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TheStreet Open House

AIG Survey Finds More Insurance Decision Makers Concerned About Cyber Threat Than Other Major Risks

Stocks in this article: AIG

First Cyber App for Cyber Threats

Part of that solution is a free CyberEdge Mobile App for the iPad, which AIG developed in response to the clear demand for information about cyber risk and how to help mitigate and respond to it. The app is the first-of-its-kind for cyber risk information and is available as a free download to anyone at the iTunes® App Store.

The App features the latest cyber news, real-time information on country-wide data breaches, a breach cost calculator, an events calendar and a glossary of common cyber terms. More than 20 claims narratives are included in the App to help brokers and clients better understand how other companies are handling breaches.

Helping Clients Stay Ahead of the Curve

CyberEdge policyholders that qualify now also have access to AutoShun®, a third-party hardware device that sits between a customer’s firewall and the external Internet, to help stop a cyber attack in real-time by blocking inbound and outbound communication with known bad IP addresses. No other insurer offers policyholders this added level of protection.

In addition, AIG has launched the CyberEdge RiskTool, a web portal enabling qualifying CyberEdge policyholders to proactively manage risk management policies, training and compliance to mitigate cyber exposure. The portal provides a simplified process and peace of mind to clients that the risks to their sensitive information and electronic assets are removed, limited or transferred.

“Our focus on innovation continues today as we roll out new tools and resources. Our clients are already doing everything they can to protect their organizations. With these new tools, AIG is bringing our experience and guidance to help our clients stay ahead of the curve,” stated Tracie Grella, Global Head of Professional Liability, Financial Lines, AIG.

About the Survey

On behalf of AIG, Penn Schoen Berland (PSB) conducted the survey of 323 risk managers, IT decision makers, C-suite executives, and brokers in the United States and Canada who play a role in selling insurance policies or determining insurance programs within their organizations. The survey includes a mix of AIG customers and other companies, including 60 companies with revenue between $1 billion and $10 billion, mid-market businesses with revenue between $10 million and $1 billion, as well as large and mid-sized broker partners. These interviews took place October through November 2012. Overall, margin of error is +/-5.45% and larger for sub-audiences.

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