Aon has introduced Cyber Risk Analyzer, a digital application designed to aid risk managers in making informed, data-driven decisions to mitigate cyber risk exposure.
The tool combines Aon’s data, tools and analytics expertise to support clients in navigating an evolving risk landscape across various sectors.
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It promises to offer advanced capabilities for addressing cyber threats, enabling detailed loss forecasting by modelling scenarios such as privacy breaches or system failures.
This is accomplished using Aon’s proprietary simulation modelling, which integrates insights from internal claims data, independent research conducted by the Cyber Risk Consulting team and results from tailored cyber modelling projects.
Additionally, the tool provides exposure assessment and integrates with other proprietary platforms such as Aon’s Cyber Quotient Evaluation.
This integration claims to offer a view of a client’s cyber exposures and the effectiveness of their security controls, enabling a deeper understanding of potential vulnerabilities.
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By GlobalDataAon’s new tool also supports total cost of risk (TCOR) analysis by combining loss forecasts with tailored insurance solutions, enabling a comprehensive evaluation of risk and financial impact.
This capability enables the creation of both standard and Catastrophic TCOR analyses, providing clients with a comprehensive understanding of their risk environment and the financial impacts of different insurance approaches.
According to Aon, these capabilities provide leaders with insights into evolving cyber risks, supporting decisions on risk transfer, retention and optimal insurance capital allocation for stakeholders.
Aon global specialty and financial products leader Christian Hoffman said: “As cyber threats continue to grow in frequency, sophistication and severity, organisations face an array of complex risks – from ransomware and business interruption to insider threats and data breaches.
“Compounding these risks are increased litigation pressures, shifting regulatory landscapes and heightened scrutiny from shareholders. We designed Aon’s Cyber Risk Analyzer to address these challenges and help clients evaluate and quantify their enterprise cyber risk, enabling them to make better decisions.”
The launch of Aon’s Cyber Risk Analyzer follows the 2024 debuts of the company’s Property Risk Analyzer, Casualty Risk Analyzer, D&O Risk Analyzer and Health Risk Analyzer.
