London
18 June 2015
Reporter: Stephen Durham

Aon reveals extent of cyber losses


More than a third of risk professionals throughout Europe, the Middle East and Africa (EMEA) have experienced a material or significantly disruptive loss relating to a data breach or security exploit in the past 24 months, according to Aon Risk Solutions.

The average financial impact of these incidents was $1.1 million, with overwhelmingly the most common EMEA cyber incident an attack that caused disruption to business and IT operations.

The research, undertaken during March 2015 in partnership with The Ponemon Institute, surveyed 545 risk professionals across 15 countries in the EMEA.

Bill Peck, chief commercial officer for Aon EMEA, said: “Aon wanted to understand how organisations qualify and quantify the impact of cyber-related assets.”

“This survey is unique as it focused on the relative financial statement impact of cyber incidents compared to tangible asset vulnerabilities.”

Aon has stated that it expects the findings to act as a roadmap for risk managers and finance personnel, helping them take a broader look at their organisation’s overall risk profile and ensure comprehensive insurance coverage is in place compared to the impact of each risk on the organisation.

Peck continued: “In today’s technology-driven environment, enterprise risk management issues are rapidly growing with the increased use of information assets and technology and present an ever-increasing exposure to business.”

More research news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
BCC: BMA to produce Bermuda Market Review
12 September 2017 | Hamilton | Reporter: Becky Butcher
A Bermuda Market Review, providing an overview of the captive insurance industry, is set to be released in the next few weeks, revealed Graham Lamb, assistant director of the BMA
Captives must maintain cyber vigilance
13 March 2017 | New Jersey | Reporter: Mark Dugdale
Certain captive insurers and risk retention groups must remain vigilant against cyber threats, despite exemption from the new rules in effect in New York, according to A.M. Best
FERMA: Drop in number of companies using captives
04 October 2016 | St Julians, Malta | Reporter: Becky Butcher
The number of companies using captives has fallen from 39 percent in 2014 to 34 percent in 2016, according to the eighth edition of the European Risk and Insurance Report 2016...
Risk managers rising in corporate ranks, finds FERMA
04 October 2016 | Brussels | Reporter: Mark Dugdale
European risk managers are taking a more strategic role in their companies with increasing access to top management levels and the board, a FERMA survey has found...
Aon sees decrease in cat bond transactions
09 September 2016 | Chicago | Reporter: Becky Butcher
A total of 24 catastrophe bond transactions closed during a 12-month period, ending 30 June this year, with a limit of $5.2 billion, a decrease of $7 billion on the previous period, according to Aon Securities...
Cost and control are top drivers for captives
04 August 2016 | London | Reporter: Becky Butcher
Control and cost savings are the primary drivers for companies with employee benefits in their captive, according to a Willis Towers Watson report...
Bermuda ILS industry creates over 400 jobs in 2015
22 July 2016 | Hamilton, Bermuda | Reporter: Becky Butcher
Bermuda’s ILS and convergence industry generated just shy of 400 jobs by the end of 2015, representing a 30 percent increase over the previous year, according to a new study by the Bermuda BDA...