Wed, Jun 5, 2013: American International Group (AIG), one of the leading international insurance organization serving more than 70 million consumer and commercial clients worldwide, expects Malaysia market can leverage its new launch product – CyberEdge to contribute 10 per cent to the US$2.5 million (RM7.74 million) premiums set for Asia-Pacific region in 2013, the news agency Bernama reported.
CyberEdge is a new product by AIG to address the liability of companies arising from a breach of data protection laws and the management of personal data. The product provides cover for third party claims against the insured for both breach of personal information (employee and customer) and corporate information which are not covered by normal commercial insurance.
According to recent news, cyber-attacks mainly stealing business information are increasing in Malaysia and it shows businesses in the country are unprepared for cyber-risks. CyberEdge could be one of the good solution for the local business to minimize their losses due to cyber threats.