9: On Aon’s Approach to Cyber Risk with Christian Hoffman

As cyber ransomware attacks soar (they increased 485 percent in 2020), only 31 percent of organizations report having adequate business resilience measures in place to deal with ransomware threats, according to Aon data. No segment or industry is immune from these attacks, which makes the work of navigating and mitigating cyber risk more important than ever. Cyber insurance products have become a key component of insurance portfolios, growing to a $7 billion global industry and taking the need for Aon’s expertise to critical levels.

In this episode of “On Aon,” Joey Raheb, Senior Vice President of Health Solutions & Large Market Sales Leader, is joined by Christian Hoffman, CEO of Aon's Cyber Solutions, North America, for a conversation about the evolution of cyber risk over the past 20 years. They discuss what organizations need to be focusing on today and unpack the findings from Aon’s recently released 2021 Cyber Security Risk Report.

• Christian recalls the unsettling events that led to his work in the field of cyber risk. [0:55]
• A look at all that has changed in cyber risk over the last 20 years. [3:52]
• The evolution of the focus on cyber security from the C-suite down. [6:25]
• The impact of the COVID-19 pandemic on the cyber risk landscape. [7:29]
• Key findings from Aon’s 2021 Cyber Security Risk Report. [9:44]
• What is preventing organizations from taking the next needed step toward increased security? [12:25]
• Main considerations when approaching greater cyber security. [14:45]
• Christian shares what gets him up and moving in the mornings. [15:58]

Additional Resources:

Aon’s Cyber Solutions

Aon’s 2021 Cyber Security Risk Report

CyQu: Cyber Quotient Evaluation from Aon

The Insurer: Combatting cybercrime requires consequences, capital and collaboration – contributed editorial from Aon’s Catherine Mulligan and James Trainor

Mulligan and Trainor also dove in deeper in a video interview with The Insurer

Aon’s website

Tweetables:

“The cyber insurance product is now such a key component of our clients’ insurance portfolios.” — Christian Hoffman

“All departments need to be connected and collaborating around the topic of cyber security.” — Christian Hoffman

“There is still tremendous work and enhancement and maturity for organizations in the cyber security space.” — Christian Hoffman

“Taking a holistic approach and aligning stakeholders ultimately will provide the best results for organizations.” — Christian Hoffman