AIG is now offering consumers personal cybersecurity coverage.
The company's Family CyberEdge product provides coverage to customers who fall victim to threats including cyber extortion and cyberbullying. The insurance, subject to applicable terms and conditions, covers expenses related to data restoration and crisis and reputation management, among other solutions.
In addition, AIG is collaborating with the Private Client Services team of its strategic partner K2 Intelligence – an investigative, compliance and cyber defense services firm – to provide AIG Private Client Group policyholders with information that will enable them to manage their cyber risks more proactively.
“Family CyberEdge reinforces AIG as an industry leader by offering our high net worth clients the type of cyber coverage employed by large companies to protect against cyber attacks. With this new option, AIG continues to provide our high net worth clients with high quality, world-class insurance coverage,” said Gaurav D. Garg, President and CEO of the Personal Insurance business. “CyberEdge is a product that AIG, with its scale and resources, is uniquely capable of providing to individuals to thwart the growing threat of cyber risk.”
Clients receive a wide range of supplemental risk mitigation services, including a holistic assessment of devices, home networks, wireless access points and secure online accounts; training services for family members; online monitoring that assesses and tracks the availability of personal information; and a set of cyber assistance tools and resources including assistance from experienced fraud experts, provided by the identity and data defense specialist, CyberScout.
“The prevalence of smart applications and other technology has created exposure and risks that today’s households are not very well prepared to manage,” said Tracie Grella, Global Head of Cyber Risk Insurance at AIG. “As cyber threats become increasingly more sophisticated and intrusive, it is important for homeowners to have access to services and protection that help enhance cyber security, and that can react when that security fails.”