Management Consulting
Aon
Full Credential Description
After experiencing a challenging cyber insurance renewal in 2021, a large fast-food client sought Aon's assistance to conduct a comprehensive cyber security risk assessment. The goal was to identify potential cyber risks that would inform their discussions for the 2022 insurance placement. Aon's team engaged with the client to delve deeper than the initial information provided, uncovering specific needs and concerns that shaped the approach to the assessment. To address these needs, Aon developed a tailored solution known as the Carrier-aligned Security Assessment. This innovative service combined Aon's proactive testing and brokerage capabilities to evaluate potential cyber risks across critical security domains. The assessment provided the client with valuable insights into their risk profile, highlighting key strengths and identifying gaps in their cyber security program. This preparation enabled the client to present a more accurate depiction of their cyber posture during the renewal process. The results of Aon's intervention were significant. Following the completion of the Carrier-aligned Security Assessment, Aons brokerage and consulting teams collaborated to negotiate a reduction in the client's expected premium increase from 35% to just 15%. Additionally, they successfully removed a ransomware coinsurance clause from the client's policy, further enhancing their coverage terms. The client reported that the focused approach was instrumental in preparing for the underwriting process, solidifying Aons role as a trusted long-term partner in managing their cyber insurance needs.