AIG's e-Business Risk Insurance Solutions

The Internet was originally introduced as a channel of communication. By the mid-1990s, corporates started using it to conduct business online. The Internet helped the companies to instantly bridge their internal networks with business partners and customers around the world at the mere click of a mouse. It soon became an integral part of the operations of most companies for communication (e-mail), marketing (web presence), professional services or full-fledged e-commerce. However, though the Internet and e-commerce offered new means to conduct business in a faster and simpler way, it also involved a wide range of risks for corporates...

Therefore, AIG, as the leading global insurance organization, launched AIG eBRS, a specialist technical division, to deal exclusively with identifying, evaluating and managing network security related risks. Expressing the need for a separate division to insure such risks, Ty R. Sagalow (Sagalow), the Executive Vice-President and the Chief Operations Officer of AIG eBRS said, "If a hacker destroys your data, you don't want your claim to be looked at by a guy who spends his day handling fire-destruction claims." At the rate the cyber crimes were growing, it appeared that companies doing e-business might end up spending all their time fighting cyber attacks rather than concentrating on their business....