Intelligent Tech Channels Issue 17 | Page 22

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