With cyber risk rapidly becoming a top-of-mind concern for senior executives and boards across industry segments, American International Group (NYSE: AIG) announced key new partnerships with leading cybersecurity experts to expand the risk mitigation and prevention services it offers cyber insurance clients.
The partnerships include: K2 Intelligence, BitSight Technologies, RSA, and Axio Global. Services from these partners complement AIG’s market leading CyberEdge® risk management and insurance product, which helps clients manage the expanding threat of cybersecurity attacks and failures.
Through these partnerships, AIG CyberEdge policyholders can access pre-breach threat intelligence, governance tools, and the latest best practices to help gain a holistic understanding of their cybersecurity exposure, including the responsiveness of their insurance program to a cyber attack.
“The threat of cyber attack continues to grow. Companies are becoming more aware that the costs can be steep for those that fail to understand, mitigate, and transfer cybersecurity risk,” said Tracie Grella, Global Head of Professional Liability, AIG. “Partnering with leading cybersecurity firms provides our clients with another layer of expertise and protection to help mitigate and manage this growing and evolving risk.”
AIG is making the following new services available to its CyberEdge clients:
- Customized threat intelligence from K2 Intelligence. A long-standing expert investigative and intelligence firm, K2 Intelligence uses sophisticated intelligence gathering techniques and investigative tools to collect and analyze chatter about an organization from the deep web and dark net, hidden areas of the Internet where cyber criminals are known to conduct business. Companies can leverage K2 Intelligence’s proprietary tools and best-of-breed tradecraft to perform due diligence when engaging in a merger or acquisition, or to manage its overall cyber risk.
- BitSight Security Ratings by BitSight Technologies. A well-known security rating expert, BitSight analyzes externally observable data such as botnets, malware, and spam, to continually rate a company’s cybersecurity posture. When a company’s or a vendor’s security rating changes, it may be a signal that their systems have been compromised.
- Cybersecurity maturity assessment by RSA. The security division of EMC and developer of RSA Archer®, a leading governance, risk, and compliance (GRC) solution, RSA leverages the NIST Cybersecurity Framework to help companies identify key functional areas of improvement to achieve an improved cybersecurity risk posture.
- Consultation with Axio Global, experts in developing complete cyber risk management solutions. Through an approach that integrates exposure quantification, program evaluation, benchmarking, and the deployment of appropriate insurance coverage, Axio’s work addresses the full range of potential cyber losses, including physical damage, bodily injury, environmental damage, and other advanced forms of loss.
AIG’s qualified CyberEdge clients also continue to have access to the existing services of RiskAnalytics and IBM. RiskAnalytics provides clients with the active detection, intelligence, and shunning of IP addresses that are known cyber threats. RiskAnalytics also helps companies manage the human, legal and financial elements of risk, through training, policy and education. IBM provides qualified CyberEdge policyholders with pre-breach services to determine system vulnerabilities before they can be exploited and staffs a Cyber 911 hotline for CyberEdge policy holders.
AIG has been providing stand-alone cybersecurity insurance coverage since 1999 to help customers manage risks associated with data breaches by covering costs of forensic investigations, credit monitoring, reputation management, business interruption, and compliance with state breach notification laws.
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