Business Insurance magazine recognized Aon plc, the leading professional services firm providing a broad range of risk, retirement and health solutions, with two 2019 Innovation Awards.
The recognitions earned include Aon’s Cyber Quotient Evaluation (CyQu) and Intellectual Property liability insurance products – two solutions that demonstrate Aon’s market leading ability to advise clients on combating emerging risks and preventing business disruption. The awards recognize leadership, inventiveness and ingenuity in solutions designed for risk management professionals.
“The recognition speaks to how we’ve been able to leverage Aon’s institutional experience and scale, combined with the entrepreneurial mindset of our cyber industry leaders, to deliver best in class solutions,” said J Hogg, CEO of Aon’s Cyber Solutions. “The CyQu platform delivers Aon’s broad catalog of cyber risk solutions – such as incident response, risk quantification, testing and advisory services and cyber insurance – to clients around the world.”
As cyber threats continue to amplify, corporate risk managers need to take the necessary steps to address the security challenges presented by ever-increasing reliance on technology. According to Aon’s 2019 Global Risk Management Survey (GRMS), cyber-attacks/data breaches rank as the No. 6 risk for businesses and are expected to jump to the third-highest overall risk in 2022.
Aon’s CyQu demonstrates a commitment to aid clients in navigating a top risk. CyQu is a proprietary web-based evaluation tool to help organizations baseline cyber security maturity and strategically prioritize remediation investments. CyQu also facilitates the process of cyber insurance transactions through extensive work to align insured data requirements for over twenty primary markets who accept CyQu reporting as a submission.
In addition to cyber threats, companies are being increasingly forced to defend themselves against accusations of intellectual property infringement and the threat of litigation from patent trolls. These kinds of new threats have become the foundation of our global economy and have changed the business risk landscape.
“Across Aon, we are making investments towards innovations that will help solve our clients’ greatest challenges,” said Brian Cochrane, chief commercial officer for the New Ventures Group at Aon. “With our Intellectual Property liability insurance solution, risk managers will be able to better assess their exposure to this new and emerging threat they may face.”
With Aon’s Intellectual Property liability solution, risk managers are now able to help protect their businesses against certain damages and losses resulting from third-party infringement lawsuits. Risk managers can purchase cover for certain catastrophic intellectual property claims, allowing them to hedge volatility or provide balance sheet protection.
“Our CyQu and Intellectual Property liability insurance solutions are a testament to our teams’ relentless work to drive high-impact value for our clients,” said Lori Goltermann, CEO, U.S. Commercial Risk Solutions and Health Solutions. “We cannot thank our industry leaders and clients enough for their dedication to bring innovative ideas to life.”
Aon, as demonstrated by CyQu and its Intellectual Property liability insurance products, is leading industry innovation by creating tools and driving market efficiencies for risk managers to more effectively engage cyber security risk strategies within their organizations and help protect themselves from damages and losses.