Most big companies have some sort of insurance to cover their butts in a world where data breaches are an everyday occurrence, but now AIG is joining the ranks of insurers offering (wealthy) consumers coverage as a buffer against the threat of the internet.
AIG’s new “Family CyberEdge” product costs about 10%-15% of a homeowner’s premium and promises coverage for expenses related to online bullying, extortion, data restoration, and monitoring for cyber threats, reports Reuters.
Also included in the plan? Public relations and legal services, in the event that a data theft leads to sensitive information ending up in the public realm (something Ashley Madison’s 30 million customers could have used, perhaps?).
The product is aimed at wealthy, high-profile folks who may be vulnerable because of their social media presence and online accounts, an AIG executive tells Reuters. The company decided to offer CyberEdge based on customers’ requests, he says.
“They are more exposed than they ever have been,” says the insurance exec.
Consumers might be feeling a bit more squirrelly about their online safety lately, after the House and the Senate both voted to block FCC rules that would have barred internet service providers from selling customers’ personal information.