Aon unveils broad cyber policy in response to client demand

Aon Risk Solutions this week launched one of the broadest cyber insurance offerings in the market in response to client demand for a single policy to address cyber-related property damage, bodily injury, product liability, vendor and supply chain risk, as well as privacy liability.

According to Stephanie Snyder, cyber practice sales leader for Aon Risk Solutions, the product, called Aon Cyber Enterprise Solution, goes further than existing policies in the market to include not only liability coverage for data breaches, but also risks related to the Internet of Things, system failure, and fines and penalties where allowed by law.

“It’s about the broadening of the scope of risk as organizations become more technologically sophisticated,” Snyder told Advisen.

Policies in the market haven’t addressed cyber risks in the property-casualty segment consistently according to Aon clients, she added, and “as risks move from the intangible world to the physical world,” businesses have begun to demand more options.

“We have clients who say, ‘I don’t collect personally identifiable information. I don’t collect payment cards. But I know that I have the potential to have some type of network security breach,’” Snyder said.