Insurers have been grappling with understanding the threat vectors that organisations face, and the control frameworks that reduce, minimise or eliminate these threats. In the current ransomware environment these controls are critical, and we can expect to see greater scrutiny in 2022 and beyond.
Locally, we have seen the majority of Australian markets reduce their line sizes, on average by 50%, with heightened attention on security. Controls are now ubiquitously required by the market in order to consider providing coverage. Without these controls, resiliency plans, and a well-articulated submission to the market, organisations will struggle to maintain insurance coverage.
Lloyds capacity has become an expensive but critical commodity that will only be provided to organisations that demonstrate outstanding security posture and awareness.
Find out more about Aon’s cyber risk management solutions.