American International Group forged four new partnerships with cyber security companies in a bid to boost risk mitigation and prevention services for its clients.
AIG declined to disclose financial details. Its deals are with K2 Intelligence, BitSight Technologies, RSA and AXIO Global. Earlier in April, AIG disclosed it invested in K2, an global investigative consultancy that focuses on areas including cyber investigations and defense.
Tracie Grella, AIG’s global head of professional liability, told Carrier Management that the new partnerships are designed to provide proactive loss mitigation services to the AIG’s cyber insurance clients. She added that the added services “go above what an insurance company currently does.”
Some cyber consultants are all smaller and newer companies that Grella said gain a global reach through AIG’s clients.
“We are helping our clients globally gain access to these tools,” she said, adding that the technology space is a relatively new one.
Each of the new services is available to qualified AIG CyberEdge clients. Here’s a breakdown of each company partner and the respective service it will bring to the table:
K2, launched in 2009 by Jeremy Kroll, is based in New York, employs 300 people and has operations in London, Madrid and Tel Aviv. The outfit plans to offer customized threat intelligence to manage cyber risk or gather data during a merger or acquisition.
BitSight Technologies, based in Cambridge, Mass., will provide clients its Security Ratings service, which analyzes externally observable data such as botnets, malware and spam in order to rate a company’s cyber security status.
RSA, a division of Hopkinton, Mass.-based EMC, is a computer and network security company. It’s contribution: cyber security maturity assessment, which will assist companies in identifying key areas in which to improve cyber security risk readiness.
Axio Global, a New York cyber security operation, helps companies “harmonize” investment in cyber security technology and related insurance. AIG clients will be able to tap into its cyber risk management products and expertise.
At the same time, qualified AIG CyberEdge clients will still be able to tap into existing cyber security services provided by RiskAnalytics and IBM, AIG said.
Cyber risks are fast moving and gaining in severity and complexity, and insurers and companies alike have struggled to keep up.
Grella said that AIG’s approach to cyber is evolving, with the insurer bringing best practices and information it has learned about to clients.
Meanwhile, more cyber security partnerships could be in AIG’s future.
“We are always evaluating new opportunities, and depending on what our clients need, we will come up with ways to address those needs,” Grella said.