AIG eBusiness Risk Solutions Expands Coverage against
Cyber Security Threats
New Features Address Network Business Interruption, CyberTerrorism, Forensic Expenses, and Identity Theft
AIG eBusiness Risk Solutions (AIG eBRS), a unit of the property and casualty subsidiaries of American International Group, Inc. (AIG) has enhanced its AIG NetAdvantage(R) Suite of network security insurance and risk management services to address the increasing exposure to threats of viruses, hackers, information theft and destruction, and cyber terrorism.
The AIG NetAdvantage(R) Suite 2003 has significantly expanded internet and network insurance coverages with new features, including:
-- Network Business Interruption, providing payment for both online and offline business interruption losses following a computer attack^; includes coverage for extended business interruption losses and dependent business interruption losses^;
-- Forensic Expenses and Extra Expense coverage, providing reimbursement for computer attack forensic and investigation expenses and payment for certain additional expenses incurred to restore the insured business^;
-- Broadened Network Security Liability coverage for third party damages and defense costs for legal liability arising out of a covered computer attack on the insured's network, including punitive damages^;
-- Broadened definition of Computer Attack including both targeted and non-targeted attacks^;
-- Identity Theft liability coverage for theft of electronically stored personal information of employees, customers, or clients of the insured^; an optional AIG identity theft call center is also available^;
-- Cyber-terrorism coverage available by endorsement for broadly defined Acts of Terrorism, providing coverage for both "certified" and "non certified" Acts of terrorism, as defined in TRIA^; coverage provides for first- and third-party loss, damage to data, business interruption and third-party liability resulting from acts of cyber terrorism^;
-- Physical theft of hardware containing data and information assets.
"As the leading provider of network security and cyber-risk insurance, AIG eBRS is continually re-examining its product set to meet the new risks and challenges of today's business environment," said Ty R. Sagalow, Executive Vice-President and Chief Operating Officer of AIG eBRS. "Traditional policies generally do not cover data and information systems from security threats, leaving businesses more vulnerable and in considerable need of protection from network risk."
AIG eBRS also makes available critical loss prevention services through members of the AIG Technology Alliance, including free on-site security assessments for qualified applicants.
The AIG NetAdvantage(R) Suite 2003 can be tailored to address the needs of each customer and is provided on a worldwide and system-wide basis. To learn more about the new Suite's benefits and services, please visit www.aignetadvantage.com.
About AIG eBusiness Risk Solutions
AIG eBusiness Risk Solutions (AIG eBRS), a unit of the property and casualty subsidiaries of American International Group, Inc., is a global leader in identifying, evaluating and managing network security-related risks. Through the member companies of American International Group, Inc., AIG eBRS offers a comprehensive suite of insurance products and risk management services that protect corporate and personal assets from the emerging exposures inherent in today's ever-changing environment. For more information, please visit www.aigebrs.com.
AIG is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance, and AIG American General is a top-ranked life insurer. AIG's global businesses also include financial services, retirement savings and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement savings businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo
^macro[showdigestcomments;^uri;AIG eBusiness Risk Solutions Expands Coverage against Cyber Security Threats]