Cyber | AIG in Switzerland

Why Choose AIG for Cyber Risks?

Our CyberEdge insurance protects against the consequences of cyber risks. Data leaks and data loss can lead to fines and PR nightmares. Cyber attacks can bring your servers to a standstill and result in a loss of trust and revenues.

AIG is aware of the knock-on effects of a cyber crisis and offers a protection package, which includes insurance and specialist advice.

CyberEdge covers many of the main risks surrounding security breaches and offers significant added value regarding data security thanks to our partnership with external specialists.

KPMG, a specialist data reconstruction and forensics company, and Norton Rose, an international law firm, offer our customers the best advice and support in crisis situations. Most companies are not yet protected against cyber risks. Now is the best time to protect yourself against these risks with CyberEdge.

Our insurance contract provides insurance cover in the event of data protection breaches and network security failures when using computer systems and the Internet, also known as cyber risks. The approach is risk-based. The insurance cover includes third-party claims for damages (liability), but also your own losses (additional costs / expenses / lost profits as a result of the interruption of operations / extra costs), should an information security breach occur. To meet the different insurance needs of companies, the insurance cover can be customised as needed using optional cover modules.

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Our Added Value for You

Data liability

Protection against any financial impact if customer or employee data are lost or stolen. This also includes claims under the General Data Protection Regulation (GDPR).

Crisis management after a data security breach

Access to cyber crisis response specialists, such as KPMG's IT professionals and Norton Rose's IT law specialists, as well as PR crisis consultants to minimise potential reputational damage in the event of a crisis. Insures the costs of forensic investigations after a data security breach, costs associated with required notifications, monitoring costs, as well as the costs of restoring the reputation of the insured company.

Costs related to official investigations

Insures the costs and expenses arising from investigations by a data protection authority and, if agreed separately, PCI expenses resulting from a data security breach.
In countries where this is permitted by the law, fines for data security breaches may be also be covered.

Data recovery

Insures the costs of recovering, collecting and/or recreating affected data after a data security breach.

Network interruption

Insures any loss of profit in the event of a major interruption of operations as a result of a denial-of-service attack or a data security breach that was initiated externally. Additional costs in order to maintain business operations are also insured.

Optional Multimedia add-on

Covers damages and costs that may arise in connection with violations of third-party intellectual property or in connection with electronic content.

Optional Cyber Extortion add-on

Reimbursement of the costs of forensic investigations, defence costs associated with threatened security breaches or even refunds of paid extorted amounts.

Optional Goodwill Voucher add-on

Reimbursement of costs following goodwill campaigns that may have become necessary (vouchers, discounts, rebates) in connection with a security breach or data leak.

Optional External Service Provider add-on

Insures interruptions of operation caused by the failure of external IT service providers and cloud suppliers following a security breach.

AIG Solutions for Cyber Risks

Proactive measures for 48/72 h – no limit of loss and no self insured retention applied
Crisis management – case-based crisis response costs after a data security breach, PR costs to restore the reputation of the company or a insured individual, notification and monitoring costs after an information security breach.
Non-targeted attacks are also insured (e.g. transmission of malware)
Insurance protection in the event of breaching the notification obligation pursuant to the Swiss Federal Act on Data Protection (rev DSG, 235.1), the General Data Protection Regulation (Regulation (EU) 2016/679), as well as all subsequent statutory decrees amending, repealing or replacing the aforementioned legislation and all other equivalent laws and regulations of another country that govern the regulation and enforcement of data protection and privacy, for example, but not limited to, the Data Protection Act 1998 (UK)
Expenditure in connection with investigations by data protection authorities
Costs of legal and IT services
Electronic data – costs of data recovery, re-collection and re-entry after a security breach or data leak
Interruptions to networks/operations – insures loss of earnings following a significant interruption to the policyholder's network after a DOS attack or security breach

Data liability – insures personal data, company data, outsourcing contracts, and network security
Optional: operating error that may result in an information security breach
Optional: goodwill promotions, such as goodwill vouchers and discounts
Optional: credit card monitoring, e.g. for indications of misuse of personal data
Optional: multimedia liability – insures indemnification in case of legitimate claims for damages by third parties and the defence against unjustified claims, for example in connection with copyright and trademark infringements or violations of personal rights.
Reimbursement of forensic and defence costs in connection with threatened security breaches.
Optional: cybercrime and cyber extortion