Aon looks to boost cyber insurance operations with new deal

Aon, a risk, retirement and health solutions provider, has acquired Canadian cybersecurity platform Cytelligence.

The startup offers incident response advisory, digital forensic expertise, security consulting services and cybersecurity training for employees.

By acquiring the cybersecurity company, Aon hopes to expand its insurance services.

A recent study from Cisco and Cybersecurity Ventures claims cyber events will cost around $6trn annually by 2021. The report also claims that cyber insurance premiums will grow from $4bn in 2018 to $20bn in 2025.

Cytelligence is joining Aon’s Cyber Solutions division which comprises of digital risk management, security, professional risk and global risk consulting services.

By working together, Cytelligence hopes to create a complete pro-active solution including risk assessment, cyber risk policy underwriting, insurance, breach response, incident remediation and data preservation.

Aon’s Cyber Solutions CEO Jason Hogg said, “As the number of network intrusions, data breaches, ransomware attacks, and similar threats continues to increase in both frequency and severity, expertise in cyber incident response becomes critical to organizations and insurance companies.

“The Cytelligence team are deep experts in cyber incident response, ransomware mitigation, and cyber security training for employees, which will help cement our position in both North America and globally as an industry leader.”

Specialist insurance provider CFC recently acquired cyber insurance underwriter ThreatInformer to help improve its operations in the industry.

Copyright © 2020 FinTech Global

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