We live in an era of widespread and continual digital transformation and as a result, cyber crime has become one of the most sophisticated, fastest growing crimes in the world.
No industry sector is untouched. All businesses, no matter how large or small, use technology and the collection of information to operate. A business could be particularly exposed to cyber risk if it:
- Engages vendors, independent contractors or additional service providers
- Gathers personal or corporate information
- Has a high degree of dependency on electronic processes or computers
- Has an online presence and/or point-of-sale machines
- Has employees, particularly any potentially disgruntled employees
- Has remote working, outside central place of business
- Is subject to NZ or international privacy legislation
- Is subject to Payment Card Industry Security Standards
A cyber incident can be financially crippling with expenses comprising of your own costs to respond and third party costs incurred to defend and settle with others. A cyber-attack can financially impact your business in many ways, including:
- Brand and reputation damage
- Crisis expense
- Legal defence expense
- Lost income, productivity and profit
- Regulatory expense
- Third party liability
Aon Cyber Risk Insurance
Cyber Risk Insurance is designed to fill the gap that traditional insurance policies don’t cover, minimising the impact of cyber incidents by providing cover for your own loss and third party costs. It provides your business with a structured crisis response plan and assists with returning to ‘business as usual’.
A cyber insurance policy will also provide:
24/7 access to cyber response specialist IT, PR, legal and forensic experts to:
- Quickly restore or recreate data or software
- Manage customer obligations and business reputation
- Keep the business running
Cover for costs including:
- Cyber response specialist
- Business interruption and lost profit/income
- Data retrieval or systems held to ransom
- Defence and settlement from third party claims and privacy regulators
- A free 1-hour cyber consultation from experts to assist with review, planning and response specific to your business
Aon provides a holistic approach to managing cyber risk
Identification | cyber risk profiling to help you gain a thorough understanding of your cyber risk exposures and areas of improvement.
Mitigation | cyber incident readiness assessments to evaluate your response capabilities during a crisis situation.
Transfer | bespoke cyber insurance solutions that suit your company’s specific risk profile.
Flexible pricing and policy options are available to suit your business with very competitive premium and excess.
Our in depth understanding of cyber exposures enables us to assist with reducing risk and negotiating cyber coverage in what is a complex and developing area of insurance.
Aon’s dedicated cyber team form part of a global cyber practice which allows Aon to share with you experiences from our clients and insurers from around the world. This will assist you when arranging cover, benchmarking premiums and responding to cyber incidents.
Aon Risk Management Services offers Insurable Risk Profiling and Gap Analysis for cyber risk exposures. Using a structured method of risk analysis to determine key risks and their financial impact, allows for a more granular view of risk and assists with risk management and transfer strategies. The output demonstrates good corporate governance and can easily be linked to your organisation’s broader risk management activities.
To find out more about Aon's Cyber Risk insurance, get in touch with your local Aon insurance broker today.