Cyber risk is no longer considered an emerging risk

Jul 15, 2016 | by Chris Thompson, Managing Director

Aon Strategic Advisors & Transaction Solutions (ASATS) provides comprehensive risk assessment and risk transfer solutions for our strategic and financial buyer clients in the area of Cyber Liability and Network Security. Cyber risk is no longer considered an emerging risk. Through the Aon sponsored 2015 Global Cyber Impact Report (by the Ponemon Institute), Cyber is one of the fastest growing risks for companies across the globe. The widespread advent of mobile technologies, cloud computing and the Internet of Things has sharply increased the threat of a Cyber-attack for all companies across all industries. As a result of this, the insurance marketplace for Cyber Liability is limiting its capacity and coverage, while raising premiums for certain industry classes including large retail, healthcare and financial institutions.

To assess Cyber risk and identify the right Cyber Liability solutions, ASATS engages the Professional Risk Solutions team. The team includes more than 50 dedicated professionals with a technical aptitude, coverage expertise, placement power and claims advocacy capabilities. The group places $400M in premium and has managed over 200 claims since 2012. The group uses a proprietary risk identification tool (https://www.aoncyberdiagnostic.com) , which allows us to determine the degree and probability of risk for each target company being acquired by our M&A clients. From there, ASATS identifies any underinsured Cyber Liability issues and develops a coverage priority matrix for addressing any coverage gaps. According to Cyber experts; “It’s not a matter of if there will be a breach, it’s a matter of when”. Engage the right resources to assess the degree of Cyber vulnerability and create the right Cyber solutions for your next acquisition.

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