Cyber Liability Insurance

Every organisation that has a network, online presence and holds or accesses confidential data is at risk for a cyber breach or attack. The very nature of the internet means that cyber criminals from anywhere in the world can direct their attention to specific targets.

In an increasingly punitive legal and regulatory environment, and in the face of more frequent contractual insurance requirements specifying cyber liability, forward-thinking companies are taking proactive steps to explore and transfer their cyber risk.

Organisations should be concerned about cyber risk if they:

  • Gather, maintain, disseminate or store private information.
  • Have a high degree of dependency on electronic processes or computer networks.
  • Engage vendors, independent contractors or additional service providers.
  • Are subject to regulatory statutes.
  • Are required to comply with Payment Card Industry (PCI) Security Standards/Plastic Card Security statutes.
  • Are concerned about contingent bodily injury and property damage that may result from cyber incidents.
  • Rely on or operate critical infrastructure.
  • Are concerned about intentional acts by employees.
  • Are a public company subject to the ePrivacy Directive Notification Requirements.

Cyber risk demands specialist insurance cover

While existing forms of insurance sometimes carry a level of coverage, they were not intended to cover many risks associated with an increasingly digital world. Standard policies are often inadequate to cover the likely cost of even a more “standard” security breach, let alone cyber-attack or ‘hacktivism’. Only specialist cyber insurance policies provide extensive cover.

As cyber risk advances as an issue and the regulatory landscape continues to adjust, businesses need to ensure they are not vulnerable to significant damages should they fall victim to cybercrime – statistics show that more than 1 million organisations and individuals fall prey to cyber attacks every day across the globe.

Regardless of size or status, no business is safe from hackers, unless it includes security as its ultimate priority. There is no one size fits all approach to cyber risk insurance. It all depends on the size of the company, nature of its business and its unique levels of exposure. In this regard, consulting with a professional Aon risk advisor is an invaluable exercise in protecting your reputation, data, clients and bottom line.

Talk to Aon about securing your most pressing cyber risks, and empower results in an increasingly hyper-connected world.

Diagnostic Tool

Please note that Aon has created an interactive Cyber Risk Diagnostic Tool to help our clients identify and consider the internal and external factors that may affect their levels of cyber risk.

The tool provides meaningful insight into the most important cyber risk topics and includes practical guidance on the related governance framework that should be in place as part of an effective cyber risk management strategy.

The link to the tool is www.aoncyberdiagnostic.com and takes about 15 minutes to complete.

Once the tool has been completed clients can expect:

  • Instant access to your cyber liability diagnostic report
  • Insight and practical considerations for a cyber-risk management program
  • A visual indication and summary rating for your identified cyber risks

GBC Aon Cyber Enterprise Solution Policy Overview Sheet

Aon Cyber Enterprise Solutions Fact Sheet

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Cyber Diagnostic Tool