Cyber-insurance spurs AIG in a new mode

NEW YORK, USA: As cyber risk rapidly becomes a top-of-mind concern for senior executives and boards across industry segments, American International Group forges key new partnerships with cybersecurity experts to expand the risk mitigation and prevention services it offers cyber insurance clients.

The partnerships include: K2 Intelligence, BitSight Technologies, RSA, and Axio Global. Services from these partners complement AIG’s CyberEdge risk management and insurance product, which helps clients manage the expanding threat of cybersecurity attacks and failures, as the company explains.

Through these partnerships, AIG CyberEdge policyholders can access pre-breach threat intelligence, governance tools, and the latest best practices to help gain a holistic understanding of their cybersecurity exposure, including the responsiveness of their insurance program to a cyber attack.

“The threat of cyber attack continues to grow. Companies are becoming more aware that the costs can be steep for those that fail to understand, mitigate, and transfer cybersecurity risk,” said Tracie Grella, Global Head of Professional Liability, AIG. “Partnering with leading cybersecurity firms provides our clients with another layer of expertise and protection to help mitigate and manage this growing and evolving risk.”

AIG says it is making some new services available to its CyberEdge clients like - Customized threat intelligence from K2 Intelligence so that companies can leverage K2 Intelligence’s proprietary tools and tradecraft to perform due diligence when engaging in a merger or acquisition, or to manage its overall cyber risk; BitSight Security Ratings by BitSight Technologies that covers externally observable data such as botnets, malware, and spam, to continually rate a company’s cybersecurity posture (When a company’s or a vendor’s security rating changes, it may be a signal that their systems have been compromised) and Cybersecurity maturity assessment by RSA.

It also entails in its scope consultation with Axio Global, players in developing complete cyber risk management solutions. Through an approach that integrates exposure quantification, program evaluation, benchmarking, and the deployment of appropriate insurance coverage, Axio’s work is said to address the full range of potential cyber losses, including physical damage, bodily injury, environmental damage, and other advanced forms of loss - as what the announcement tells.

AIG adds that its qualified CyberEdge clients also continue to have access to the existing services of RiskAnalytics and IBM wherein RiskAnalytics provides clients with the active detection, intelligence, and shunning of IP addresses that are known cyber threats and helps companies manage the human, legal and financial elements of risk, through training, policy and education; as explained.

AIG or American International Group, Inc., a well-known insurance player, shares that it has been providing stand-alone cybersecurity insurance coverage since 1999 to help customers manage risks associated with data breaches by covering costs of forensic investigations, credit monitoring, reputation management, business interruption, and compliance with state breach notification laws.