Johannesburg - 27 May 2016 — ACE Insurance Limited, Chubb Group’s South African subsidiary, today announced the launch of Cyber Enterprise Risk Management, as the company continues to invest in its cyber risk capabilities.
Cyber Enterprise Risk Management is an end-to-end risk management solution, designed to meet the needs of middle-market and larger companies as well as multinationals in South Africa and Sub-Saharan Africa. It includes a wide range of cyber risk assessment, post-event crisis management and risk transfer solutions to address the growing enterprise-wide cyber and data privacy risks facing companies of all sizes. The policy provides comprehensive cyber risk cover, including for first party business income loss, data restoration, cyber extortion, third party liability arising from privacy and security incidents, and for crisis response costs.
Crawford & Company, a global leader in claims and crisis management, will provide clients with a single point of contact and a 24/7 incident response platform to report cyber incidents. Crawford’s qualified incident managers will help insureds navigate through the complexities of a cyber incident from start to finish and offer access to a global network of crisis management service providers.
Highlights of the new solution include:
End-to-end enterprise risk management, from pre-inception surveys to immediate incident response when a cyber event occurs.
Simplified policy structure and language, bringing together in one wording the key elements of first- and third-party cyber liability cover.
Enhanced coverage in response to client demand, including a new cover for cyber-terrorism
Incident response costs cover, including forensics, notification, fraud remediation, call centre engagement as well as legal, and public relations expenses.
Cover for costs to remove malware from a network, reconstruct data and systems, hire or lease third party equipment, and offset increased costs of labour during downtime.
Access to our global expertise and network, including: dedicated cyber teams locally and internationally across Europe and the US with a track record of over 15 years of local underwriting experience and claims handling; specialist cyber risk engineers; and ’s local presence spanning 54 countries worldwide.
Tim Stapleton, Vice President and Cyber Insurance Product Manager, Overseas General Insurance at Chubb, said:
“Brokers and clients have told us they want an end to unclear and opaque language, as well as less promotion of off-the-shelf cyber products by insurers and more joined-up risk management solutions. We have launched Cyber Enterprise Risk Management in response. The new solution underlines our commitment to provide cover for the wave of new, emerging risks that worry risk managers the most.”
Alexandra Schudel, Head of Financial Lines and Casualty for South Africa, said:
“Our simplified policy wording and holistic approach to risk management and incident response, means clients and brokers can feel confident about what they are getting, and how it works to protect them against the growing challenges faced by business when managing their cyber risk. Cyber Enterprise Risk Management combined with our team of cyber experts locally and internationally and our end-to-end solution with Crawford positions us to provide our clients with the market leading cyber risk solutions and service they deserve.”