DUBAI, U.A.E - 12 December, 2012 - American International Group (AIG), a leading international insurance organization, has today announced the launch in the Middle East of CyberEdge, a bespoke  product offering business risk and insurance cover to negate the threat of cyber-attacks to a company - a first for the region.  

"Companies of varying sizes across the world are targets for  sophisticated cyber threats seeking to breach their systems and access sensitive data and the Middle East is no different", explains Juliette Pettit, Head of Professional Indemnity, MEA Region, AIG. "CyberEdge helps protect organisations from the millions in losses that can result from cyber threats. The average cost for Crisis services such as IT forensics, legal counsel, notification are US$983,000 per event *".

A key feature of CyberEdge is the Data Crisis Response Team which provides the policyholder with direct assistance from specialist legal experts and public relations advisors in the event of a data crisis event. This team will look to protect the company's reputation and provide crisis management services..

CyberEdge allows AIG to respond swiftly to manage and mitigate a data breach, be it through hackers accessing data, a rogue employee leaking sensitive information, a vendor error putting information at risk or a "hacktivist" looking to use a company's private data to further their cause.

"No company is immune to data mining attacks and it does not appear that it is any harder for a cybercriminal to compromise a large organization, as it would be to access a smaller one. We advise all companies to be vigilant, make sure they have proper measures in place to deflect threats and also be prepared should the worst happen. CyberEdge provides an extra layer of defense in a fast changing landscape."

AIG has recently been rebranded from Chartis in the UAE, following a worldwide initiative to refresh and modernize the brand.

CyberEdge covers:

  • Personal data liability - breach of personal information / data protection

  • Corporate data liability - breach of corporate information

  • Outsourcing - breach of data protection by an outsourcer where the data user or policyholder is legally liable

  • Data security - damage resulting from any breach of duty that ends in:

  • Contamination by malicious code of third party data

  • Improper or wrongful denial of access by an unauthorised third party to data

  • Theft of an access code from premises, computer systems or employees

  • The destruction, modification, corruption, damage or deletion of data stored on any computer system due to a breach of data security

  • Defence costs - both civil and criminal claims, including defence costs regarding prosecution brought by a data protection authority

CyberEdge additional benefits include:

  • Data administrative investigation - provides costs and expenses for legal advice and representation in connection with a formal investigation by data protection or other authority

  • Data administrative fines - covers insurable fines and penalties imposed by a government authority, regulator or data protection authority for a breach of data protection laws or regulations

  • Notification and monitoring costs - provides costs and expenses of the data user for the legally required disclosure to data subjects

  • Repair of company or individual's reputation - reimbursement of costs incurred in relation to reputational damage due to a claim covered by this policy

  • Electronic Data - determining whether Electronic Data can or cannot be restored, recollected, or recreated;

  • Wide definition of insured - including director or partner, in-house counsel, data protection officer, Chief Compliance Officer, employee, estates or legal representatives of insured

  • Wide definition of data, data protection, breach of duty

  • Data Crisis Response - specialist access to and direct assistance from specialist expert Legal and Public Relations advisors in the event of a Data Crisis Event to protect the Insured's Reputation.

(* 2012 NetDiligence Claism Study) 

American International Group, Inc. (AIG) is a leading international insurance organization serving customers in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional, and individual customers through one of the most extensive worldwide property-casualty networks of any insurer. In addition, AIG companies are leading providers of life insurance and retirement services in the United States. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all jurisdictions, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties.

© Press Release 2012