American International Group Inc., the biggest seller of cyber insurance to businesses, is bringing cyber insurance and risk mitigation services adapted from its CyberEdge commercial insurance product to its high net worth personal lines insurance clients.
AIG is offering the new product, called Family CyberEdge, to policyholders of its Private Client Group who are victims of threats including cyber extortion and cyber bullying. The insurance covers expenses related to data restoration and crisis and reputation management, among other claims.
In addition, AIG said it is collaborating with its strategic partner K2 Intelligence – an investigative, compliance and cyber defense services firm – to provide AIG Private Client Group policyholders with information that will enable them to manage their cyber risks more proactively. K2 Intelligence is partly owned by AIG.
Gaurav D. Garg, president and CEO of the Personal Insurance business at AIG, said CyberEdge is a product that AIG, with its scale and resources, is “uniquely capable of providing to individuals to thwart the growing threat of cyber risk.”