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Ace_Limited_logo.svgACE Group recently announced the launch of ACE’s Global Cyber Facility. Its purpose is to help large companies find the cyber coverage they need by going “beyond standard risk transfer by incorporating a comprehensive risk management solution into a single policy purchase.”

The Swiss multinational insurance company, recently unveiled new cyber policies that offer up to $100 million worth of cyber protection for clients, as well as set in place detailed procedures to assess clients’ cyber security measures in order to evaluate the extent of coverage required and the premium price. ACE has partnered with cyber security companies, such as BitSight, FireEye, Navigant, NetDilligence, and many more to consult with companies to provide security solutions that ultimately lead to premium decreases.

The cyber policies’ core services outlined in Insurance Journal include, “core security defense, enterprise risk management, incident response capabilities, business interruption calculation, data analytics and industry metrics.” The services are designed to prevent cyber attacks from occurring but should one occur, they will provide analytics post-breach to prevent further hacks. ACE has made one of the first moves to provide massive quantities of cyber coverage but will certainly not be last as companies like Google and other large tech firms have the opportunity to enter the cyber security arena.

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