AIG's CyberEdge has been specially designed to address this liability, looking at the issues around the management of personal data and the consequences of losing corporate information. To this end, the launch of the new CyberEdge application for the iPad will add yet another string to companies' bow.
"Already, some 80% of executives and brokers find it difficult to keep pace because cyber threats are evolving so rapidly. This, coupled with the impact of the Protection of the Personal Information (POPI) Bill, is going to make it difficult for clients to stay ahead of the curve. For this reason, AIG has developed the CyberEdge Mobile App for the iPad, a means of assisting clients to understand, mitigate and respond to cyber threats," said Roxanne Moodley, underwriter, financial lines of AIG South Africa.
The first of its kind to be launched in SA, Moodley added that the new app is available from the iTunes app store and can be downloaded free of charge.
"The app offers users a number of important features, including a featured content list that will provide the latest news on what is happening each day that may be related to cyber threats. This will keep users up to date with all of the most recent news regarding security breaches, both locally and globally," she said.
"In addition, the app provides a security breach threat map that delivers real-time information and security alerts, displaying breaches around the world as icons on a map. The user can then click on an icon to find out exactly what the breach was about, how many records were affected and what the potential outcome may be."
Moodley pointed out that the app also provides a knowledge centre where users can access a collection of articles, white papers and videos by searching industry type and region. However, she added, one of the most useful resources is the data breach calculator.
"This is a dynamic risk analysis tool that allows the user to input his company's information into the cost analysis. Once this is done, a query can be run to reveal the potential liability cost associated with a data breach.
"AIG has always focused on answering our clients' insurance needs today, while anticipating those of tomorrow. By constantly monitoring the cyber landscape and staying at the forefront of the industry as cyber risks continue to evolve, innovations like CyberEdge become our clients' protection. This is just one more way that we offer companies tailored coverage options, ensuring they are able to promptly respond and prevent future or more costly damages," concluded Moodley.
