6 February 2015 Insurance

Aon partners with WEF

Aon Risk Solutions has partnered with the World Economic Forum (WEF) to determine a new way for organisations to identify the impact of cyber threats.

Aon recently participated on a panel at WEF’s partnering for cyber resilience initiative in Davos. This has developed a new framework to understand and mitigate increasing emergence of cyber as a key risk factor facing today’s global businesses.

The purpose of the Cyber Value-at-Risk approach is to help organisations make better decisions about investments in cybersecurity, develop comprehensive risk management strategies, and help stimulate the development of global risk transfer markets.

The framework helps organisations address questions such as how vulnerable they are to cyberthreats, how valuable the key assets at stake are, and who might be targeting them.

The growing threat of cyber risk was further highlighted yesterday by the cyber attack on Anthem, the second largest health insurer in the US.

Stephen Cross, chief innovation officer, Aon Risk Solutions, said: “One of the risks facing the insurance industry today is the potential for a cyber-hurricane, an event which could impact multiple lines of business, geographies and industry sectors.

“Accumulation of exposure is a major issue in the risk transfer markets and that is why Aon has worked with clients to incubate this risk within their captive insurance companies. As a leading risk management organisation with a focus on all aspects of existing and emerging risk, we recognise that cyber is a significant and challenging risk for our entire client base, regardless of size or industry.”

Elena Kvochko, manager, information technology industry, partnering for cyber resilience at WEF, said: “Organisations are increasingly reliant on data-driven technology but have varying needs depending on factors such as the maturity of their security environment as well as different elements in their own industry.

“The Cyber Value-at-Risk concept is designed to establish a framework which identifies organizations’ defense maturity, asset value and attacker profiles. We were delighted to collaborate with Aon and 50 organisations who have contributed an in-depth understanding of the intricacies of cyber risk.”

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