Insurer now offers protection against damage to people and property arising from cyber breaches
AIG has expanded its cyber insurance offering to include cover for physical property damage and bodily injury.
The insurer said the expanded product, called CyberEdge PC, was a response to the growing number of incidents and threats of cyber attacks directed at commercial industries that can lead to equipment failure, physical damage to property, and physical harm to people.
It added that the new cover offers broad limits and terms typically not available in stand-alone cyber and data-breach policies.
AIG global head of professional liability Tracie Grella said: “Cyber risk goes well beyond data privacy concerns covered by stand-alone cyber insurance offerings prevalent in the market.
“The physical risk of a cyber attack or cyber event to property and people is very real, and it can now be specifically and unambiguously addressed with expanded cyber insurance coverage that dovetails with existing insurance.”