To ensure that customers are covered if they become victim of a security breach, the American International Group (AIG) on October 26 said it would include cyber coverage to its commercial casualty insurance during the first quarter of 2018.
On the sidelines of a cyber risk conference in New York, Tracie Grella, AIG’s Global Head of Cyber Risk Insurance said that “the change is part of AIG’s effort to shift from issuing policies that do not specify whether cyber losses are covered”.
“The insurance giant is in the process of reviewing all types of coverage it offers to gauge its exposure to cyber risk.”
“When you buy affirmative cyber coverage, you should be paying for it,” Grella said.
Amid mounting cyber risks, AIG unveiled a property policy in April that specifically includes cyber coverage.