Data protection and network security has become a leading issue for most businesses owing to a surge in the use of technology and collection of information required for a modern business to operate.
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Understand your business exposure
Managing the internal risks of human error and system failures along with external threats such as malicious or nuisance attacks, is a relentless task and further complicated by an increasing trend to outsource business functions to third parties such as payroll processors, data back-up and cloud related services.
This leads to an increased possibility of legal exposure, reputational harm and income loss that can wreak havoc on a company’s bottom line.
Sample insurance cover
Traditional insurance covering liabilities, property and crime fail to provide adequate protection for intangible assets such as computer networks and data.
Costs to deal with a breach of security or breach of data can be split between your own expenses to respond and third party costs to defend and settle with others.
Policies differ between insurers but the below table demonstrates what most insurers will aim to provide.
Five Question Analysis
Take our quick five question self analysis. If you answer yes to any of these questions, you may want to consider cyber risk insurance.
Five question self analysis
Complete the Cyber Risk Diagnostic
Aon has created this simple-to-use, interactive tool to help you identify and consider the key internal and external factors that may affect your levels of cyber risks.
Complete the Cyber Risk Diagnostic here
Aon assisted assessment:
1. Contact your local Aon broker to discuss your needs
2. Aon Group Risk Consulting (AGRC) services
AGRC offers Insurable Risk Profiling and Gap Analysis for cyber risk exposures. Using a structured method of risk analysis to determine key risks and their financial impact allows for a more granular view of risk and assists with risk management and transfer strategies. The output demonstrates good corporate governance and can easily be linked to your organisation’s broader risk management activities.
Why choose Aon?
Aon New Zealand has a dedicated team that specialise in this fast emerging and unique risk area. Forming part of Aon’s global cyber practice we are in a position to share with you experiences from our clients and insurers around the world. This will assist you when arranging cover, benchmarking premiums and responding to cyber incidents.