Aon  |  Financial Institutions Practice
FI CyberCrime Plus

(Currently Only Available in the US)

Evolving Operating and Business Models

The confluence of the pandemic with the ongoing emergence of fintech challengers has forced the banking industry to rapidly digitize its operating model and customer offerings. The risk profiles of US mid-market banks are evolving quickly with escalating exposures around fraud and technology. Historically, the insurance industry has underwritten risk and offered capacity in a product-centric manner through separate cyber, fidelity bonds (crime) and professional liability policies.

This siloed approach across different product lines has created a mismatch between the risk taxonomies of banks and the solutions offered from the insurance markets. Aon is committed to aligning insurance markets and program design with the way that banks think about and manage their risk. We are therefore excited to launch our proprietary blended mid-market banking form: FI CyberCrime Plus.

A Coordinated Approach to a Convergence of Risks

Aon’s holistic, cross-product approach addresses the convergence of various exposures related to financial technology and digitization. Now in a blended cyber, crime and E&O form designed specifically for the banking industry, our clients can manage their top operational risks in a single insurance purchase:

  • Network security breaches
  • Data leakage
  • Business interruption
  • System Failure
  • Ransomware
  • Internal Fraud
  • External Fraud
  • Customer litigation

Policy terms for Cyber and Professional Liability, in particular, can vary widely from insurer to insurer and, thus, client to client. More often than not, policies have countless endorsements which can make navigating coverage and resolving claims extremely challenging. FI CyberCrime Plus, placed with a single primary insurer, seeks to eliminate these pitfalls and provide our mid-market banking clients with increased clarity of coverage.

Leading Insurance Market Participation

By aligning with the Financial Lines and Cyber practices of the leading Financial Institutions insurance markets, Aon has designed a blended form facility with highly rated insurance market capacity. With the support from leading insurers, this coverage can be scaled up to provide optimized levels of capacity for our mid-market banking clients.

Leveraging our Investment in Cyber

Aon’s unparalleled investment in proactive and reactive in-house cyber advisory capability is one of our key differentiators. By integrating our proprietary diagnostic tools into both the application and underwriting processes, we can help our clients achieve optimal results. Our CyQu diagnostic and Ransomware Bundles generate a client-specific roadmap to facilitate an optimized insurance underwriting process that can enable the procurement of blended fit-for-purpose cyber and financial lines insurance coverage in an otherwise very challenging cyber insurance market. Aon’s proprietary diagnostic tools can be supplemented by a network of third-party vendors as well.

Claims Advocacy

Our integrated team of 40 US Cyber Solutions and Financial Lines claims advocates are experienced in coordinating the claim process from start to finish. The group has recovered approximately $4 billion in claims over the past five years from management liability and cyber insurers. The team has unparalleled experience in the banking and financial institutions sector and is a crucial differentiator supporting our FI CyberCrime Plus solution.

Aon’s Financial Institutions Practice

In the current risk environment, it’s critical for financial institutions to align with partners such as Aon that understand and see risk as you do and that can bring a full suite of front to back capabilities to help you navigate both the evolving risk landscape and the hardened insurance markets. Aon’s Financial Institutions Practice can help banks develop their risk scenarios (utilizing our proprietary operational risk database, OpBase); quantify and transfer risk to the insurance markets through solutions like FI CyberCrime Plus (designed to, among other things, eliminate coverage gaps); and align more closely to your organization’s risk taxonomy and framework.