Management Consulting
Aon
Full Credential Description
After experiencing a challenging cyber insurance renewal in 2021, a large fast-food client sought assistance from Aon 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. Aons team engaged with the client to uncover deeper insights beyond the initial information provided, leading to the development of a tailored Carrier-aligned Security Assessment. This innovative service combined Aons proactive testing and broking capabilities to evaluate potential cyber risks across critical security domains. The Carrier-aligned Security Assessment provided the client with a clearer understanding of their cyber risk profile, highlighting key strengths and identifying gaps in their security program. This preparation enabled the client to present a more accurate depiction of their cyber posture during the renewal process. As a result of Aons intervention, the client successfully negotiated a significant reduction in their expected premium increase from 35% to just 15%. Additionally, Aon facilitated the removal of a ransomware coinsurance clause, further optimizing the clients insurance terms. The focused approach not only enhanced the client's readiness for the underwriting process but also established Aon as a trusted long-term partner in managing their cyber insurance needs.