The IT Association and a US insurance multinational have joined hands to help companies recover from electronic crime.
American International Group (AIG) has formed a partnership with ITANZ to provide management, professional and technology liability insurance services to ITANZ members and their clients. The insurance can cover security failures, denial of service and business interruption losses, as well as management and employment practices liability.
AIG business development manager Rohit Reddy says such insurance services have existed for two or three years in the US and UK. Demand for it is growing in this country as firms increasingly realise the risks from hackers, viruses and the like, he says.
AIG operates a MediaTech panel consisting of specialist law firms, crisis management and IT security professionals which offers seminars on insurance and risk management techniques and loss prevention services to help claims and mitigate losses.
Customers can also use a free online non-intrusive security analysis of their computer systems here. AIG says this may help them uncover potential areas of vulnerability and take corrective before incidents occur. Reddy says AIG uses KPMG for security assessments.
ITANZ chief executive Jim O’Neill says the US equivalent of ITANZ has offered such insurance for six or seven months. “These new AIG offerings are designed to minimise or eliminate many of the risk areas and assist in the early take-up of e-commerce,” he says.