In response to the rapid increase in reports of cybercrime, insurance juggernaut
American International Group (
AIG) has a launched a stand-alone cyber insurance policy. The product, named CyberEdge Plus, covers business interruption, product liability, property damage and bodily injury that results from cyberattacks and offers limits of up to $100 million. The policy gives brokers a good opportunity to provide vital protection to their clients, many of whom are becoming increasingly aware of the possible consequences of cybercrime.
Organizations now have the ability to “secure coverage from one company and one policy form to address multiple cyber exposures and the severity of those exposures, from cyber security data breach to hackers causing physical damage,” said head of cyber risk insurance for AIG, Tracie Grella, in an emailed statement.
As well as providing organizations with coverage for third-party claims arising from a failure in network security or the failure to protect data, CyberEdge provides protection against business interruption caused by a cyber security failure.
The CyberEdge policy also has its own mobile app, which provides users with the latest cyber breach information, news and opinion. The app also features a Data Breach Threat Map, which displays cyber breaches happening around the world and a breach calculator that allows users to calculate the potential costs associated with a cyberattack.
“Cyber is a peril. It can no longer be considered a risk covered by a traditional network security insurance product,” said Grella. “Companies in all industries need access to coverage for property and liability exposures that come with cyber connectivity, and they need that coverage to start at the primary level.”
