Property damage and bodily injury exposures are now part of the cyber insurance offering from American International Group (AIG).
“Cyber risk goes well beyond data privacy concerns covered by stand-alone cyber insurance offerings prevalent in the market,” said Tracie Grella, global head of professional liability at AIG. “The physical risk of a cyber attack or cyber event to property and people is very real and it can now be specifically and unambiguously addressed with expanded cyber insurance coverage that dovetails with existing insurance.”
AIG’s CyberEdge PC product now offers ways to manage physical risks from cyber attacks in response to growing incidents and threats of cyber attacks directed at commercial industries, which have the potential to lead to equipment failure, physical damage to property and physical harm to people.
The product expansion is now designed to fill gaps where cyber coverage was excluded or limited in property, casualty, energy, aerospace, marine, environmental, healthcare and financial lines policies.
AIG said CyberEdge PC supports the Commerce Department’s National Institute of Standards and Technology’s (NIST) recently released framework meant to provide a voluntary guide for nationally critically industries.
ALSO READ: NIST issues cybersecurity standards
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