Cyber Risk: Secure Your Success with Aon
Fergus Brooks, National Cyber Practice Leader, Australia Cyber theft poses a serious threat to organizations, putting their valuable data and reputation at stake. Therefore, it is prudent for organizations to take regular stock of their cyber assets and assess the financial impact in case of any security breach.
Envisaging this growing threat in every industry across the globe, Aon helps clients with incident re-sponse planning by evaluating exposures to cyber threats, and minimizing financial losses as a fallout of a cyber-attack. Fergus Brooks, Aon’s National Cyber Practice Leader in Australia says, “Cyber-specific incident response planning is a proven key risk mitigation measure for organ-izations susceptible to cyber risk. We work with organizations to tailor incident response plans and assist clients in developing agreements with necessary third parties such as insurers that are required to execute the plan.”
Incident response planning is only one part of the comprehensive solution for managing cyber risk. Aon works with organizations to provide:
• Breach and Incident Response: Aon’s solutions provide specialized forensic investigation and response services to support organizations post-event. Aon also helps to close gaps and deficiencies including assistance with law enforcement and regulators, breach notification, and other risk mitigation measures.
Cyber-specific incident response planning is a proven key risk mitigation measure for organizations susceptible to cyber risk
• Cyber Risk Analytics: Using Aon’s actuarial expertise, organizations gain key answers to questions regarding how much cyber insurance to purchase, the appropriate scope of coverage to purchase, the overall cyber-related risk exposures faced by the organization, and other key insights for risk management purposes.
• Cyber Risk Profiling: Aon provides cyber risk profiling to organizations to help organizations identify, define, qualify, and quantify cyber risks, while identifying potential gaps and deficiencies in operations and systems and, importantly, critical remediation recommendations.
Aon’s approach empowers organisations with a powerful, data-supported roadmap to support management decisions about risk mitigation resources, insurance or other risk transfer strategies, or a risk retention decision. With the acquisition of Stroz Friedberg, a global risk management firm, Aon is bringing together two of the world’s most highly skilled and accomplished teams to deliver a complete end-to-end cyber risk solution to cover cyber risk transfer, mitigation, advisory, and response services. Recently, it has appointed Jim C. Trainor as VP to continue its innovative and industry-leading approach.
Aon also advises on cyber risk management best practices and provides frequent thought leader-ship and guidance on emerging exposures and coverage issues. For example, the Federal Government in Australia has recently passed an amendment to the Privacy Act 1988 and introduced a data-breach notification clause, mandating organizations to notify the Australian Information Commissioner (OAIC) in case of any data breach event. This change in law has placed Aon with immense responsibility to help clients identify their cyber-exposure, consider risk options, plan incident responses, and triage post-breach scenarios.
As the complexity, frequency, and severity of cyber-attacks grow, Aon remains committed to help its clients identify and manage new types of risk in a rapidly changing, increasingly volatile world.
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