AIG CyberMatics CyberEdge Insurance of cyberrisks

2017: Development of a system of assessment of cyberrisks

In December, 2017 the AIG company announced start of the system estimating cyberrisks of clients and providing more advanced analysis of insurance upon the hacker attacks.

Since November, 2017 underwriters of AIG use a method of the computer analysis which integrates information from the new insurance application developed for this process and data on the current cyberthreats to generate estimates according to different concurrent factors.

AIG started the IT system for the analysis of cyberrisks of clients

The IT system estimates extent of expected influence of cyber attack to business of the company and potential damage from different cyberincidents and also makes the reports on cyberrisks containing the same information which is used by underwriters for clients.

The question of cyberinsurance becomes more and more sharp around the world because of the growing number and increase in complexity of the hacker attacks. Insurance companies try to estimate the potential risk exposure as interest in insurance and cyberrisks grow, Reuters notes.

In October, 2017 AIG stated that it will consider all types of an insurance coverage better to estimate the weak points at assessment of cyberrisks. Other policies of assurance, for example, on the real estate or commercial transport, often do not give information on whether cyberincidents become covered, leaving insurers without clear picture of their general financial risk.

In December AIG announced partnership with cybersecurity companies CrowdStrike and Darktrace for start of CyberMatics service which checks information obtained by AIG from client means of ensuring of cyber defense. According to the president of Darktrace Nicole Eagan, the service uses artificial intelligence to study network of the insured company on existence of strong and weak points.^[1]

2016: Group-IB TDS & AIG CyberEdge - the combined product of protection and insurance upon cybercrimes

On December 7, 2016 the companies Group-IB also AIG announced creation of the complex product Group-IB TDS & AIG CyberEdge. In its structure of function of network traffic control, identification of the purposeful attacks, liability insurance and financial risks.

The product is created as means of opposition to a wave of cyber crime.

Advertizing Group-IB TDS & AIG CyberEdge, (2016)

The solution Group-IB on detection of the target attacks of TDS used by the largest Russian enterprises for years of work did not miss any critical threat. At the same time, any of cybersecurity products cannot provide 100% of protection against cybercriminals and if someone approves to you the return – it will lie. In order that our clients felt safe, we in partnership with AIG in Russia developed really the innovation product on a joint of two directions of business – counteractions to cyberthreats and insurance upon them. It does not have analogs in the Russian market today. Ilya Sachkov, CEO of Group-IB

Group-IB TDS & AIG CyberEdge includes services for identification of the infected devices in network, to prevention of crimes at a preparation stage, protection against theft of data, to insurance on a case of success of malefactors. Action of a product extends to risks of leakage of corporate or personal data and violation of security of the computer system caused by infection, or damage of information. In case of approach of an insurance event the covering of Group-IB TDS & AIG CyberEdge will include expenses on program technical expertize, response to an incident by forces of experts in cyber security, recovery of the lost data and reputation of the insurer and his workers.

Our joint product with Group-IB – logical complementarity of two functions: constructions of protection of a system for the purpose of prevention of an incident and settlement of its effects if date leak after all took place. It is necessary to understand that in some cases cybercriminals for commission of the attacks use not only purely technical means – are used social engineering, deception, bribery, use of insiders. Reflect such sophisticated attacks extremely difficult, but with the advent of Group-IB TDS & AIG CyberEdge any company can find security guarantees. Roman Tikhonenko, the president of AIG in Russia

2014

Insurance programs of cyber-risks CyberEdge. Protection against date leak

The policy of assurance of cyber-risks of CyberEdge offered by AIG company represents the special insurance program for ensuring information protection of personal and other data of the third parties at the enterprise from effects of their leak or illegal use. Except obligatory coverings – losses in connection with violations of data, costs for investigation and expenses on reaction, the policy also covers a number of additional risks, in particular, the breaks in production caused by all types of cyber attacks, virtual racketing and failures in network functioning because of a cyber-incident. Also expenses on overcoming reputational risks and risk of loss of clients are provided.

The question of confidential information protection and personal data on the Internet is particularly acute more than ever today. Any company performing daily processing of electronic personal data by means of use of portable devices, computers, servers, Internet resources is exposed to risks of cyber attacks. Effects of cyber attacks, such as, for example, date leak from your servers, can be very essential. Therefore today it is necessary to pay the main attention to protection against cyber attack, against network hacking and personal data information systems.

The AIG company developed CyberEdgeSM packet – the special program of cyberinsurance for ensuring information personal data protection at the enterprise from effects of their leak or illegal use.

Cyber-risks can be different: from loss of information on one notebook before the attacks connected with functioning of the systems of calculations. The companies also face such problems as failure in work of information systems or cracking of the website.

Loss or personal data leakage can lead to penalties and cause damage to reputation of the company. The hacker attacks can cause a stop of operation of servers, loss of trust to the company and loss of profit. For this reason insurance of information risks is necessary today for any company whose work is directly connected with electronic data processing

Insurance coverage

The responsibility connected with use of personal data or corporate information: losses of the Insurer, including the expenses on protection resulting from the stated or actual violation of personal data or corporate information.

Having rummaged in activity of enterprise/network (an additional option): a covering of loss of net profit as a result of a long break in functioning of network of the insurer called by an attack on network resources and services for the purpose of suspension of operations and difficulty of access to them or violation of a security system of network.

Responsibility, for contents of information (an additional option): a covering of losses and expenses as a result of the public disclosure caused by the stated or actual action, an error, the false declaration, the misleading statement or omission in connection with activity in the area multimedia.

Virtual racketing (additional option): the money paid from the written consent of the Insurer for restriction or the termination of security risk which differently can cause a loss to the Insurer.

Investigations from regulating authorities: a covering of potentially large costs and expenses connected with conducting investigations by regulating authorities.

Anti-recessionary PR: services in reaction in case of date leak, recovery of personal reputation, instructing on a case of a personal data leakage and also expenses on the notifications and monitoring connected with information leak.

Electronic data: a covering of the expenses connected with recovery repeated collecting or reconstruction of information after leak or unauthorized use of data.

See Also