Merchant Innovation

AIG Is Insuring Against Cybercriminals

American International Group (AIG) is jumping into the era of digital security — by offering its customers products that will theoretically guard them against some of the worst outcomes of having their data or information hacked.

Called “Family CyberEdge,” the product includes optional features like legal services and PR clean-up. The new program also offers at-home assessments of family electronic devices.

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

“They are more exposed than they ever have been,” Hourihan said in an interview, noting the amount of data consumers regularly share about themselves in personal media and in apps.

And hackers are clearly in the market for so much low-hanging fruit — a lesson the world has learned quickly and expensively over the last few months. Governmental privacy protections are likely diminishing soon: Congress last week voted to allow internet service providers like Verizon Communications Inc. and AT&T to sell consumers’ search data.

“Whenever you see a lot of news about something that is a risk, you usually see insurance companies trying to jump on that,” said Robert Hunter, director of insurance for the Consumer Federation of America.

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Our data and analytics team has developed a number of creative methodologies and frameworks that measure and benchmark the innovation that’s reshaping the payments and commerce ecosystem. Check out the February 2019 PYMNTS Digital Fraud Tracker Report

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