In a unique move within the cyber liability space, global insurer
AIG has expanded its cyber insurance offering to include both property damage and bodily injury exposures.
CyberEdge PC was created in response to a growing number of incidents in which cyber attacks were directed at commercial injuries, leading to equipment failure and physical harm to both people and property, AIG said. The policy’s limits are not typical of most stand-alone data breach policies in the commercial space.
“Cyber risk goes well beyond data privacy concerns covered by stand-alone cyber insurance offerings prevalent in the market,” said AIG’s Global Head of Professional Liability, Tracie Grella. “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.”
The new product was adapted to fit standards established by the National Institute of Standards and Technology (NIST), which direct companies to follow certain risk management strategies in order to prevent information from becoming compromised in the event of a cyber attack.
CyberEdge PC also gives customers access to AIG’s hotline for support during a cyber event, as well as risk mitigation tools and services, dedicated claims handlers and attorney services.
The product is meant to address coverage gaps in property, casualty, energy, aerospace, marine, environmental, healthcare and financial lines policies. Generally, these products specifically exclude or limit cyber events, AIG noted.
