ENTERPRISE TECHNOLOGY
Getting insured to cover
security breaches
Antonio Dionisio at Saudi Arabia’s ACE explains the emerging
undertaking service of Cyber Insurance.
A
s the pioneer of the insurance
industry in Saudi Arabia, ACE
has earned the loyalty of its
clients and the respect of its peers by
continuously delivering on its promises
for more than 65 years. Today, ACE is
an insurance and reinsurance brokerage
organisation in the GCC, backed by
experienced professionals.
ACE provides tailor-made solutions
and comprehensive claims and risk
management services to clients through 16
offices in seven different countries.
As brokers ACE guides its customers
through a selection process to identify
22
The spending
range for
cybersecurity is
approximately
10–15% of the
IT budget.
the most suitable product and coverage
options that will support and safeguard
them in their moments of truth. This
includes advisory on important topical
issues such as cybersecurity.
Cyber insurance is a type of insurance
specifically tailored to cover the financial
consequences of risks from cyber-attacks,
data breaches and even software failures.
First-party losses covers business
interruption losses, extortion or
ransom demands, software and data
restoration costs, regulatory fines and
penalties, costs associated with forensic
investigations, crisis management, legal
advice and notifications to regulators and
affected parties.
Issue 17
INTELLIGENT TECH CHANNELS