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  • ACE in the U.S. - A Leading Global Insurance Organization
    Risk Cyber Risk Specialized Risk Investor Information Media Center News Releases Media Contacts In the News ACE Perspectives Cyber Risk Data Security Protecting Private Data From Prying Eyes Poses Some Serious Risk Management Questions The number and cost of data breaches appear to be rising each year While US incidents and costs are fairly well documented it is more difficult to gain a full picture of the situation in Europe since notification of potentially affected customers is not mandatory in all countries for all types of companies This may change however as the European Commission seeks to tighten and harmonise data privacy regulations The Commission s proposals are the result of the technological developments and the growth in globalisation that have taken place since the current Data Protection Directive was introduced Not least among these is the growth in cloud computing which poses some particular risk management challenges Handing over sensitive data to a third party inevitably carries risks But these may be especially significant in view of the fact that the cloud is a relatively recent phenomenon For example it can be difficult to ascertain where data is stored in the virtual cloud environment the robustness or otherwise of

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/cyber-risk/sr-data-security-report.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    New Zealand Philippines Singapore Taiwan Life Taiwan Non Life Thailand Vietnam WORLDWIDE For Individuals Families Life Insurance Accident Health Insurance Home Auto Personal Property For Businesses Property Casualty Insurance Accident Health Insurance Life Insurance Reinsurance Small Mid Sized Companies Chubb Mobilassurance Perspectives Multinational Risk Environmental Risk Executive Risk Cyber Risk Specialized Risk Investor Information Media Center News Releases Media Contacts In the News ACE Perspectives Cyber Risk Data Risks for Midsized Companies Crain s Cleveland Business When it comes to protecting one s house against intrusion the common wisdom is to think like a burglar Criminals are adept assessors of risk The house on the block without a fence a dog and an alarm system vs other homes that have such security measures is the one to burglarize The same applies to Internet hackers Lots of companies have a tantalizing storehouse of personally identifiable information on customers and employees but the ones hackers are going to attack are those deemed to be the least secure Right now this description fits many small and medium size companies experts say Recent studies underscore the threat to middle market players 2016 Chubb Terms of Use Licensing Information Privacy Statement View Mobile Page STAY

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/cyber-risk/crains-cleveland-business.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    In less than a decade social media in many ways seems to have taken over the world This statement is not hyperbole As one of the largest social networking sites in the social media universe Facebook boasted more than 750 million people actively using its service If it hasn t already Facebook will soon grow twice as large as the population of the United States which currently hovers at 311 million Even so the vast majority of companies did not immediately join the social media revolution Instead they spent varying amounts of time observing from the sidelines But when the first wave of companies did join it was because they anticipated the significant business benefits of this brave new world where the personal the professional and the commercial combine seamlessly and in the blink of an eye Many others however remained unconvinced often because of a lack of information and an unclear understanding of how social media could be beneficial What is this social media thing all about they wanted to know And why should my company care Cyber Data Risks for Midsized Companies Crain s Cleveland Business October 2011 Cyber When it comes to protecting one s house against intrusion the common wisdom is to think like a burglar Criminals are adept assessors of risk The house on the block without a fence a dog and an alarm system vs other homes that have such security measures is the one to burglarize The same applies to Internet hackers Lots of companies have a tantalizing storehouse of personally identifiable information on customers and employees but the ones hackers are going to attack are those deemed to be the least secure Right now this description fits many small and medium size companies experts say Recent studies underscore the threat to middle

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/cyber-risk/archived-podcast-inevitable-data-breach.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    The Business Benefits May Be Enormous But Can the Risks Reputational Legal Operational Be Mitigated April 2011 Cyber In less than a decade social media in many ways seems to have taken over the world This statement is not hyperbole As one of the largest social networking sites in the social media universe Facebook boasted more than 750 million people actively using its service If it hasn t already Facebook will soon grow twice as large as the population of the United States which currently hovers at 311 million Even so the vast majority of companies did not immediately join the social media revolution Instead they spent varying amounts of time observing from the sidelines But when the first wave of companies did join it was because they anticipated the significant business benefits of this brave new world where the personal the professional and the commercial combine seamlessly and in the blink of an eye Many others however remained unconvinced often because of a lack of information and an unclear understanding of how social media could be beneficial What is this social media thing all about they wanted to know And why should my company care Cyber Preparing for the Inevitable Data Breach What to Do Before Sensitive Customer and Employee Data is Breached Stolen or Compromised Cyber Panelists discuss developments in state and federal laws requiring more disclosure from companies that experience data breaches Cyber Data Risks for Midsized Companies Crain s Cleveland Business October 2011 Cyber When it comes to protecting one s house against intrusion the common wisdom is to think like a burglar Criminals are adept assessors of risk The house on the block without a fence a dog and an alarm system vs other homes that have such security measures is the one to burglarize

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/cyber-risk/podcast-employee-data-breach.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    becoming a bigger focus in Latin American nations such as Chile and Brazil In some cases employees can risk jail time as well as fines in connection with pollution incidents Brazil for instance recently dropped criminal charges against two U S based oil companies and some of their employees in a case stemming from a 2011 offshore oil spill The charges of crimes against the environment carried potential jail terms of up to 31 years 11 A civil suit seeking roughly 20 billion in damages continues although a far smaller settlement has been discussed 12 Even in nations with well developed environmental laws regulations are being constantly updated and amended In the United States for example recent rules have targeted mercury emissions from coal fired power plants For that reason businesses have to be concerned not just about their obligations under current standards but also the effect of more stringent standards in the future Levels of pollutants that are currently designated as acceptable later may be ruled unacceptable A Road map for Expansion Before venturing into new markets it is crucial to understand the environmental risks In addition to evaluating existing local regulations companies should strive to understand how they are applied in practice and assess any pending laws that might come into force after operations begin For companies looking to expand operations in a particular country the process may be easier because they already have local experience Still they should evaluate the entire process from permitting to the implementation of their business plan so that they comply with local or country regulations Expanding or opening a new plant typically means acquiring new property which may have an unknown environmental history Because no company wants to acquire an expensive environmental liability it is important to learn as much as possible about the history of the property how it was used in the past and any pollution incidents associated with it This can be a difficult process outside the United States because records may not be readily available For example a property in Europe may have been used as a foundry two centuries ago and could have unrecognized environmental issues Before purchasing a site the company may want to conduct a standard Phase I environmental assessment of the property in order to identify and evaluate the potential risks In addition companies need to think through their operations to make sure that they will comply with all permit requirements For instance in areas such as annual emissions testing and waste generation reporting failing to report waste handling properly or failing to comply with permits could create significant regulatory and reputational risks In many cases a company may be making an investment in a foreign country but it may not have operational control due to local legal limitations on foreign direct investment Those limitations often result in complicated partnership structures that are required with local government and other entities which should be carefully evaluated for attendant risks While operations in other countries can create significant opportunities for growth they often require stricter due diligence than for analogous operations in the United States To evaluate those exposures companies can seek out experts who have experience in evaluating and mitigating overseas environmental health and safety exposures They should look for experts with local experience and staff and a working knowledge of the time and cost necessary to maintain compliance with current regulations Whatever the local regulatory scheme companies should seek to follow global best practices That helps to demonstrate to local stakeholders that the company is responsible by applying global environmental health and safety standards A crucial aspect of this is to make adequate financial provisions in the case of an incident so that it can be handled in a way that both minimizes environmental damage and provides security to the local stakeholders that might be affected Protecting Valuable Investments While U S companies may view environmental insurance primarily as a means to protect against the risks of lawsuits and legal judgments tied to pollution the more likely danger for most businesses operating in foreign countries is the cost of cleaning up an accidental spill or leak of pollutants on property owned or leased by their local affiliates Relying on a liability only policy may prove to be an expensive mistake After an explosion at a British paint storage facility in East Yorkshire England in May 2003 13 the company sought to recover roughly 1 1 million 770 000 in cleanup costs incurred by the Environment Agency and the company itself under a government work order The company sued its insurer seeking to recover the costs under a liability only policy but in a decision that turned on the legal meaning of damages the court ruled that the cleanup costs were not insured as a liability for damages under the policy 14 For companies that have made a significant investment in overseas plants and property it makes sense to protect those assets as well as to guard against the larger danger that pollution incidents may pose with a premises pollution liability policy Such policies can be structured to cover both first party on site cleanup costs and third party bodily injury property damage and cleanup costs As such they include coverage for cleanup of affected media such as soil and ground water on the site as well as the liabilities that may arise from that same polluting event First party pollution coverage offers a means of protecting property value which may represent a large portion of the total value of the entire business Unaddressed pollution or contamination on site can dramatically reduce the value of the property and thus the business itself Companies routinely protect their physical property against risks such as fire and storm damage but may not recognize that pollution incidents can result in expensive cleanup costs and ancillary property damage associated with performing the cleanup A spill of pollutants that remains within a property s boundaries often must be cleaned up to

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/environmental-risk/webb-ace-environ-wp.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    Macao Malaysia New Zealand Philippines Singapore Taiwan Life Taiwan Non Life Thailand Vietnam WORLDWIDE For Individuals Families Life Insurance Accident Health Insurance Home Auto Personal Property For Businesses Property Casualty Insurance Accident Health Insurance Life Insurance Reinsurance Small Mid Sized Companies Chubb Mobilassurance Perspectives Multinational Risk Environmental Risk Executive Risk Cyber Risk Specialized Risk Investor Information Media Center News Releases Media Contacts In the News ACE Perspectives Environmental Risk Pollution The Unrecognized Risk of Business Operations by Barbara Deas Robert Owens Todd LaBandt As society grows ever more environmentally aware a far broader spectrum of enterprises face new and often unrecognized pollution risks from their day to day operations Employees and clients as well as nearby businesses and residents are much more concerned about the potential risks to themselves their property and their livelihoods from activities that may lead to pollution In addition a far greater range of activities today are subject to continually evolving environmental laws and regulations on the federal state and local level This heightened public awareness combined with intensified regulatory scrutiny has increased the potential environmental exposures for businesses across the board 2016 Chubb Terms of Use Licensing Information Privacy Statement View Mobile Page STAY UP

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/environmental-risk/pollution-the-unrecognized-risk-of-business-operations.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    Individuals Families Life Insurance Accident Health Insurance Home Auto Personal Property For Businesses Property Casualty Insurance Accident Health Insurance Life Insurance Reinsurance Small Mid Sized Companies Chubb Mobilassurance Perspectives Multinational Risk Environmental Risk Executive Risk Cyber Risk Specialized Risk Investor Information Media Center News Releases Media Contacts In the News ACE Perspectives Environmental Risk Emerging Environmental Risks in the Healthcare Industry Healthcare in the United States is in the midst of unparalleled transformation driven in large measure by the Patient Protection and Affordable Care Act Healthcare will continue to undergo rapid change as a result of technological developments an aging population economic forces and evolving patient expectations Concurrent with these transformations in healthcare the US Environmental Protection Agency EPA has embarked on an ambitious effort to restore momentum to its core programs Many of the environmental exposures of healthcare organizations may fall under these core programs or similar state regulations making it important that healthcare organizations including hospitals labs MRI facilities clinics and physician offices maintain a sharp focus on environmental compliance Maintaining this focus and identifying emerging environmental exposures while in a period of growth and rapid change will be a continuing challenge for risk managers compliance officers and

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/environmental-risk/emerging-environmental-risks-in-the-healthcare-industry.aspx (2016-02-13)
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  • ACE in the U.S. - A Leading Global Insurance Organization
    Multinational Risk Environmental Risk Executive Risk Cyber Risk Specialized Risk Investor Information Media Center News Releases Media Contacts In the News ACE Perspectives Environmental Risk Global Environmental Regulation Big Demands Bigger Challenges Right now there are more than 3 460 new environmental regulations awaiting attention from legislators and regulators around the globe Some touch on areas of environmental policy in air water and land use that are well established Some break new ground and posit new powers for pollution prevention control and remediation And no matter where on the planet your company does business they all have the power to profoundly alter how you do business In addition to new initiatives increased attention is also being paid to measures already on the books In the United States the Environmental Protection Agency EPA has the largest budget in decades and an eye on stepping up enforcement In Europe the member nations of the European Union have been working through the country by country implementation of the Environmental Liability Directive approved by the European Parliament In Latin America the growing middle class in Brazil and Chile is bringing greater pressure to improve the environmental quality of life In Asia especially China there

    Original URL path: http://acegroup.acegroupaccess.com/ace-perspectives/environmental-risk/global-environmental-regulation-big-demands-bigger-challenges.aspx (2016-02-13)
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