 7830 1010
Global Risk Briefing editor:
Gareth Lofthouse: +44 (0)20 7830 1150