The ransomware epidemic is growing exponentially and is assuming geopolitical importance. The research company Cybersecurity Ventures predicts the global cost of cybercrime will reach $6 trillion in 2021, and:

• It is a priority for the US Government and has become a focus of international relations
• It is impacting the cost and availability of insurance – premiums are soaring and insurers are selectively restricting coverage

For professional service firms, as one of the most targeted sectors, this risk environment introduces a great many uncertainties, including:

• Regulators are becoming increasingly punitive (from OFAC restrictions on ransom payments to the imposition of fines and penalties)
• Statutory requirements are increasingly onerous (from compliance requirements to mass tort litigation based on data theft)

The business model of professional service firms hinges on the safekeeping of sensitive and confidential client data, so access to coordinated ransomware-specific solutions is critical. The best defense is a holistic approach described in Aon’s Ransomware Webinar

To address this critical issue, Aon’s Cyber Solutions Team has developed two tailored ransomware offerings that:

• Provide an assessment platform to level-set the firm’s cyber maturity
• Provide an analysis and improvement plan for the nine key control areas that most concern insurers
• Incorporate Aon’s 10 Critical Steps to Prevent and Detect Ransomware Threats
• Combine defense, preparedness and remediation strategies to prevent, prepare for and mitigate the financial impact of a ransomware attack

More information about Aon’s Ransomware Protect And Readiness Bundled Offerings is available here

Contact

Aon’s Professional Services Practice values your feedback. To discuss any of the topics raised in this article, please contact Tom Ricketts.

Tom Ricketts
Senior Vice President and Cyber Risk Leader
New York