Aon Beefs Up its Cyber Insurance Portfolio with Acquisition

In order to meet the newfound corporate demand following cyber-attacks against Target, Home Depot, and Sony, Aon last month acquired Stroz Friedberg – best known for helping the likes of Sony and Yahoo mitigate damage from breaches. Although 60 vendors offer cyber insurance of some kind, none currently account for every type of contingency associated with a cyber-attack. This acquisition intends to fill some of Aon’s own gaps. This opportunity will further add incident response and other capabilities to Aon’s portfolio of cybersecurity assessment and risk transfer services. Aon’s CIO says Stroz will help clients mitigate cyber incidents more rapidly, which has a direct correlation on reducing claims. Bruno also adds that Aon may acquire more companies as it seeks to add real-time data analytics capabilities, something that will become more critical as the Internet of Things (IoT) expands to more industries.