Insurer Aon plc announced the launch of a new offering aimed at increasing the resilience of businesses in the UK and the Europe, Middle East, and Africa (EMEA) region, by addressing cyber insurability challenges. “Ransomware Defence” brings Aon’s cyber security expertise and capabilities together into one solution to help mid-market organizations improve and demonstrate their cyber preparedness. This offering can help clients mitigate their risk of a ransomware attack while also facilitating their cyber insurance placement. The offering includes an attack surface assessment, external threat scanning, cyber-attack simulations and an incident response readiness assessment.
With Ransomware Defence, Aon can help organizations “increase their level of security and provide more accurate assessments of their defenses, lowering the likelihood of successful attacks and positioning them strongly to access the insurance they need. Aon explained that insurers are experiencing mounting losses, driven by the proliferation of ransomware, with the frequency of events up 500% since 2018. Increased frequency and severity of losses have driven significant rate increases and led to more challenging insurance placements and renewals in the cyber insurance market. While larger organizations may have more sophisticated security controls in place, many mid-market organizations across the UK and EMEA are failing to demonstrate adequate preparedness.