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 industry, exposing financial institutions to new vulnerabilities as they adopt operational automation, artificial intelligence, and digital payment systems. To address these challenges, Aon has 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, alongside combined defense, preparedness, and remediation strategies aimed at mitigating the financial impact of potential ransomware attacks. The implementation of these tailored solutions has enabled financial institutions to better navigate the complexities of an increasingly digitalized operating model. By proactively identifying vulnerabilities and streamlining the insurance negotiation process, firms can enhance their resilience against ransomware threats while effectively managing associated costs.