Case Study – Optimizing Cyber Placement with Targeted Control Validation

Case Study – Optimizing Cyber Placement with Targeted Control Validation
September 14, 2023 4 mins

Case Study – Optimizing Cyber Placement with Targeted Control Validation

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As cyber attacks evolve, insurers are scrutinizing how organizations understand and address potential cyber security exposures. Achieving a baseline of security standards is crucial to securing coverage, demonstrating a strong resiliency program is key to achieving optimal terms and conditions.

Key Takeaways
  1. The Carrier-aligned Security Assessment ensured the client was better informed about how key strengths, mitigating controls and potential exposures would affect their cyber insurance placement.
  2. Aon's brokerage and consulting teams worked together to complete the Carrier-aligned Security Assessment to provide insight into mitigating controls for outstanding program gaps, preparing the client to communicate a more accurate picture of their cyber posture for renewal.
  3. Aon helped the client reduce their risk profile and prepared them for optimal cyber placement, which included removal of a ransomware coinsurance clause and reduced the anticipated premium increase.

Challenge

After going through a particularly difficult cyber insurance renewal in 2021, a large, complex fast-food client reached out to Aon to help conduct a cyber security risk assessment designed to identify cyber risks, which would then factor in to their 2022 placement discussions. 

Solution

During the client call, the team asked questions to look beyond the original information provided and understand what the client really needed. Using these new details, the delivery teams brought the best of Aon’s capabilities together with a first-of-its-kind effort to create a new service offering to meet the client’s stated goals. 
 
Aon developed a Carrier-aligned Security Assessment designed to combine our proactive, testing, and broking capabilities to identify potential cyber risks across critical security domains and provide a forecast on how they may be perceived during placement discussions. With this approach, Aon was able to deliver an unmatched solution that would help the client understand their risk profile while also preparing them for optimal cyber placement with enough runway to address the most critical concerns.

Results

Aon completed the Carrier-aligned Security Assessment on the client’s behalf. Post report delivery, Aon’s brokerage and consulting teams worked together to highlight key program strengths and provide insight into mitigating controls for outstanding program gaps, preparing the client to communicate their cyber posture for renewal.  During renewal, Aon helped negotiate a significant reduction of both a required ransomware coinsurance clause, and an expected premium increase. Post placement, the client communicated how helpful the focused approach was in preparing for the underwriting process, and has become a trusted, long-term partner.

General Disclaimer

Insurance products and services are offered by Aon Risk Insurance Services West, Inc., Aon Risk Services Central, Inc., Aon Risk Services Northeast, Inc., Aon Risk Services Southwest, Inc., and Aon Risk Services, Inc. of Florida, and their licensed affiliates. The information contained herein and the statements expressed are of a general nature, not intended to address the circumstances of any particular individual or entity and provided for informational purposes only. The information does not replace the advice of legal counsel or a cyber insurance professional and should not be relied upon for any such purpose. Although we endeavor to provide accurate and timely information and use sources we consider reliable, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.

Terms of Use

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15%

Aon reduced the expected premium increase from 35% to just 15%.

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