If your defences are breached, we’ll help you get back to business as usual
AIG was the first insurance company to introduce Cyber Insurance to the Finnish market. We have a long experience in this type of insurance and cyber risks both globally and locally. Our Cyber Insurance has an extensive cover that can be tailor-made to fit your company’s requirements.
Data leaks and data losses can lead to regulatory fines and nightmares from a public relations perspective, while attacks could lead to shut-down of servers and loss of both confidence and profits. AIG understands this and provides a package of protection that includes insurance and specialist advice.
Our response team of experts, including top tier law firms and forensic consultants, will respond in a crisis and help our clients take the best course of action.
Cyber incident response services include services to repair the reputation of companies and individuals, breach coaching and any breach of information notification and monitoring costs.
Our Cyber Insurance covers data restoration, recollection and recreation following a security breach or data leak.
As the General Data Protection Regulation (GDPR) came into force in May 2018, organizations will face the prospect of significantly increased fines and mandatory notification requirements. If it is not already, the GDPR will make data protection a
boardroom level issue and will force organizations to closely examine how they would respond to a data breach.
AIG’s Cyber Insurance is suitable for most companies irrespective of their line of business.
AIG’s Cyber Insurance is a modular policy that allows businesses to select cover options that reflect the risks they face. The cover modules listed below embody our most forward thinking solutions to cyber risks while also addressing the evolving manner in which criminals are exploiting technology.
First Response 24/7
When a cyber security breach is suspected, most businesses do not have the capability to diagnose the issue and respond swiftly. Our Cyber Insurance’s First Response cover provides emergency access to an IT specialist and legal response advisor that can deliver critical support and a coordinated response. No retention applies for an initial period.
Data Protection & Cyber Liability
Our Data Protection & Cyber Liability cover responds to third-party liability claims arising from a failure in network security. This includes cover for defence costs and liability claims resulting from the breach of the protection of confidential information along with cover for defence costs incurred during a regulatory or PCI (payment card industry) investigation.
Businesses may find themselves the target of cyber criminals who use ransomware to encrypt their data until they purchase a key to unlock it. Our Cyber Insurance’s Extortion section covers losses resulting from an extortion threat. This includes ransoms to end an extortion as well as fees incurred from specialist cyber extortion advisors.
Almost all consumer facing businesses now rely heavily on the web for direct sales or customer relationship management and even traditional industries like manufacturing and transportation require network connectivity to operate efficiently. Our Network Interruption section covers loss of income and mitigation expenses when business operations are interrupted or suspended due to a cyber security incident.
After a cyber-attack, organizations will require a range of services to get their businesses back on track. Our Cyber Insurance’s Event Management cover pays for Legal, IT and PR services as well as Credit and ID Monitoring in addition to Data Restoration and Breach Notification costs.
OSP Network Interruption
Outsourced Service Providers (OSPs) provide a range of valuable services to organizations such as web hosting, payment processing, data collection and storage. Our Cyber Insurance’s OSP endorsement extends Network Interruption cover to include losses and mitigation costs arising from an OSP security or system failure.
Not all system failures are attributable to a cyber security breach, unintentional and unplanned outages can also result in network interruption losses. Our Cyber Insurance’s System Failure endorsement extends Network Interruption cover to include losses and mitigation costs resulting from an internal system failure not arising from a cyber security breach.
In a fast moving digital environment, it is now easier than ever for companies to inadvertently infringe on trademarks, misappropriate creative material or inadequately check facts. The Digital Media extension covers damages and defence costs in connection with a breach of third party intellectual property or negligence in connection with electronic content.
In addition to online hacking, businesses also face the risk of telephone hacking. Our Cyber Insurance’s Telephone Hacking extension covers charges from unauthorized access and use of a business’s telephone system, regardless of whether this is initiated on or off its premises.
Fund transfer fraud is a form of computer crime where criminals use details obtained from a cyber security breach to fraudulently transfer funds from an account maintained at a financial institution. Our Cyber Insurance’s Computer Crime extension covers direct financial loss from fraudulent electronic fund transfers arising from a cyber security breach.
Cyber incidents can negatively impact a customer’s relationship with an organization. Goodwill coupons, such as rebates or discounts, can go a long way to reverse that ill-feeling. Our Cyber Insurance’s Goodwill Coupon extension provides flexibility to offer customers a Goodwill Coupon instead of Credit and ID Monitoring if confidential information has not been adequately protected or if individuals have been unable to access a service due to disruption.
Criminal Reward Fund
A Criminal Reward Fund may be paid for information that leads to the arrest and conviction of individuals who have or are attempting to commit an illegal act relating to cover provided under a Cyber Insurance policy. This relates not only to hackers and cyber criminals, but includes also rogue employees, thus rewarding staff who notice and report suspicious behaviour.
This material is for the purposes of information only. Full coverage details will be available in the policy documentation.