AIG Expands Cyber Coverage to Include Physical Risks Posed by Cyber Attacks,
NEW YORK -- April 23, 2014
American International Group, Inc. (AIG) insurers today announced an expansion
of their cyber insurance offering to include property damage and bodily injury
exposures. This is a market-leading cyber offering that provides commercial
customers a way to manage physical risks to their operations from cyber
attacks and cyber 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 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 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.
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.
American International Group, Inc. (AIG) is a leading international insurance
organization serving customers in more than 130 countries. AIG companies serve
commercial, institutional, and individual customers through one of the most
extensive worldwide property-casualty networks of any insurer. In addition,
AIG companies are leading providers of life insurance and retirement services
in the United States. AIG common stock is listed on the New York Stock
Exchange and the Tokyo Stock Exchange.
Additional information about AIG can be found at www.aig.com | YouTube:
www.youtube.com/aig |Twitter: @AIGInsurance | LinkedIn:
AIG is the marketing name for the worldwide property-casualty, life and
retirement, and general insurance operations of American International Group,
Inc. For additional information, please visit our website at www.aig.com. All
products and services are written or provided by subsidiaries or affiliates of
American International Group, Inc. Products or services may not be available
in all countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent third
parties. Certain property-casualty coverages 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.
American International Group, Inc.
Matt Gallagher, 212-458-3247
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