Re/insurance broker Aon has announced plans to implement the cyber data listening and modelling collection capabilities offered by specialist firm Guidewire.
Aon views the high-profile events of 2021 as having further reinforced industry concerns over the systemic potential of cyber attacks, and the rapid rise of ransomware events.
It’s hoped Guidewire’s Cyence Risk Analytics risk selection and accumulation management products will help Aon better quantify its risks and underwrite cyber insurance with increased confidence.
Aon believes it will now be able to more effectively model client portfolios and develop new solutions that directly address specific needs around underwriting and reinsuring cyber.
“The risk of ransomware and other types of cyber attacks has risen dramatically, and so we are augmenting our capabilities to bring even more timely and actionable insights to our clients,” said Jon Laux, head of cyber analytics for Aon’s Reinsurance Solutions.
“In this regard, Guidewire Cyence provides us with advanced analytical solutions to measure the financial impact of cyber risk, mitigate current and future incident trends, and help clients make better decisions around pricing, risk selection, aggregation, and management.”
“We admire Aon’s use of Cyence to further its work to help clients reduce volatility and build more resilient businesses, governments, and communities,” said Paul Mang, chief innovation officer, Guidewire Software.
“We are pleased by their vote of confidence in our cyber capabilities and look forward to infusing data analytics to help Aon’s clients navigate the volatility in a rapidly changing cyber insurance and reinsurance market.”