American International Group Inc. (NYSE: AIG) has upgraded their analysis for insuring against cyber attacks by using a system that indicates a company’s risk of having a breach. Since November, underwriters have been using this analysis that combines information from a new insurance application designed for the process as well as data generated from current cyber threats. This is then used to produce scores based on multiple factors.
Firms are to be ranked on the degree to which a cyber attack may occur and affect businesses as well as possible costs involved. Recently, there has been many reports where hackers are increasingly targeting firms’ technology systems that are raising many concerns over the amount of cyber coverage available.
Since October, AIG has been reviewing all types of coverage to better indicate exposure to cyber risk. The company also announced a partnership with cybersecurity companies such as Darktrace and CrowdStrike. These companies will work together to launch a service that verifies information AIG receives from customers’ cyber security tools, called CyberMatics.