AIG launches the Middle East's first comprehensive cyber insurance

"Companies of varying sizes across the world are targets for sophisticated cyber threats seeking to breach their systems and access sensitive data and the Middle East is no different", explains Juliette Pettit, Head of Professional Indemnity, MEA Region, AIG.

"CyberEdge helps protect organisations from the millions in losses that can result from cyber threats. The average cost for Crisis services such as IT forensics, legal counsel, notification are $983,000 per event *".

A key feature of CyberEdge is the Data Crisis Response Team which provides the policyholder with direct assistance from specialist legal experts and public relations advisors in the event of a data crisis event. This team will look to protect the company's reputation and provide crisis management services..

CyberEdge allows AIG to respond swiftly to manage and mitigate a data breach, be it through hackers accessing data, a rogue employee leaking sensitive information, a vendor error putting information at risk or a "hacktivist" looking to use a company's private data to further their cause.

"No company is immune to data mining attacks and it does not appear that it is any harder for a cybercriminal to compromise a large organization, as it would be to access a smaller one. We advise all companies to be vigilant, make sure they have proper measures in place to deflect threats and also be prepared should the worst happen. CyberEdge provides an extra layer of defense in a fast changing landscape."

AIG has recently been rebranded from Chartis in the UAE, following a worldwide initiative to refresh and modernize the brand.