Aon launches Ransomware Defence to tackle cyber insurability
Broker Aon has unveiled a new offering aimed at increasing the resilience of businesses in the UK and EMEA by addressing cyber insurability challenges.
Insurers are experiencing mounting losses, largely driven by the proliferation of ransomware, with the frequency of events up nearly 500 per cent since 2018. The increased frequency and severity have driven significant rate increases and led to more challenging insurance placements and renewals in the cyber insurance market.
To combat increasing losses, insurers have begun evaluating whether their insured have instituted adequate security controls. An unfavourable evaluation may have an adverse impact on a client’s rate, premium, limit and terms and conditions.
While larger organisations may have more sophisticated security controls in place, many mid-market organisations across the UK and EMEA are failing to demonstrate adequate preparedness. This makes them both more vulnerable to cyber threats and can lead to very difficult, if not impossible, cyber insurance placements.
Ransomware Defence brings Aon’s cyber security expertise and capabilities together into one solution to help mid-market organisations improve and demonstrate their cyber preparedness. This offering can help a client mitigate their risk of a ransomware attack while also facilitating their cyber insurance placement. The offering includes an Attack Surface Assessment, External Threat Scanning, Cyber Attack Simulations and an Incident Response Readiness Assessment.
Richard Hanlon, chief commercial officer, EMEA, for Aon’s Cyber Solutions, said: “Ransomware incidents are becoming more frequent, sophisticated and targeted, while ransom demands themselves are growing. These dynamics are leaving many businesses more exposed to cyber threats and unable to secure the essential insurance coverage they need in response to an event. By launching Ransomware Defence, we will proactively provide clients with a comprehensive solution to address these challenges.”
Tracie Thompson (pictured), head of Commercial Risk, EMEA, at Aon, added: “We are experiencing a cautionary approach to insuring cyber risks by a majority of insurers; through Ransomware Defence we can help organisations increase their level of security and provide more accurate assessments of their defences, lowering the likelihood of successful attacks and positioning them strongly to access the insurance they need.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
