|AIG Survey Finds More Insurance Decision Makers Concerned about Cyber Threat than Other Major Risks|
Develops First-Ever Cyber Risk Management Mobile App, Launches Other Tools to Complement CyberEdge Insurance Solution, Meet Demand for Cyber Threat Information
More than 85% of the 258 decision-makers surveyed said they were very or somewhat concerned about cyber risks to their organizations, compared with the group’s response to six other areas of risk, including income loss (82% of executives were very or somewhat concerned), property damage (80%), and securities and investment risk (76%).
Additional survey results, which include input from insurance brokers, found high demand among executives and brokers for information about cyber threats, with 80% indicating that they find it difficult to keep pace because the cyber threat is evolving so rapidly. This prompted AIG to develop the first-ever mobile app for cyber risk management and to introduce other tools to further strengthen its CyberEdge risk management solution.
Other findings of note provide further insight into the pervasiveness of cyber risk concern among executives and brokers:
“These new survey findings confirm that business leaders view cyber risk
as a top business concern, with great potential for reputational and
financial loss. At AIG, the first company to introduce cyber insurance
in 1999, we are working to address these concerns and provide a valuable
additional layer of support through our comprehensive risk management
solution for cyber insurance,” said
First Cyber App for Cyber Threats
Part of that solution is a free CyberEdge Mobile App for the iPad, which
AIG developed in response to the clear demand for information about
cyber risk and how to help mitigate and respond to it. The app is the
first-of-its-kind for cyber risk information and is available as a free
download to anyone at the iTunes®
The App features the latest cyber news, real-time information on country-wide data breaches, a breach cost calculator, an events calendar and a glossary of common cyber terms. More than 20 claims narratives are included in the App to help brokers and clients better understand how other companies are handling breaches.
Helping Clients Stay Ahead of the Curve
CyberEdge policyholders that qualify now also have access to AutoShun®, a third-party hardware device that sits between a customer’s firewall and the external Internet, to help stop a cyber attack in real-time by blocking inbound and outbound communication with known bad IP addresses. No other insurer offers policyholders this added level of protection.
In addition, AIG has launched the CyberEdge RiskTool, a web portal enabling qualifying CyberEdge policyholders to proactively manage risk management policies, training and compliance to mitigate cyber exposure. The portal provides a simplified process and peace of mind to clients that the risks to their sensitive information and electronic assets are removed, limited or transferred.
“Our focus on innovation continues today as we roll out new tools and
resources. Our clients are already doing everything they can to protect
their organizations. With these new tools, AIG is bringing our
experience and guidance to help our clients stay ahead of the curve,”
About the Survey
On behalf of AIG, Penn Schoen Berland (PSB) conducted the survey of 323
risk managers, IT decision makers, C-suite executives, and brokers in
CyberEdge is a comprehensive cyber risk management solution offered by AIG insurers. In a rapidly changing landscape, CyberEdge provides innovative protection to help businesses safeguard against sensitive data breaches, computer hacking, dumpster diving, computer viruses, employee sabotage or error, and pilferage of information and identity theft. The best way to solve a problem is to prevent it in the first place – but sometimes that's just not possible. In the event that something does make it through a company’s defenses, CyberEdge will be there to help with dedicated cyber claims specialists and an extensive vendor network always at the ready. CyberEdge is available in 34 countries, with additional countries launching cyber coverage on a regular basis.
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of
American International Group, Inc. (AIG)