Case Study – Optimizing Cyber Placement with Targeted Control Validation

Case Study – Optimizing Cyber Placement with Targeted Control Validation
September 14, 2023 9 mins

Case Study – Optimizing Cyber Placement with Targeted Control Validation

Optimizing Cyber Placement with Targeted Control Validation Hero Banner

As cyber attacks evolve, insurers are scrutinizing how organizations understand and address potential cyber security exposures. Achieving a baseline of security standards is crucial to securing coverage, demonstrating a strong resiliency program is key to achieving optimal terms and conditions.

Key Takeaways
  1. The Carrier-aligned Security Assessment ensured the client was better informed about how key strengths, mitigating controls and potential exposures would affect their cyber insurance placement.
  2. Aon's brokerage and consulting teams worked together to complete the Carrier-aligned Security Assessment to provide insight into mitigating controls for outstanding program gaps, preparing the client to communicate a more accurate picture of their cyber posture for renewal.
  3. Aon helped the client reduce their risk profile and prepared them for optimal cyber placement, which included removal of a ransomware coinsurance clause and reduced the anticipated premium increase.

Challenge

After going through a particularly difficult cyber insurance renewal in 2021, a large, complex fast-food client reached out to Aon to help conduct a cyber security risk assessment designed to identify cyber risks, which would then factor in to their 2022 placement discussions. 

Solution

During the client call, the team asked questions to look beyond the original information provided and understand what the client really needed. Using these new details, the delivery teams brought the best of Aon’s capabilities together with a first-of-its-kind effort to create a new service offering to meet the client’s stated goals. 
 
Aon developed a Carrier-aligned Security Assessment designed to combine our proactive, testing, and broking capabilities to identify potential cyber risks across critical security domains and provide a forecast on how they may be perceived during placement discussions. With this approach, Aon was able to deliver an unmatched solution that would help the client understand their risk profile while also preparing them for optimal cyber placement with enough runway to address the most critical concerns.

Results

Aon completed the Carrier-aligned Security Assessment on the client’s behalf. Post report delivery, Aon’s brokerage and consulting teams worked together to highlight key program strengths and provide insight into mitigating controls for outstanding program gaps, preparing the client to communicate their cyber posture for renewal.  During renewal, Aon helped negotiate a significant reduction of both a required ransomware coinsurance clause, and an expected premium increase. Post placement, the client communicated how helpful the focused approach was in preparing for the underwriting process, and has become a trusted, long-term partner.

General Disclaimer

Insurance products and services are offered by Aon Risk Insurance Services West, Inc., Aon Risk Services Central, Inc., Aon Risk Services Northeast, Inc., Aon Risk Services Southwest, Inc., and Aon Risk Services, Inc. of Florida, and their licensed affiliates. The information contained herein and the statements expressed are of a general nature, not intended to address the circumstances of any particular individual or entity and provided for informational purposes only. The information does not replace the advice of legal counsel or a cyber insurance professional and should not be relied upon for any such purpose. Although we endeavor to provide accurate and timely information and use sources we consider reliable, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.

Terms of Use

The contents herein may not be reproduced, reused, reprinted or redistributed without the expressed written consent of Aon, unless otherwise authorized by Aon. To use information contained herein, please write to our team.

15%

Aon reduced the expected premium increase from 35% to just 15%.

Aon's Better Being Podcast

Our Better Being podcast series, hosted by Aon Chief Wellbeing Officer Rachel Fellowes, explores wellbeing strategies and resilience. This season we cover human sustainability, kindness in the workplace, how to measure wellbeing, managing grief and more.

Cyber Labs

Stay in the loop on today's most pressing cyber security matters.

Cyber Resilience

Our Cyber Resilience collection gives you access to Aon’s latest insights on the evolving landscape of cyber threats and risk mitigation measures. Reach out to our experts to discuss how to make the right decisions to strengthen your organization’s cyber resilience.

Employee Wellbeing

Our Employee Wellbeing collection gives you access to the latest insights from Aon's human capital team. You can also reach out to the team at any time for assistance with your employee wellbeing needs.

Environmental, Social and Governance Insights

Explore Aon's latest environmental social and governance (ESG) insights.

Q4 2023 Global Insurance Market Insights

Our Global Insurance Market Insights highlight insurance market trends across pricing, capacity, underwriting, limits, deductibles and coverages.

Regional Results

How do the top risks on business leaders’ minds differ by region and how can these risks be mitigated? Explore the regional results to learn more.

Human Capital Analytics

Our Human Capital Analytics collection gives you access to the latest insights from Aon's human capital team. Contact us to learn how Aon’s analytics capabilities helps organizations make better workforce decisions.

Insights for HR

Explore our hand-picked insights for human resources professionals.

Workforce

Our Workforce Collection provides access to the latest insights from Aon’s Human Capital team on topics ranging from health and benefits, retirement and talent practices. You can reach out to our team at any time to learn how we can help address emerging workforce challenges.

Mergers and Acquisitions

Our Mergers and Acquisitions (M&A) collection gives you access to the latest insights from Aon's thought leaders to help dealmakers make better decisions. Explore our latest insights and reach out to the team at any time for assistance with transaction challenges and opportunities.

Navigating Volatility

How do businesses navigate their way through new forms of volatility and make decisions that protect and grow their organizations?

Parametric Insurance

Our Parametric Insurance Collection provides ways your organization can benefit from this simple, straightforward and fast-paying risk transfer solution. Reach out to learn how we can help you make better decisions to manage your catastrophe exposures and near-term volatility.

Property Risk Management

Our Property Risk Management collection gives you access to the latest insights from Aon's thought leaders to help organizations make better decisions. Explore our latest insights to learn how your organization can benefit from property risk management.

Technology

Our Technology Collection provides access to the latest insights from Aon's thought leaders on navigating the evolving risks and opportunities of technology. Reach out to the team to learn how we can help you use technology to make better decisions for the future.

Top 10 Global Risks

Trade, technology, weather and workforce stability are the central forces in today’s risk landscape.

Trade

Our Trade Collection gives you access to the latest insights from Aon's thought leaders on navigating the evolving risks and opportunities for international business. Reach out to our team to understand how to make better decisions around macro trends and why they matter to businesses.

Weather

With a changing climate, organizations in all sectors will need to protect their people and physical assets, reduce their carbon footprint, and invest in new solutions to thrive. Our Weather Collection provides you with critical insights to be prepared.

Workforce Resilience

Our Workforce Resilience collection gives you access to the latest insights from Aon's Human Capital team. You can reach out to the team at any time for questions about how we can assess gaps and help build a more resilience workforce.

More Like This

View All
View All
Subscribe CTA Banner