AIG expands cyber insurance offering
Insurer American International Group (AIG) has expanded its cyber insurance offering to include property damage and bodily injury exposures.
The 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.
CyberEdge PC is an extension of AIG’s CyberEdge product line, which has been providing stand-alone insurance coverage since 1999.
The solution 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, said the company.
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.
