Aon launches Ransomware Defence

Aon has announced the launch of a new offering aimed at increasing the resilience of businesses in the UK and EMEA by addressing cyber insurability challenges.

Ransomware Defence aims to help clients mitigate their risk of a ransomware attack while also facilitating insurance placement. The new service includes an attack surface assessment, external threat scanning, cyber attack simulations and an incident response readiness assessment.

Insurers are experiencing mounting losses in cyber, largely driven by the proliferation of ransomware, with the frequency of events up nearly 500% since 2018 – a significant driver for rate increases and more challenging placements and renewals.

Aon says it has managed more than 2,000 cyber claims globally since 2012 and placed over US$1.3bn in cyber premiums in 2020.

Richard Hanlon, chief commercial officer, EMEA, for Aon’s Cyber Solutions, said: “Ransomware incidents are becoming more frequent, sophisticated and targeted, while ransom demands themselves are growing. These dynamics are leaving many businesses more exposed to cyber threats and unable to secure the essential insurance coverage they need in response to an event. By launching Ransomware Defence, we will proactively provide clients with a comprehensive solution to address these challenges.”

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