American International Group (
AIG) recently announced that it is offering comprehensive cyber insurance under its personal coverage line.
Family CyberEdge will be made available to policyholders of AIG Private Client Group, which primarily serves high net worth individuals and families. The company has modeled the new product after its comprehensive CyberEdge Commercial Insurance policy.
Learn more about cyber breach insurance here.
The product offers coverage to customers who have been affected by threats such as cyber-extortion and cyberbullying. The insurance covers expenses related to data restoration, crisis and reputation management, as well as reimbursement for cyber extortion and ransomware, among other things.
Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
AIG is collaborating with its strategic partner, K2 Intelligence (more specifically, the latter’s Private Client Services team), to provide AIG Private Client Group policyholders with advice on how to manage cyber risks more proactively.
Clients with Family CyberEdge will also have access to a range of supplemental risk mitigation services, such as a thorough assessment of devices, home networks, wireless access points and secure online accounts; training services for family members; online monitoring that assesses and tracks the availability of personal information; and access to cyber assistance tools and resources, including assistance from experienced fraud experts, through CyberScout.
“Family CyberEdge reinforces AIG as an industry leader by offering our high net worth clients the type of cyber coverage employed by large companies to protect against cyber attacks,” said AIG Personal Insurance president and CEO Gaurav D. Garg. “With this new option, AIG continues to provide our high net worth clients with high quality, world-class insurance coverage. CyberEdge is a product that AIG, with its scale and resources, is uniquely capable of providing to individuals to thwart the growing threat of cyber risk.”
“The prevalence of smart applications and other technology has created exposure and risks that today’s households are not very well prepared to manage,” said AIG Cyber Risk Insurance global head Tracie Grella. “As cyber threats become increasingly more sophisticated and intrusive, it is important for homeowners to have access to services and protection that help enhance cyber security, and that can react when that security fails.”
Related stories:
Ransomware: The good and the bad for cyber insurers
Will AIG axe more jobs due to Brexit?
.jpg)
