AIG Expands Cyber Coverage to Include Physical Risks Posed by Cyber Attacks, Security Failures
April 23 2014 - 11:00AM
Business Wire
American International Group, Inc. (AIG) insurers today
announced an expansion of their cyber insurance offering to include
property damage and bodily injury exposures. This is a
market-leading cyber offering that provides commercial customers a
way to manage physical risks to their operations from cyber attacks
and cyber security failures.
AIG’s expanded cyber insurance solution, CyberEdge PC, is a
response to growing incidents and threats of cyber attacks directed
at commercial industries that can lead to equipment failure,
physical damage to property, and physical harm to people. It offers
broad coverage limits and terms typically not available in
stand-alone cyber data breach policies.
CyberEdge PC enhances a customer’s existing commercial lines
insurance program by providing cyber event protection on an excess
and difference-in-conditions basis. The product addresses coverage
gaps in property, casualty, energy, aerospace, marine,
environmental, healthcare, and financial lines policies, where
cyber-related exposures may be excluded or coverage too
limited.
AIG’s expanded cyber offering supports the Commerce Department’s
National Institute of Standards and Technology’s (NIST) Framework
for Improving Critical Infrastructure Cybersecurity. Released in
early 2014, the framework is designed to help companies in critical
infrastructure industries strengthen cyber risk management programs
to protect information and physical assets from cyber attack.
“Cyber risk goes well beyond data privacy concerns covered by
stand-alone cyber insurance offerings prevalent in the market. The
physical risk of a cyber attack or cyber event to property and
people is very real, and it can now be specifically and
unambiguously addressed with expanded cyber insurance coverage that
dovetails with existing insurance,” said Tracie Grella, Global Head
of Professional Liability, AIG.
As part of the offering, customers receive access to AIG’s 24/7
hotline for support during a cyber event, risk mitigation tools and
services, specific property and casualty cyber underwriting
expertise, dedicated claims handlers, and the expert services of
trusted attorneys and other vendors that specialize in handling
cyber-related events.
CyberEdge PC is an extension of AIG’s CyberEdge product line,
which has been providing stand-alone insurance coverage since 1999
to help customers manage risks associated with data breaches by
covering costs of forensic investigations, credit monitoring,
reputation management, business interruption, and compliance with
state breach notification laws.
To learn more, visit www.aig.com/CyberEdge.
American International Group, Inc. (AIG) is a leading
international insurance organization serving customers in more than
130 countries. AIG companies serve commercial, institutional, and
individual customers through one of the most extensive worldwide
property-casualty networks of any insurer. In addition, AIG
companies are leading providers of life insurance and retirement
services in the United States. AIG common stock is listed on the
New York Stock Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com |
YouTube: www.youtube.com/aig |Twitter: @AIGInsurance | LinkedIn:
http://www.linkedin.com/company/aig |
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent
third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally
participate in state guaranty funds, and insureds are therefore not
protected by such funds.
American International Group, Inc.Media:Matt Gallagher,
212-458-3247matthew.gallagher2@aig.com
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