Evolving cyber risks and privacy laws and regulations such as the EU General Data Protection Regulation (GDPR) have created a greater awareness of the financial impact of cyber risks and emphasized the need for organizations to increase their understanding of cyber insurance. Recent increased business interruption losses following a cyber-attack have also heightened awareness. However, many mid-market organizations remain under-insured and can benefit from Aon’s approach to cyber risk management.
Carrying out a cyber risk scenario analysis for example can be particularly useful in helping companies better understand their exposure. After that process they might decide to strengthen their own internal IT security and incident response preparedness before they consider buying cyber insurance cover.
Over the last five years, more internal stakeholders have become involved in helping to recognize cyber risk within a business which has helped to develop better knowledge around cyber threats and, in turn, increased the understanding of the value of cyber insurance.