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
- Network security breaches
- Data leakage
- Business interruption
- System Failure
- 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.
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.