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AIG and CyberScout Announce New Home Insurance Product For High Net Worth Individuals in Australia with Cyber Threat and Identity Entity Fraud Protection

Published Date 16.02.2020

AIG and CyberScout Announce New Home Insurance Product For High Net Worth Individuals in Australia with Cyber Threat and Identity Entity Fraud Protection

SYDNEY, February 17, 2020 – AIG Australia has announced the launch of a new high net worth Home insurance product with a newly formulated policy section called Family CyberEdge. The policy specifically helps combat cyber and identity fraud risks such as identity theft, cyber bullying, data restoration, cyber extortion and more.

With the impact of cybercrime becoming more prevalent in society, and financial gain remaining the number one motive, individuals who provide greater payout potential are fast becoming susceptible to cyber-attacks.  In response to this, AIG’s high net worth individual insurance division - Private Client Group (PCG), has partnered with CyberScout®, a leading provider of identity theft and cyber incidence protection services, to create this new offering addressing these modern-day risks.

David McMurdo – Head of AIG Australia PCG said “Our customers face unique exposures to cybercrime, and as their lives become more digital, so too does the risk of attack. Cybercrime is an invasive act bringing unwanted financial and emotional turmoil to people’s lives.  AIG’s approach helps offset the financial impact whilst our educational tools help clients avoid becoming an easy target.”

With Family CyberEdge, high net worth clients will have access to AIG’s innovative cyber insurance coverage combined with CyberScout’s cyber protection services. Clients have 24/7 access to fraud experts who will provide advice on the mitigation of cyber risk through to real-time resolution services in the event of a cyber or identity theft incident. Clients can also access a wide range of tools to improve their personal security such as utilising premium data backup software as well as optional credit and identity monitoring services which allows customers to detect any misuse of personal information. All these tools, and more, play a vital role in helping to protect clients digital lives.

Matt Cullina, Managing Director of Global Markets for CyberScout said “Protection against digital threats is a growing issue for Australians and the fact that this is viewed as important enough for AIG Private Client Group to include as standard in their new product shows a continuation of this pioneering approach.”

AIG’s new Private Client Group Home Insurance product is now available through the Australian broking market.

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