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American International Group Inc. has obtained a minority stake in cyber investigation firm K2 Intelligence with plans to co-develop products and services with the company, the New York-based insurer said.
Terms of the deal, including the size of AIG's stake in K2, were not disclosed Wednesday.
AIG said in its statement that New York-based K2 Intelligence, which was founded in 2009 by President and CEO Jeremy Kroll and Jules Kroll has 300 employees with global operations in London, Madrid and Tel Aviv, and acts as an adviser to governments, companies, boards and individuals.
K2's expertise centers on cyber investigations and defense, anti-money laundering and regulatory compliance, complex investigations and disputes, data analytics and visualization, and integrity monitoring and compliance, AIG said in the statement.
AIG said K2's capabilities complement AIG's CyberEdge risk mitigation and insurance products.
“Supporting our clients against cyber attacks means providing much more than insurance to transfer the risk,” John Doyle, AIG's CEO of commercial insurance, said in a statement.
“Partnering and aligning with cyber security experts like K2 Intelligence is a signal to the marketplace that AIG is committed to delivering the comprehensive measures and expertise needed to help mitigate and manage this growing and rapidly evolving threat.”
“Cyber security must transition to a dynamic and proactive defense that employs investigative tools to collect and analyze information both from internal and external sources,” Jeremy Kroll said in the statement. “AIG and K2 Intelligence share the same goal to offer clients a holistic solution to help manage cyber risks that includes a full range of cyber defense, remediation, and response services.”
An American International Group Inc. unit is the primary cyber insurer for Anthem Inc., which this week disclosed a massive data breach affecting about 80 million customers and employees, insurance market sources say.