|AIG Expands Cyber Coverage to Include Physical Risks Posed by Cyber Attacks, 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
“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
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.
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of
American International Group, Inc.