AIG says its recently launched CyberEdge product will help meet increasing demand for cover as risks increase and Australia’s notifiable data breach scheme begins.

More organisations are taking an interest in protecting themselves amid a rise in “worst-case scenario” breaches around the world, National Financial Institutions and Cyber Liability Product Manager Liliana Uhrik says.

“While hackers once focused primarily on disclosing and monetising data, they now seek to disrupt business and reduce revenue. Small businesses are also becoming more of a target,” she said.

New data breach laws that took effect on February 22 make it mandatory for companies with an annual turnover of at least $3 million to report breaches to affected individuals and to the Office of the Australian Information Commissioner.

AIG says CyberEdge offers a broader scope of inclusions and has features including expanded definitions drafted in line with the new notification laws, immediate legal assistance with no retention for the first 72 hours and full coverage for any “failure to notify”.