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Cyber threats can have serious consequences.

Risks range from loss of information on a single laptop to the threats posed by cloud computing. Businesses may also face issues regarding denial of service or defacement and disruption to their web presence.

Data leaks and data losses can lead to regulatory fines and PR nightmares. Cyber attacks could lead to shut-down servers, loss of confidence or loss of profits.

AIG has developed ‘CyberEdge’ – an innovative protection package designed to counter some of the potentially far-reaching consequences of data leaks and breaches.

Features & Benefits

  • Fines and investigations – Covering the potentially significant costs and expenses of data protection regulator investigations and legally insurable fines following data security breaches
  • Crisis management –This includes: Cyber incident response services following a data breach, PR repair of company and individual reputations, breach coaching, and notification and monitoring costs associated with a breach of information
  • Electronic data – Covering the costs of making data safe again after a leak or breach

Cover
Security & Privacy Liability Insurance
Coverage against third-party claims arising from a failure of the insured’s network security or a failure to protect personally identifiable information. The insurance also responds to regulatory actions in connection with a security failure, privacy breach or the failure to disclose a security failure or privacy breach.

Event Management Insurance
Coverage responds to a security failure or privacy breach, paying costs of notifications (including voluntary notifications), public relations and other services to assist in managing and mitigating a cyber incident. Forensic investigations, legal consultations and identity monitoring for victims of a breach are all included.

Network Business Interruption Insurance
Responds to loss of income and operating expenses when a company’s business operations are interrupted or suspended due to a network security failure.

Cyber Extortion Insurance
Responds to the threat of intentional security attacks against a company by an outsider attempting to extort money, securities or other valuables. Also includes the cost of an investigation to determine the cause of the threat.

Through our 60 Second Cover Guides below explore the cover modules that make-up a CyberEdge policy and why businesses need them.
 

First Response coverage provides 24/7 access to a cyber-response team during a security breach or denial of service attack.

 

Event Management covers the costs to retain legal, IT forensics and public relations services to assist in managing and mitigating a covered privacy or network security incident.

Data Protection & Cyber Liability responds to third party liability for claims arising from a failure of the insured’s network security.

 

Network Interruption responds to an insured’s loss of income and operating expenses when business operations are interrupted or suspended due to a failure of network security.

Extends Network Interruption cover to include losses and mitigation costs arising from a security or system failure at an Outsourced Service Provider (OSP).  

Extends Network Interruption cover to include losses and mitigation costs resulting from an internal system failure not arising from a cyber-security breach.

Adds another insured event to the Event Management section of a CyberEdge policy and covers accidental damage or destruction of a Company’s Computer System.  

Covers damages and defence costs arising from a breach of third party intellectual property or negligence in connection to electronic content.

Covers organisations against losses resulting from an extortion threat. This includes ransoms to end an extortion as well as fees incurred from specialist cyber extortion advisors.  

Covers charges from unauthorised access and use of a business’s telephone system, regardless of whether this is initiated on or off their premises.

Covers direct financial loss from fraudulent electronic fund transfers arising from a cybersecurity breach.  

 

Covers costs to provide discounts or rebates to customers and can be triggered under the Event Management section if an individual’s data has been compromised, or under the Network Interruption section if a service has been disrupted. 

A Criminal Reward Fund may be paid for information that leads to the arrest and conviction of individuals attempting to commit an illegal act relating to cover provided under a policy.