Aon Risk Solutions, the global risk management business of Aon plc AON, has launched an insurance policy aimed at protecting businesses from cyber risk. The product – Aon Cyber Enterprise Solution – is the first-of-its-kind insurance policy for property/casualty and Internet of Things.
This product will provide cyber solution for property, products liability, supply chain risk, technology platforms and information/physical assets. It will also provide protection against privacy and security liability.
Cyber insurance generally covers the personal data of customers, such as those faced by retailers, hospitality, financial institutions and health care. Aon, however, has gone a step forward and broadened the coverage in its policy by including physical property damage, products liability, business interruption or supply chain disruption.
A relatively new product, cyber insurance has been gaining demand over the past 10 years. According to PwC, about one-third of the U.S. companies currently purchase some type of cyber insurance.
Aon is optimistic about this product and aims to capitalize on growing demand for cyber insurance as organizations, irrespective of size, are increasingly using technology in their businesses, which increases the odds of cyber risk. Moreover, as technology becomes more complex and sophisticated, so do the threats faced by these businesses which make it imperative for them to be covered by cyber liability insurance.
Last month, Chubb Limited CB introduced its Cyber Enterprise Risk Management solution in the Asia Pacific region. It will offer clock service with its incident response teams to assist clients in case of a covered cyber incident-related emergency. Other big players The Travelers Companies Inc. TRV and XL Group plc XL also provide various types of cyber liability policies for varying degrees of risk.
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