Aon plc (AON - Free Report) has recently joined forces with HP Inc. (HPQ - Free Report) to launch an integrated set of cyber risk management solutions for customers. The new collaborative solution is expected to be launched in fall 2018. It will be initially offered directly by HP as well as through its channel partners in the United States. From next year onward, the solution will be available outside the U.S. too.
What Does the Collaboration Offer?
The offering includes hardware-level security protection, comprehensive risk assessment and remediation, rapid incident response and options for enhanced cyber insurance coverage. HP Device as a Service (DaaS), the main carrier of the solution provides multi-OS device management support to the businesses along with assistance of advanced analytics and proactive management capabilities. Aon's cybersecurity professionals will evaluate a company's cybersecurity status and provide suggestions to improve defenses with the help of Aon's proprietary assessment tool.
HP DaaS enables businesses to provide employees with access to appropriate hardware, accessories and lifecycle services to counter the cyber threats. In addition, the chief solution provider's aid of analytics and proactive management service help proactively address security risks before the users’ performance gets affected.
By providing admittance to Aon's comprehensive broking resources, HP DaaS and Aon's Cyber Resilience Evaluation jointly facilitate businesses to qualify for enhanced cyber insurance coverage. With the assurance of in-time support from Aon's incident response team, this joint effort further ensures best-in-class pricing and deductibles to manage the financial perils.
Need for the Offering
In the continuously evolving platform of cyberattacks, the number of devices and operating systems used by enterprises is also drastically increasing. The failure to protect information of clients and customers costs insurers millions in terms of fines and other expenses. This not only hurts a company’s underwriting results but also induces loss.
HP estimates that by 2020, there will be nine billion commercial devices worldwide with an average of four devices per user, incurring extra costs and complexity for businesses. 82% of IT teams states that it's enormously challenging to secure data and devices within this environment.
Management remains optimistic about the alliance with HP, which it believes to further bolster Aon's unique and industry-leading approach toward cyber risk management. It is of the opinion that the comprehensive solution would help organizations manage the technical aspects of endpoint security and business continuity. It is also expected to remain favorable toward overall security posture along with mitigating financial exposure.
On the other hand, HP thinks that coupling Aon's expertise in cybersecurity capabilities and risk management solutions with its renowned security features and device management capabilities will successfully meet customer demand in the rapidly changing landscape of cyber threats.
Initiatives by Other Players
With the rising cost of data breach, insurers are proactively adopting new technologies to protect their clients and customers.
Earlier this month, leading insurance broker Willis Towers Watson Public Limited Company (WLTW - Free Report) a launched the latest version of its innovative Cyber Risk Profile Diagnostic tool, allowing organizations to identify and analyze risk prone areas of cyber exposure and vulnerability by measuring the respective current cyber maturity.
Earlier this week, Hartford Financial Services Group, Inc (HIG - Free Report) also launched an admitted cyber liability product named CyberChoice First Response to address the cyberattacks suffered by the businesses.
Share Price Performance
Aon’s relentless endeavors to ensure customer satisfaction have therefore helped it gain shareholders’ appreciation. In a year’s time, the stock has returned 17.1%, outperforming the industry’s rally of 13%.
Aon carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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