AIG extends cyber offering in Europe

AIG in Europe has extended its cyber offering in response to the growing threat of potential property damage and bodily injury loss resulting from a cyber attack or security failure.

AIG said the offering, CyberEdge PC, is a first of its kind product that will fill gaps with excess and drop-down cover for underlying property, casualty, aerospace, marine, environmental, healthcare, E&O, D&O, cyber, or fidelity insurance policies.

Policy holders will have access to CyberEdge’s end-to-end risk management services, including infrastructure vulnerability scanning powered by IBM and direct access to IBM’s security specialists through a 24/7 hotline for support if they suspect their systems have been compromised.

Raheila Nazir, ‎cyber & TMT liability manager, UK, said: “Cyber attacks are evolving and are no longer limited to data breaches and business interruption. As organisations increase their reliance on integrated computer networks, cyber attacks increasingly pose a physical threat to property and in some cases harm to people. In just one recent example the industrial control systems of hundreds of energy companies were infected by a powerful piece of malware known as ‘Energetic Bear’, which allows its operators to cripple physical systems potentially resulting in a fire or explosion that could cause massive damage and loss of life.

“This additional layer of protection helps organisations to manage the risk of physical damage posed by cyber attacks, provides them with peace of mind and allows them to stay ahead of the cyber risk curve.”