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AIG Cyber Insurance – What it Covers and Why it’s Important at a time SMEs are Suffering from Cyberattacks

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Millions of SMEs are in Jeopardy because of Cyberattacks

Most of the criminals in these very modern days are so focused on attacking people, business companies, and organizations through the internet. Hackers have become so innovative especially in these times, where more than 80% of the people in the world are working and getting their transactions done online.

These cybercriminals are so smart and advanced that tracking them down is almost impossible to achieve. Data breach, ransomware, business email compromise, and other types of cyberattacks are starting to become a normal thing for companies, and that needs to be stopped as it could lead to a shutdown of servers and loss of profits.

One of the Most Trusted and Reliable Cyber Insurance Companies – AIG 

Luckily, AIG offers numerous solutions such as providing cyber insurance and expert advice in the event of a cyberattack. AIG can help your business recover from a hack and financial loss and it’s certain to protect your business against cyber criminals.

AIG has been in the insurance field for over 10 decades. It is one of the most leading international insurance providers that have a vast range of business insurance deals and products. In the UK, AIG insures some of the biggest and most popular UK business companies and countless SMEs.

AIG cyber insurance renders newfangled loss prevention tools that’ll educate entrepreneurs, owners, and employees about different kinds of cyberattacks and how to deal with them. 

Moreover, their cyber liability insurance also helps you prevent a cybersecurity breach and will give you assistance using their Data Crisis Response Panel that’ll undoubtedly safeguard and guide you thoroughly.

What does the AIG cyber insurance cover?

Generally, these are the main things that an AIG cyber policy covers:

  • Legal costs
  • IT charges
  • Protection of reputation
  • Credit and ID monitoring
  • Regaining of data

AIG also has extensive cyber insurance coverage called CyberEdge that provides extensive assistance that will allow a business owner to select specific coverage options that’ll perfectly suit their needs. Below are some of the things it covers.

    • Data liability. This mainly covers the loss caused by a data or security breach. (Data breach insurance)
  • Electronic data. This option covers the total cost of recouping or recollecting data after a data breach.
  • Investigations and fines. This option covers the costs and expenses for legal advice, fines, and representation that are originally needed to be paid by the victim.
  • Fixing of reputational damage. This one covers the services expenses in connection with reputational damage evaluations and restoration required after a cyberattack.
  • Forensic assistance. This one helps you identify the cause of the breach. You will also receive effective advice and recommendations from a group of expert and proactive Forensic Services Advisors on how you can prevent and attenuate a breach.
  • Monitoring and Notification. This covers the expenses incurred for the divulging of a breach and fees connected with identity theft, education, or credit monitoring.

However, these are some of the cover options you can optionally select depending on your needs.

  • Network interference. This option covers the loss of revenue due to an interruption of the client’s network that’s caused by a cyberattack. 
  • Cyber extortion. This option covers the client against any threat by the extortionist if they planned to attack the client’s computer system. It also covers the investigation fees in connection to a cyber breach.

Moreover, the AIG CyberEdge coverage can pay for the fees needed to be paid for IT consultants and PR experts after a DDoS attack.

AIG supports the security and growth of SMEs

If you’ve just started a small business, it’s very wise to get your cyber insurance with AIG. This insurance company can provide insurance coverage to any SMEs that process, store, or transmit data. SMEs right now are suffering because of cyberattacks, that’s why it’s advisable to get your business backed up with AIG cyber insurance.

AIG covers an extensive range of business organizations. Financial service companies, retail, charities, and manufacturing companies can all be covered by an AIG cyber cover. 

In AIG, there’s no doubt your business will be in the safest hands whenever it experiences cyberattacks. This reputable insurance company always makes the best efforts to give the most innovative solutions that’ll help SMEs prevent cyberattacks, reduce the risk, recover from financial loss and mental stress, and achieve their dreams.