American International Group Releases Insurance Decision Makers Survey
Feb 11, 2013 (Close-Up Media via COMTEX) --
A survey of perceptions about cyber risk sponsored by the American International Group, Inc. found that among corporate executives, more are concerned about cyber threats than about other major business risks.
In a release, the Company noted that more than 85 percent of the 258 decision-makers surveyed said they were very or somewhat concerned about cyber risks to their organizations, compared with the group's response to six other areas of risk, including income loss (82 percent of executives were very or somewhat concerned), property damage (80 percent), and securities and investment risk (76 percent).
Additional survey results, which include input from insurance brokers, found high demand among executives and brokers for information about cyber threats, with 80 percent indicating that they find it difficult to keep pace because the cyber threat is evolving so rapidly. This prompted AIG to develop the first-ever mobile app for cyber risk management and to introduce other tools to further strengthen its CyberEdge risk management solution.
-69 percent executives and brokers believe that the reputational risk from a cyber attack is far greater to a company than the financial risk.
-75 percent executives and brokers say legal compliance issues are making companies think more about cyber risks.
-82 percent believe hackers are the primary source of cyber threats, though a significant portion of those surveyed (71 percent) also perceive human error as a significant component of cyber risk.
"These new survey findings confirm that business leaders view cyber risk as a top business concern, with great potential for reputational and financial loss. At AIG, the first company to introduce cyber insurance in 1999, we are working to address these concerns and provide a valuable additional layer of support through our comprehensive risk management solution for cyber insurance," said John Gambale, Head of Professional Liability and Lexington Financial Lines Executive, U.S./Canada Financial Lines, AIG.
The Company said developed a free CyberEdge Mobile App for the iPad. The app is available as a free download to anyone at the iTunes App Store.
The App features the cyber news, real-time information on data breaches, a breach cost calculator, an events calendar and a glossary of common cyber terms.
CyberEdge policyholders that qualify now also have access to AutoShun, a third-party hardware device that sits between a customer's firewall and the external Internet.
In addition, AIG has launched the CyberEdge RiskTool, a web portal enabling qualifying CyberEdge policyholders to proactively manage risk management policies, training and compliance to mitigate cyber exposure.
"Our focus on innovation continues today as we roll out new tools and resources. Our clients are already doing everything they can to protect their organizations. With these new tools, AIG is bringing our experience and guidance to help our clients stay ahead of the curve," said Tracie Grella, Global Head of Professional Liability, Financial Lines, AIG.
Penn Schoen Berland conducted the survey on behalf of AIG.
CyberEdge is a cyber risk management solution offered by AIG insurers.
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