AIG recently said that they will offer $100 million worth of coverage for property damage and an additional $100 million for bodily injury that a cyber attack could perpetrate.
Austin Berglas, a former FBI cybercrime investigator who now works for AIG, said, “you’re not only dealing with a cyber-incident, but now you have to get folks stranded in a subway in the middle of tubes, or people stuck in buildings.”
Some speculate that AIG’s $100 million limits on cyber attack coverage aren’t high enough, considering that the repairs needed after the damage caused by a massive cyber-attack could potentially be much higher. Insurance companies are struggling with exact numbers, however, because the mathematical data needed isn’t available yet for these issues. They are beginning to listen to their clientele more and more, however, as Dan Riordan, CEO of Zurich, has stated, “we are listening to our customers, who tell us they are looking for larger limits—some as high as $1 billion in coverage for cyber property damage.”