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Chartis Enhances CyberEdgesm to Address Latest Privacy and Data Security Risks
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NEW YORK – June 21, 2012 – The Chartis insurers today announced enhancements to its network security and privacy insurance solutions, recently rebranded as CyberEdge, to better address evolving risk trends, including:

  • coverage for confidential information protected under foreign privacy laws and breach notification laws;
  • expansion of the definition of a privacy event to include the failure to comply with an organization’s privacy policy or the wrongful collection of confidential information;
  • inclusion of a “goodwill option” that provides policyholders with the option to offer a credit, coupon or rebate for future purchases in lieu of credit/identity monitoring in the event of a data breach; and
  • updated definition of a computer system to include coverage for an organization’s use of cloud computing resources.

In addition to the coverage available for litigation stemming from a network security or privacy breach, and costs associated with managing and addressing a privacy event, security failure, network interruption or cyber extortion threat, CyberEdge provides insureds with services aimed at preventing loss. These include two complimentary hours of risk consultation with a leading privacy attorney and/or an IT security assessment expert. Insureds also receive access to the eRisk Hub risk management and loss prevention portal that features information on security and privacy best practices; insights on the legal, risk and regulatory environment; and tools to support breach recovery planning.

“As the security and privacy landscape continues to evolve, trending threats are emerging, such as the zip code-related claims under California’s Song-Beverly Act. Concerned with the potential income loss when a cloud computing vendor has a system failure, insureds need their policies to outpace these complex exposures,” said John Gambale, head of Professional Liability for Chartis U.S. and Canada. “When you consider the enhancements to CyberEdge, coupled with the features already offered, Chartis continues to raise the bar for cyber and privacy insurance solutions.”

For more information on CyberEdge, please send an e-mail to cyberedge@chartisinsurance.com or visit http://www.chartisinsurance.com/us/cyberedge.

About Chartis

Chartis is a world leading property-casualty and general insurance organization serving more than 70 million clients around the world. With one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.

Chartis is the marketing name for the worldwide property-casualty and general insurance operations of Chartis Inc. For additional information, please visit our website at http://www.aig.com/home_3171_411330.html. All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain coverage 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.

Selena Morris