ACE Digital Technology & Professional Liability ... - ACE Group

ACE Digital Technology & Professional Liability Insurance Program(ACE Digi Tech®)Technological development is growing rapidly.It also increases the emergence of technologybasedcompanies and the risks related to errorsand omissions.At Ace Insurance we understand these risksand thinking in your needs, we create theDigital Technology & Professional LiabilityInsurance Program (ACE Digi Tech®). This isa professional liability and network risk insuranceprogram, targeted to the evolving needs of thetechnology industry.DO YOU THINK THIS POLICY IS NOT NECESSARY?Consider the following situations that happened to some technology companies:1Two hackers cracked thecomputer systems of amajor market research firmand subsequently obtainedconfidential corporate records.The stolen files includedemployee photographs, networkpasswords and personalcredit card numbers of somesenior managers. The hackersthreatened to reveal the securitybreach to the company’s clientsunless the Board of Directorspaid them a “consulting fee” of$200,000. Upon retaining expertcybercrime investigators, thehackers were apprehended andprosecuted. The research firmspent approximately $1,000,000in investigative and publicrelations fees.2 3An online service allowed afamous author to advertise abook in one of its forums. Theonline service was sued forcopyright infringement by anartist who claimed that the authorused certain artwork on the coverof his book without getting theartist’s permission. The case wassettled, but the cost for legal feesamounted to $25,000.An e-tailer brought suit against aWeb designer for damages. Thee-tailer sustained as the resultof the unauthorized access of itsprivate data files by a “hacker”.The suit alleges that the Webdesigner negligently designedthe e-tailer’s Web site by notproviding adequate safeguardsto prevent such type of intrusion.The Web designer insurancecompany covered the amountasked by the lawsuit cost andthe legal process, which wasapproximately $100,000.