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Aon Cyber Risks

 

Data protection and network security has become a leading issue for most businesses owing to the increase in computer devices or applications being used to perform business functions and the large volume of data that now flows through all levels of an organisation.

Managing the risks of human error, criminal activity or vandalism/nuisance within a business is a relentless task and further complicated by the 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 business interruption that can wreak havoc on a company’s bottom line.

Traditional insurance programmes, covering liabilities, property and crime, fail to provide adequate protection for non physical damage and computer network risks, therefore exposing cyber and data coverage gaps.

Costs to deal with a cyber-incident could include:

Breach costs

• Forensic investigation costs to find out what went wrong and to confirm whose data has been put at risk
• Notification expenses to advise customers their information has been stolen
• Call centre expenses to manage a volume of calls from concerned customers
• Credit monitoring services to watch to see if stolen data is being used fraudulently
• PR consultants to manage communication to clients, general public and media
• Legal advice
• Regulatory actions and investigations costs and subsequent fines and penalties

Hacking and virus damage costs

• IT specialists for damage assessment, containment and restoration of data or networks

Loss of revenue

• Loss in revenue or additional costs

Costs to compensate claimants

• Financial loss from fraud, prevention costs
• Specialist’s costs including legal, forensic and monitoring
• Credit or tax issues
• Reputation damage
• Goodwill

Cyber extortion

• Costs to establish the credibility of a threat, preventing the threat, rewards to identify the perpetrators or ransom amounts required to be paid.

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.