Aon announces cyber insurance partnership

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Aon has announced a new partnership aimed at offering cyber cover to financial advisers.

The international brokerage has joined forces with online platform Adviser Ratings to launch a cyber policy designed to protect financial advisers against cyber crime.

Financial advisers registered on the Adviser Ratings platform will be eligible to take out the policy with Aon and will be offered a tailored risk management program from the brokerage to help mitigate cyber risk.

Fergus Brooks, Aon’s national practice leader for cyber risk, said the partnership forms part of the firm’s strategy to educate Australian businesses about the risks they face in the cyber world.

“The biggest risk to an advice business is damage to its brand and reputation due to its high reliance on customer trust,” Brooks said.

“Advisers hold large amounts of third party data – from personal client information, to how and where they invest their money – all of which are susceptible to cyber crime.”

Brooks noted that the new mandatory breach notification laws, announced in February and expected to take full effect next year, will also impact the financial adviser industry as they will no longer be able to hide breaches.

Angus Woods, managing director of Adviser Ratings, said that while the industry is no stranger to cyber risk, the partnership with Aon will protect members.

“Breaches can be hugely costly for advisers and their clients, and, if handled incorrectly, can quickly erode trust between the two parties,” Woods said.

“As the threat grows, it’s important that advisers have a solid risk management strategy in place.”

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