United Kingdom

Preparing for Cyber Insurance

Joint guide aims to help organisations discuss cyber insurance needs with insurers and intermediaries.

While recent cyber events have made organisations more aware of the cyber risks they face and more conscious of the need to manage their cybersecurity exposure, many organisations are challenged with translating their cybersecurity concerns into concrete action.

Cyber insurance is part of a range of solutions available to organisations to help build their cyber resilience. Cyber insurance policies typically do not only provide liability coverage for legal costs and damages from claims alleging a privacy breach or network security failure. They also include the costs incurred to keep the business operational or return it to operation, as well as prevention support and incident response in the event of a cyber-related incident.

Aon has participated in developing the ‘Preparing for Cyber Insurance’ guide with European industry bodies, BIPAR, FERMA and Insurance Europe, to help organisations understand their cyber risks and potential need for cyber insurance.

The guide has been published to coincide with EU cybersecurity month and was launched at the 2018 European Risk Management Seminar in Antwerp on the 9th October.

Onno Janssen, Aon’s Chief Executive Officer of Risk Consulting & Cyber Solutions EMEA: “The growing cyber threat and its potential impact continues to generate concern in boardrooms, with the need for leaders across business functions to take an enterprise-wide approach to cyber risk. Organisations should make an informed decision when considering cyber insurance, and how it responds to their cyber risk scenarios, so that they can prepare for, and mitigate against a cyber incident.