Aon Risk Solutions, the global risk management business of Aon plc, has introduced Aon Cyber Enterprise Solution, a property/casualty and Internet of Things insurance policy that offers comprehensive and integrated enterprise-wide coverage against cyber risk.
The new product offers cyber coverage for property, products liability, supply chain risk, technology platforms and information/physical assets, in addition to defenses against privacy and security liability. Aon Cyber Enterprise Solution is available through the Aon network globally.
Aon Cyber Enterprise Solution can address emerging areas of cyber risk and related regulation, including:
- Comprehensive limit approach – up to $400 million in capacity per policy;
- Aon proprietary language – single policy form;
- Property damage arising out of a network security breach;
- Products liability coverage to address Internet of Things exposures;
- Business interruption and extra expense coverage arising out of a systems failure;
- Contingent network business interruption for IT vendors and the supply chain;
- Cyber terrorism coverage;
- European Union General Data Protection Regulation fines and penalties, where insurable;
- Privacy/security liability and event expense coverage;
- Media liability and technology errors and omissions by endorsement.
Aon has worked with markets in the U.S., London, Europe and Bermuda, including many global insurance carriers, to support the Aon Cyber Enterprise Solution policy form and approach. The policy form has applicability across all industries, so each risk will be considered independently and on its own merits, taking into account an organization’s specific cyber exposures and risk mitigation, including cyber security posture, incident response/disaster recovery planning and cyber resilience. Coverage is subject to individual policy terms and conditions.
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