Mega insurer revamps cyber offering

AIG has unveiled a revamp of its Cyber Edge product designed to meet the changing needs of clients in the cyber landscape.

The re-worked coverage features inclusions that will see insureds covered with immediate legal services, with no retention for the first 72 hours post notification of a breach, credit card and ID theft monitoring cover in the event of a data breach, and a new section on failure to notify if the policyholder fails to inform either a data subject or regulator of a breach.

The new policy comes as Australian businesses find themselves governed by stricter data breach notification laws following a discussed amendment to the Privacy Act. Liliana Uhrik, national financial institutions and cyber liability product manager at AIG, said the cover is designed with the new regulations in mind.

“The terms and conditions of the policy are all responsive to the new law’s language and requirements,” Uhrik told Insurance Business. “Cyber-crime now costs the Australian economy over $2 billion annually, and with the introduction of the Notifiable Data Breaches scheme it was timely to modernise CyberEdge in response to market needs.”

Uhrik said that the cover is not only responsive in the event of an attack, but clients are also given the chance to utilise a host of pre-breach services to mitigate against ever-rising cyber risk.

“We want to be there in the prevention of a breach right through to the aftermath,” Uhrik said. “We have a panel of pre-loss consultants who help prevent an attack in the first place – there are a host of services available to clients including vulnerability scanning by IBM, IP blocking, domain protection and awareness training by Bandura, along with vendor security analysis rating reports.”

The cover also provides a round-the-clock hotline giving clients direct access to a team of expert response advisors with an external response panel comprised of legal, IT and PR firms able to assist in the aftermath of an event.