Learn more about the risk facing companies today and tomorrow in our KNOWLEDGE & INSIGHTS CENTER
Overview
Criminals can attack from anywhere in the world using the Internet, making them harder to track down. They are good at being one step ahead of the system's secutiry measures and softwares that are put in place. Furthermore, data leaks and data losses can lead to regulatory fines and PR nightmares, while cyber attacks could lead to shut-down of servers and loss of both the management's confidence and possibly, the company's profits.
AIG provides a package of solutions that includes insurance and specialist advice. If your defenses are breached, we’ll help you get back to business as usual. From our innovative loss prevention tools, which help educate and potentially prevent a cyber-security breach, to the services of our Data Crisis Response Panel if a breach does occur, our customers receive responsive guidance every step of the way.
Product highlights
Pro-active forensic services
Aside from actual data security breaches, the client may contact the Forensic Services Advisor team in the event of a suspected Data Security Breach. It includes forensic services following a data breach; assistance to repair company and individual reputations; breach coaching, and associated notification costs.
Cyber extortion
This covers the Insured against any threat to commit a local, cross-border or multi-country attack against the Insured’s Computer System for the purpose of demanding money, securities or other property of value from the Insured. Furthermore, it covers investigation costs in relation to the cyber breach.
Network interruption
This covers the loss of revenue of the Insured due to a cyber-attack.
Administrative obligations
Regulatory investigations in relation to data protection may potentially result to significant costs and expenses. This policy then covers them, along with the fines following data security breaches.
Who is it for?
CyberEdge® caters for clients in financial institutions, technology and communications, medical/healthcare, and professional services industries. It offers an end-to-end risk management solution to stay ahead of the curve of cyber risk. This product helps clients in preventing and safeguarding against sensitive data breaches, computer hacking, employee error and more.
What is covered?
CyberEdge® acts as the Insured’s solution for liabilities triggered by data loss, data breach, etc. Click below to learn more about its extensive coverage.
Data liability
This covers the loss arising from the breach of personal or corporate information, data loss or security breach and defense costs. The Insured is also covered for outsourcing liability if the company’s outsourcer has a breach of personal or corporate information.
Electronic data
This covers the cost of restoring, recreating or recollecting data after a breach.
Fines and investigations
This covers fees, costs and expenses for fines, legal advice & representation that the client is legally obligated to pay following data security breaches.
Forensic services
This provide access to a pro-active Forensic Services Advisors once a suspected or actual data breach occurs to assist in identifying the cause of the breach and provide recommendations as to how this can be prevented or mitigated.
Repair reputational damage
Covers the PR services fees in relation to reputational damage assessments and remediation needed after a cyber breach.
Notification & Monitoring
This covers fees, costs and expenses incurred for the disclosure of a data breach and costs associated with identity theft, education, and credit file or identity monitoring arising from data breaches.
Network interruption (optional)
This covers the loss of net profit due to a material interruption on the client’s network as a result of a cyber breach.
Media content (optional)
This covers any loss arising out of an alleged or actual error, misstatement, misleading statement or omission of the Insured in connection with broadcasting, distribution, etc. of media content materials. Some examples are infringement of copyright, trademark, plagiarism, false light, public disclosure of private facts, libel or slander committed without malice, etc.
Cyber extortion (optional)
This covers money paid by an Insured to end a Security Threat that might otherwise harm the Insured.
How to make a claim?
When you buy insurance from AIG, you can have confidence that we stand ready to help you recover quickly when the unexpected happens. The claims operation that underpins every AIG policy is one of our greatest strengths, with a strong local claims team backed by our global network of expertise to support you when you face a loss.
For claims associated with CyberEdge®, please reach out to your insurance broker to assist you. The client must report in writing to AIG as soon as practicable and within the Policy Period. Potential facts or circumstances that may lead to a claim should be reported prior to the expiry of the Policy Period.
You may also contact us at:
Email: phlweserve_CML@aig.com and financiallines.phl@aig.com