Skip to main content
Opens in a new tab External site
Aon and World Economic Forum leading development of cyber risk modelling

LONDON, Feb 05, 2015 - Aon Risk Solutions, the global risk management business of Aon plc (NYSE: AON), is delighted to be working with the World Economic Forum to determine a new way for organisations to identify the impact of cyber threats. Aon recently participated on a panel at the World Economic Forum’s Partnering for Cyber Resilience Initiative in Davos. This has developed a new framework to understand and mitigate increasing emergence of cyber as a key risk factor facing today’s global businesses.


The framework, called “Cyber Value-at-Risk” comes at a time when cyber attacks are increasing in velocity and intensity, and when 90% of companies worldwide recognize they are insufficiently prepared to protect themselves against them. The purpose of the Cyber Value-at-Risk approach is to help organizations make better decisions about investments in cybersecurity, develop comprehensive risk management strategies, and help stimulate the development of global risk transfer markets. The framework helps organizations address questions such as how vulnerable they are to cyberthreats, how valuable the key assets at stake are, and who might be targeting them.


Stephen Cross, Chief Innovation Officer, Aon Risk Solutions, said: “One of the risks facing the insurance industry today is the potential for a cyber-hurricane, an event which could impact multiple lines of business, geographies and industry sectors. Accumulation of exposure is a major issue in the risk transfer markets and that is why Aon has worked with clients to incubate this risk within their captive insurance companies. As a leading risk management organization with a focus on all aspects of existing and emerging risk, we recognize that cyber is a significant and challenging risk for our entire client base, regardless of size or industry.”


Elena Kvochko, Manager, Information Technology Industry, Partnering for Cyber Resilience, World Economic Forum, who worked with Stephen Cross and Aon said: “Organizations are increasingly reliant on data-driven technology but have varying needs depending on factors such as the maturity of their security environment as well as different elements in their own industry. The Cyber Value-at-Risk concept is designed to establish a framework which identifies organizations’ defense maturity, asset value and attacker profiles. We were delighted to collaborate with Aon and 50 organizations who have contributed an in-depth understanding of the intricacies of cyber risk.”


The framework is highlighted in a new report, Partnering for Cyber Resilience: Towards the Quantification of Cyber Threats, which also included the input of 50 leading organisations from around the world and can be accessed at http://www3.weforum.org/docs/WEFUSA_QuantificationofCyberThreats_Report2015.pdf


# # #

Follow Aon on Twitter: https://twitter.com/Aon_plc
Sign up for News Alerts: http://aon.mediaroom.com/index.php?s=58


About Aon
Aon plc (NYSE:AON) is a leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 66,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world’s best broker, best insurance intermediary, best reinsurance intermediary, best captives manager, and best employee benefits consulting firm by multiple industry sources. Visit aon.com for more information on Aon and aon.com/manchesterunited to learn about Aon’s global partnership with Manchester United.

About the World Economic Forum
The World Economic Forum is an international institution committed to improving the state of the world through
public-private cooperation in the spirit of global citizenship. It engages with business, political, academic and other
leaders of society to shape global, regional and industry agendas.

Incorporated as a not-for-profit foundation in 1971 and headquartered in Geneva, Switzerland, the Forum is independent, impartial and not tied to any interests. It cooperates closely with all leading international organizations (www.weforum.org).

Media Contact:
Sarah Booker – Aon
+44.(0)20.7086.4872
sarah.booker@aon.co.uk

Peter Vanham –World Economic Forum
peter.vanham@weforum.org
 

Media Resources

Access international media contacts, the full library of Aon media releases, and a media kit with fact sheet and executive bios, via links below.

Media Contacts
Media Releases
Media Kit
Featured Updates