For more than 20 years, AIG has helped our clients protect their data, networks and IT systems. Society’s increasing reliance on technology has underscored just how important this support can be, and future events like the spread of 5th generation wireless and virtual reality technologies will only increase the need for our clients to protect themselves against emerging cyber risks.
As a provider of cyber insurance, one of our important roles is to help companies better manage cyber risk at the onset and guide them on how to strengthen their controls to mitigate or avoid significant loss in the future. The cyber insurance we offer provides our clients with financial protection by means of risk transfer and supports our customers through the post-incident response.
AIG collaborates with our stakeholders, including customers, claims professionals, cyber risk advisory teams and leading cybersecurity experts, to understand the cyber threat landscape and root causes of reported events. We integrate these findings into the underwriting process and share this knowledge with cyber insurance customers and applicants.
We assess loss potential from “affirmative” cyber coverage by performing rigorous portfolio aggregation analysis using a proprietary QlikView-based “Cyber Portfolio App” and a proprietary stochastic scenario model. Should an incident occur, the AIG Claims team is on call and ready to respond. Our Claims staff is proud to have helped thousands of companies recover operations after damaging cyber security events such as data breaches, ransomware attacks and system outages.
AIG also enhances cyber insurance underwriting by acquiring externally observable data about an organization’s digital footprint from third parties. This data assists us in identifying precursor malware events or software vulnerabilities that may be exploited by criminal actors designed to cause substantial loss to victim companies.