CEO Insights team, Nikhil Michael, Correspondent, CEO Insights
Presently, when the cyber attacks are proliferating YoY, this acquisition will help Aon stretch its current reach within the cyber market at once. The Cybersecurity Almanac, 2019 published by Cisco & Cybersecurity Ventures predicts that cyber events will price $6 trillion annually by 2021, as companies are digitizing most of their processes and are often operating remotely. Global cyber insurance premiums are expected to increase from $4 billion in 2018 to $20 billion by 2025. According to Aon's 2019 Global Risk Management Survey, cyber-attacks were identified as a top ten risk facing organizations and is predicted to be one of the top three risks for organizations in 2022.
J Hogg, CEO of Aon's Cyber Solutions says, “As the number of network intrusions, data breaches, ransomware attacks, and similar threats continues to increase in both frequency and severity, expertise in cyber incident response becomes critical to
The Cytelligence team are deep experts in cyber incident response, ransomware mitigation, and cyber security training for employees, which will help cement our position in both North America and globally as an industry leader
Cytelligence has offices in Toronto, Ottawa, New York, San Francisco and Miami. Cytelligence’s association with Aon’s Cyber Solutions is expected to prove an added advantage on Aon's 2016 acquisition of Stroz Friedberg, allowing Aon to offer an even more holistic portfolio of services to clients from proactive security services, to incident response, to risk quantification and insurance broking.
"Together, we will deliver complete proactive solutions from risk assessment, cyber risk policy underwriting to secure insurance coverage to protect critical assets, to cyber breach response, effective and efficient cyber incident remediation, meticulous data collection and data preservation," says Daniel Tobok, CEO of Cytelligence. "Put simply, everything that is connected to the internet can be compromised. proactive companies and their Boards are preparing now with proactive actions with penetration testing, vulnerability assessments, security audits, and training of their employees,’’ adds Tobok, who will join Aon as the President of Aon's Cyber Solutions for Canada.