Cyber Liability Insurance CyberEdge® (AIG)
In a rapidly changing landscape, CyberEdge® provides innovative protection to help businesses safeguard against sensitive data breaches, computer hacking, dumpster diving, computer viruses, employee sabotage or error, and pilferage of information and identity theft.
CyberEdge includes the following coverages provided through the Specialty Risk Protector policy form:
Security and privacy liability insurance: coverage for third-party claims arising from a failure of the insured’s network security or a failure to protect data. 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 by paying costs of 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: coverage responds to a material interruption of an insured's business operations caused by a network security failure by reimbursing for lost income and operating expenses.
Cyber extortion insurance: coverage responds to the threat of intentional security attacks against a company by an outsider attempting to extort money, securities, or other valuables. This includes monies paid to end the threat and the cost of an investigation to determine the cause of the threat.
Who needs the Insurance?
Any company that collects, maintains and manages databases of any type is at risk information theft event, whether it is cyber theft or theft of tangible property containing corporate information. The era of computers, data stored is a threat to almost every organization and therefore all organizations in each sector