AIG Europe Launches Cover for Cyber Attacks
AIG in Europe has extended its cyber offering in response to the growing threat of potential property damage and bodily injury loss resulting from a cyber attack or security failure.
The insurer describes CyberEdge PC as “an innovative product that offers broad coverage terms and limits typically not available in traditional insurance or stand alone cyber policies.”
“Cyber attacks are evolving and are no longer limited to data breaches and business interruption,” said Raheila Nazir, ?cyber and technology, media and telecoms (TMT) liability manager, AIG UK. “As organisations increase their reliance on integrated computer networks, cyber attacks increasingly pose a physical threat to property and in some cases harm to people.
“In just one recent example the industrial control systems of hundreds of energy companies were infected by a powerful piece of malware known as ‘Energetic Bear’, which allows its operators to cripple physical systems potentially resulting in a fire or explosion that could cause massive damage and loss of life.
“However, conventional insurance products may exclude or restrict damage caused by a cyber security failure. CyberEdge PC is a first-of-its-kind umbrella product that fills these gaps with excess and drop-down cover for underlying property, casualty, aerospace, marine, environmental, healthcare, errors and omissions (E&O), directors’ and officers’ liability (D&O), cyber, or fidelity insurance policies.
“This additional layer of protection helps organisations to manage the risk of physical damage posed by cyber attacks, provides them with peace of mind and allows them to stay ahead of the cyber risk curve.”