Courtesy of

Courtesy of

As one of the risk management options mentioned in an earlier cyber insurance related posting on this website, our staff would like to recommend the CyberEdge Mobile App for the iPad to cyber security risk management team members where you work.

AIG “Cyber Risk Report 2013

This CyberEdge Mobile App was developed by the American International Group, Inc. (AIG) in response to a recent AIG survey and report, where it was found that 80% of executives and brokers find it very difficult – if not sometimes nearly impossible – to keep pace with defending against and mitigating risk related to cyber threats.

This report focuses to the many new forms of risk facing firms today and stresses how important it is that these firms quickly become acquainted with these potential breaches to their data (such as hacking) and the ways to mitigate them. The report also realizes that the insurance industry as a whole needs to be at doing all that it can and remains able to offer innovative solutions to assist firms in mitigating this risk.

Other findings of note provide further insight into the level of cyber risk concern among executives and brokers:

•        69% of executives and brokers believed that the reputational risk from a cyber-attack is far greater to a company than the financial risk

•        75% of executives and brokers said legal compliance issues are making companies think more about cyber risks.

•        The vast majority of brokers and executives (82%) believed hackers are the primary source of cyber threats, though a significant portion of those surveyed (71%) also perceive human error as a significant component of cyber risk.

Whether or not your firm is ready to sign up to the CyberEdge product offering available now from AIG, the fact remains that there is valuable information and value-added purpose in taking a look at this AIG app offering.  Currently the app is available only to iPad users.

But with that limitation aside, this CyberEdge Mobile App delivers at least some of the following benefits and information to its users:

• All the latest cyber news from industry-leading news providers

• Information on the most recent data breaches nationwide

• An extensive database of cyber resources

• A calculator to help estimate potential liability costs

• More than 20 claims narratives to better understand how AIG has responded to other breaches

• A glossary of common cyber terms

• Information on CyberEdge and contact details to learn more

If you find this information applicable, please pass it along to those information security, disaster preparedness and cyber risk management team members in your organization.

And, of course, if you are aware of any other developing similar tools to assist in mitigating similar cyber threats, please comment and offer them to all of readers.

Click here to get even more information about this app.

Click here to download the full AIG Cyber Threat Report 2013.


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