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Why Choose AIG for Cyber Liability Insurance?

Protect your company against cyber threats

The digital and online revolution continues to offer businesses opportunities and efficiencies while simultaneously creating a new set of complex cybersecurity issues. In this rapidly changing world, CyberEdge provides organisations with an end-to-end risk management solution to stay ahead of the cyber risk curve.

This insurance is available for all types of firms, regardless of their turnover and activities. Every firm depending on a computer system is exposed to risks of interruption of this system and so of his activity. Every firm that stores, treats or transmits data can be subject to data theft or manipulation.

AIG Cyprus Cyber Liability Solutions

Organisations are increasingly placing data and networks at the centre of their operations and they can face significant financial losses if a cybersecurity incident occurs. CyberEdge is a flexible modular policy that allows businesses to select coverage that match their requirements.

Here are some of the cover modules available:

When a cybersecurity breach is suspected, most businesses do not have the capability to diagnose the issue and respond swiftly. CyberEdge’s First Response cover provides emergency access to a legal response advisor and IT specialist that can delivery critical support and a coordinated response. No retention applies for an initial period.

After a cyber-attack, organisations will require a range of services to get their business back on track. CyberEdge’s Event Management pays for Legal, IT and PR services as well as Credit and ID Monitoring in addition to Data Restoration and Breach Notification costs.

Data Protection & Cyber Liability responds to third-party liability claims arising from a failure in network security. This includes cover for defence costs and liability claims resulting from the breach of confidential information along with cover for defence costs and insurable fines incurred during a regulatory or PCI investigation.

Almost all consumer facing businesses now rely heavily on the web for direct sales or customer relationship management, and even traditional industries like manufacturing and transportation require network connectivity to operate efficiently. Network Interruption covers loss of income and mitigation expenses when business operations are interrupted or suspended due to cybersecurity incident.

Outsourced Service Providers (OSPs) provide a range of valuable services to organisations such as web hosting, payment processing, data collection and storage. CyberEdge’s OSP endorsement extends Network Interruption cover to include losses and mitigation costs arising from an OSP security or system failure.

Not all system failures are attributable to a cybersecurity breach, unintentional and unplanned outages can also result in network interruption losses. CyberEdge’s System Failure endorsement extends Network Interruption cover to include losses and mitigation costs resulting from an internal system failure not arising from a cybersecurity breach.

A cybersecurity breach isn’t the only reason data can be lost or corrupted. Power surges, natural disasters, overheating and physical vandalism can also result in data not being accessible. The Electronic Data Incident extension simply adds another insured event to the Event Management section of a CyberEdge policy and covers accidental damage or destruction of a company’s computer system.

In a fast moving digital environment, it is now easier than ever for companies to inadvertently infringe on trademarks, misappropriate creative material  or inadequately check facts. The Digital Media extension covers damages and defence costs in connection with a breach of third party intellectual property,or negligence in connection with electronic content.

In addition to online hacking, businesses also face the risk of phone hacking. Referred to as PBX dial through fraud, this is where fraudsters target telephone systems to make calls to premium rate numbers. CyberEdge’s Telephone Hacking extension covers charges from unauthorised access and use of a business’s telephone system, regardless of whether this is initiated on or off their premises.

Fund transfer fraud is a form of computer crime where criminals use details obtained from a cybersecurity breach to fraudulently transfer funds from an account maintained at a financial institution. CyberEdge’s Computer Crime extension covers direct financial loss from fraudulent electronic fund transfers arising from a cybersecurity breach.

Cyber incidents can negatively impact a customer’s relationship with an organisation. Goodwill coupons, such rebates or discounts, can go a long way to reverse that ill-feeling. CyberEdge’s Goodwill Coupon extension provides flexibility to offer customers a Goodwill Coupon instead of Credit and ID Monitoring if confidential information has been breached or if individuals have been unable to access a service due to disruption.

A Criminal Reward Fund may be paid for information that leads to the arrest and conviction of individuals who have or are attempting to commit an illegal act relating to cover provided under a CyberEdge policy. This relates not only to hackers and cyber criminals but also includes rogue employees, thus rewarding staff who notice and report suspicious behaviour.