Sunday 17 December 2017

AIG to insure wealthy customers against cyberattacks

Consumers now share large amounts of personal data on websites and apps and store photos and sensitive information in cloud platforms. Stock image
Consumers now share large amounts of personal data on websites and apps and store photos and sensitive information in cloud platforms. Stock image

Suzanne Barly

American International Group is to join rival insurers in selling products that offer safeguards against hackers and cyber criminals who might steal personal data.

The US insurer is to roll out a product on Monday that offers coverage for expenses that arise from online bullying, extortion and other digital misdeeds.

Called "Family CyberEdge," it includes public relations and legal services, as well as at-home assessments of family electronic devices, executives said.

Wealthy, high-profile individuals have increasingly become targets of hackers, said Jerry Hourihan, president of AIG Private Client Group for the United States and Canada.

Social media use and online financial information make them vulnerable.

"They are more exposed than they ever have been," Mr Hourihan said in an interview.

AIG's product follows cyber offerings from rivals, along with services from credit-monitoring firms and companies like Reputation.com - a trend that is poised to accelerate as people share more information online, analysts said.

Consumers now share large amounts of personal data on websites and apps and store photos and sensitive information in cloud platforms.

At the same time, high-profile hacking attacks have drawn global attention to the seriousness of cyber threats.

Yahoo, retailer Target and the US government have been targets of sophisticated data heists, as have celebrities like Leslie Jones and Jennifer Lawrence, whose nude photos were hacked and leaked.

The US Congress last week voted to allow internet service providers like Verizon Communications and AT&T to sell consumers' search data. (Reuters)

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business