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AON & ReliaQuest Enhance Offerings in Cyber Risk Management

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Aon plc (AON - Free Report) recently announced that it has partnered with ReliaQuest in a bid to strengthen its foothold in the cyber risk space. This partnership will aid AON in enhancing its capabilities and leverage ReliaQuest’s prowess and technology in detecting, investigating and responding.

This move bodes well for AON’s Commercial Risk Solutions business, which experienced an organic revenue growth of 4% year over year in the fourth quarter. More commissions earned will increase the company’s top line in the future. Leveraging innovation to enhance cyber resilience capabilities is expected to drive sustainable organic revenue growth. Aon expects to deliver mid-single-digit or higher organic revenue growth in 2024 and beyond. With this partnership, AON will be able to serve its clients better by helping them quantify cyber risks, secure their important assets and recover from cyber breach instances.

AON’s enhanced solutions will drive data-backed decision-making for clients, aiding them in identifying and managing their cyber risk efficiently. AON’s 2023 Cyber Resilience Report highlights that 40% of companies are deprived of necessary system and organizational controls. This reveals a huge addressable market for AON, where it can help clients manage cyber risk. AON also provides cyber risk mitigation and risk transfer solutions with cyber insurance. Clients can quantify probable cyber losses and make decisions on required risk transfer.

AON’s customers will benefit from end-to-end security outcomes through the GreyMatter security operations platform. ReliaQuest’s customers will benefit from AON’s “indicators of compromise” enabling users to immediately detect emerging threats. Improved visibility into threats and reduced complexity bodes well for clients.

The Cyber Risk Management market is rising, and many industry players are also enhancing their offerings. The global cost of cybercrime is expected to increase to $23.84 trillion by 2027. Marsh & McLennan Companies (MMC - Free Report) collaborated with SecurityScorecard in a bid to leverage its data and analytics to develop cyber risk mitigation strategies for its clients.

Brown & Brown, Inc. (BRO - Free Report) launched its new Cyber In-Site platform, aiming to aid clients in making informed decisions and reducing their risk profile. Arthur J. Gallagher & Co. (AJG - Free Report) expects the changing cyber threat landscape to fuel expansion in 2024 and beyond. AJG’s cyber liability insurance will help clients mitigate cyber risks and provide custom insurance solutions.

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