PHILADELPHIA--(BUSINESS WIRE)--ACE USA, the U.S.-based retail operating division of the ACE Group of Companies, today announced the simultaneous launch of its new ACE Privacy ProtectionSM Policy and a new audio podcast (available via Internet) titled "Cyber Privacy: An Emerging Threat to the Balance Sheet." Based upon a white paper of the same name, the podcast explores new and emerging cyber threats and outlines corporate risk management tactics for minimizing the risks and mitigating the impact of privacy and other network risk exposures in today's digitally-driven global business arena. The white paper is co-authored by Brad Gow, Vice President, ACE Professional Risk and Toby Merrill, Assistant Vice President, ACE Professional Risk.
According to Mr. Gow, who will present the white paper at the 2007 Risk and Insurance Management Society's (RIMS) annual conference later this month, a single breach of sensitive information can erode consumer, stockholder and investor confidence, destroy brand and company reputations and drain financial resources.“Corporate privacy exposures are emerging at an unprecedented rate due to the increase in new state privacy and identity theft legislation. This, combined with the proliferation of mobile and media devices has changed the landscape considerably,” he commented. This evolving exposure has driven the need for a more comprehensive privacy and network liability insurance solution.
Designed to reinvent traditional network liability coverage, the ACE Privacy Protection Policy begins with privacy liability (failure to protect sensitive information or to comply with state, federal, or foreign identity theft or privacy protection legislation), an identity theft response fund (costs for customer notification as well as legal, public relations, and crisis management services) and network security liability (unauthorized access or use of network, denial of service attack, transmission of malicious code). Internet media liability and cyber extortion coverages are also available.
"Risk managers must face the facts -- network security breaches expose millions of accounts to possible fraud and identity theft, but human and administrative errors have proven to be equally costly. In today's cyber risk management environment, corporate responsibility for protecting private data extends far beyond corporate firewalls. Any business that has been entrusted to protect sensitive consumer, employee or corporate data is at risk. The ACE Privacy Protection Policy is designed to help corporate risk managers surmount these challenges," said Mr. Merrill.
Coverage highlights:
| -- | Policy is designed for all industries of all sizes | |
| -- | Privacy coverage includes: | |
| -- | personal information in any format | |
| -- | breaches not restricted to a network event | |
| -- | regulatory proceedings | |
| -- | customer and employee information | |
| -- | consumer redress fund | |
| -- | No retention, coinsurance or time element restriction for identity theft response fund | |
| -- | Notification expenses not subject to prior approval by ACE | |
| -- | Broad form network security grant replaces specified perils | |
| -- | Definition of damages includes a consumer redress fund awarded from a regulatory proceeding and punitive and exemplary damages (most favorable jurisdiction language) | |
| -- | Definition of insured includes leased employees, temporary employees and independent contractors | |
| -- | Fraud and profit exclusions triggered only if there is a final adjudication | |
For more information about ACE Privacy Protection Policy, contact Toby Merrill at (215) 640-1390 ortoby.merrill@ace-ina.com. The above is only a summary; please see actual policies for terms and conditions.
To access the "Cyber Privacy: An Emerging Threat to the Balance Sheet," podcast, visit www.ace-ina.com/podcasts. Note that the podcast is approximately 20 minutes in length. The material presented in the podcast is not intended to provide legal or other expert advice. It is presented for general information only. Listeners of this podcast should consult knowledgeable legal counsel or other experts with any questions.
Staffed by a team of innovative underwriters, ACE Professional Risk is the operating unit within ACE USA, which distributes management liability, professional liability and surety products through retail brokers throughout the U.S. and Canada. For more information about ACE Professional Risk and its range of products and services, please visit: www.aceprofessionalrisk.com.
ACE USA provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.ace-ina.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world. ACE USA is the U.S.-based retail operating division of the ACE Group of Companies, headed by ACE Limited (NYSE:ACE), and is rated A+ (Superior) by A.M. Best Company and A+ (Strong) by Standard & Poor’s. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information on ACE USA and its products and services can be found at www.ace-ina.com. The ACE Group of Companies provides insurance and reinsurance for a diverse group of clients around the world.
Contact:
ACE North America Communications
Carla Ferrara, 215-640-4744
carla.ferrara@ace-ina.com