ACE Europe, part of the global ACE Group of Companies, has launched its ACE Dataguard product in the UK to help businesses recover revenue and information that is corrupted or destroyed through cybercrime or as a result of accidental damage.
Previously available largely to companies in continental Europe, the launch of ACE Dataguard in the UK follows recent research conducted on behalf of the DTI which reportedly revealed that 94% of large UK businesses experienced a breech of security last year. Of this percentage, two-thirds of affected businesses had to deal with unauthorised access, misuse of systems, fraud and theft.
Such instances are not covered by more traditional types of insurance, which often only protect physical electronic assets such as computer terminals and telephones. ACE Dataguard fills this gap, offering comprehensive protection against financial loss arising from malicious or accidental incidents to computer networks and telecommunication systems.
Levels of coverage are reportedly generous, and the product includes Business Interruption coverage and, for qualifying companies, a free information security survey. It also covers information in transit, and stored and/or managed by third party companies.
Shaun Cooper, senior underwriter for Computer Network underwriting at ACE said, “The increase in data corruption, whether intentionally or accidentally, means more and more UK companies are finding themselves exposed to the costs of business recovery. These costs can average up to GBP 200,000 per incident, with some companies experiencing at least one breech a week.
“Working with the individual needs of business, ACE Dataguard is a tailored, effective and proven method of risk transfer, providing businesses with reassurance that financial support is available to help them restore normal working conditions.”
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