New York — American International Group (AIG) has ramped up its analysis for insuring against cyber attacks, using a system that scores a company’s risk of having a breach along with safeguards it has in place, the insurer said on Tuesday. AIG’s underwriters have been using the computerised analysis since November, which combines information from a new insurance application designed for the process and data about current cyber threats to generate scores on various related factors, said Tracie Grella, AIG’s global head of Cyber Risk Insurance, in an interview. The analysis scores companies on the degree to which a cyber attack may affect their businesses and the potential costs of various cyber incidents, among other issues, according to a sample report. Cyber coverage is a mounting concern worldwide as hackers increasingly target companies’ technology systems. Insurers are also struggling to estimate their potential exposure as cyber risks and interest in coverage increase. In Octob...
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