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April 17, 2005

Ace introduces network risk policy

Ace USA, the US-based retail operating division of Ace Ltd, has announced the launch of a new first party network risk insurance product.

By CBR Staff Writer

The program, ACE Digital DNA (Data Network Availability), provides network risk insurance to help businesses and organizations of all sizes address the key network security and privacy exposures they face, and helps to fill coverage gaps associated with traditional property policies.

In recognition of the challenge faced by many companies to manage and protect huge volumes of data, Ace will offer a policy designed to cover digital asset loss, security failures and business interruption.

Threats to network security, cyber extortion and business interruption are rapidly growing problems for all businesses, from manufacturers and retailers to web-based companies that could face financial ruin by an ill-timed shutdown, said Ed Zaccaria, president, Ace USA International & Specialty Group.

We’re pleased to make available this flexible, essential gap coverage to all companies who operate in today’s high-risk business arena, and whose potential services, products and cyber exposures mirror the rapidly evolving breadth and complexity of the technology itself, said Brad Gow, vice president, Ace Professional Risk.

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