Reinsurance News

Aon launches Ransomware Defence to improve cyber preparations

7th October 2021 - Author: Matt Sheehan

Re/insurance broker Aon has announced the launch of Ransomware Defence, a solution that brings the firm’s Aon’s cyber security expertise and capabilities together into one solution to help mid-market organisations improve their cyber preparedness.

Aon notes that insurers are experiencing mounting losses, largely driven by the proliferation of ransomware, with the frequency of events up nearly 500% since 2018.

The increased frequency and severity have driven significant rate increases and led to more challenging insurance placements and renewals in the cyber insurance market.

To combat increasing losses, insurers have begun evaluating whether their insured have instituted adequate security controls, but an unfavourable evaluation may have an adverse impact on a client’s rate, premium, limit and terms and conditions.

While larger organisations may have more sophisticated security controls in place, many mid-market organisations across the UK and EMEA are failing to demonstrate adequate preparedness.


Ransomware Defence is therefore designed to help a clients mitigate their risk of a ransomware attack while also facilitating their cyber insurance placement.

The offering includes an Attack Surface Assessment, External Threat Scanning, Cyber Attack Simulations and an Incident Response Readiness Assessment.

“Ransomware incidents are becoming more frequent, sophisticated and targeted, while ransom demands themselves are growing,” said Richard Hanlon, Chief Commercial Officer, EMEA, for Aon’s Cyber Solutions.

“These dynamics are leaving many businesses more exposed to cyber threats and unable to secure the essential insurance coverage they need in response to an event. By launching Ransomware Defence, we will proactively provide clients with a comprehensive solution to address these challenges.”

Tracie Thompson, Head of Commercial Risk, EMEA, at Aon, also commented: “We are experiencing a cautionary approach to insuring cyber risks by a majority of insurers; through Ransomware Defence we can help organisations increase their level of security and provide more accurate assessments of their defences, lowering the likelihood of successful attacks and positioning them strongly to access the insurance they need.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
AXA XL Insurance promotes Michael Takigawa

AXA XL Insurance has announced the appointment of Michael Takigawa as its new Head of Commercial E&O for the Americas...