Management Consulting
Aon
Full Credential Description
The financial institutions sector is facing an escalating threat from ransomware, with attacks increasing by 486% from Q1 2018 to Q4 2020. This surge has resulted in significant losses for insurers, prompting a critical need for effective management of cyber and ransomware risks. The COVID-19 pandemic has further accelerated digital transformation within the financial sector, exposing institutions to new vulnerabilities as they adopt operational automation, artificial intelligence, and digital payment systems. To address these challenges, Aon developed tailored ransomware solutions specifically for financial institutions. These solutions include an assessment platform designed to evaluate a firm's cyber maturity and an analysis plan focusing on nine key control areas that are of particular concern to insurers. Additionally, Aon provides a comprehensive strategy that incorporates ten critical steps to prevent and detect ransomware threats, along with combined defense, preparedness, and remediation strategies to mitigate the financial impact of potential attacks. As a result of implementing these tailored solutions, financial institutions have reported improved resilience against ransomware threats. The majority of institutions now feel confident in their network security, with 62% believing they have mature network environments. Furthermore, 60% conduct regular penetration tests, and 45% actively scan for vulnerabilities, demonstrating a proactive approach to managing cyber risks. This strategic focus not only enhances their security posture but also positions them better in negotiations for insurance placements, ultimately leading to more favorable terms and conditions in their cyber insurance coverage.