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ACE launches IT and network security cover online

Bermuda-based insurance provider ACE European Group has launched an expanded IT hardware and network security policy, which will be available exclusively online under the name ComputerGuardPlus.

According to the group, the policy, which includes cover for losses as a result of hacking, website defacement, denial of service attacks and viruses, is being offered via the SSP Sector and Acturis broker platforms.

The group has stated that ComputerGuardPlus combines ACE’s existing ComputerGuard policy, which provides all risk cover on IT equipment, with cover for financial losses as a result of crime or accidental damage to data and systems. Through the product, brokers will be able to obtain quotes, bind cover, and organize mid-term policy adjustments directly online.

Ian Harris, senior underwriter for ACE’s technical lines department, revealed that a quarter of respondents to a 2006 ACE sponsored survey of European businesses had suffered losses as a result of computer crime.

Mr Harris stated: This level of financial exposure can have a significant impact on a company’s ability to trade and service customers and will ultimately hit their bottom line. ComputerGuardPlus can act as a safety net to cushion the financial impact of such a loss.