Independent online platform, Adviser Ratings, has today announced a
partnership with risk and people advisers, Aon, to launch a cyber-insurance policy, designed to
protect advisers and their customers against the increasing risk of cybercrime.
The partnership was formed in response to the growing threat of cybercrime, which has been
estimated to cost the Australian economy up to $16 billion in the next decade, and is one of the
fastest growing risks for companies globally, according to figures from global insurer, Lloyd’s.
Speaking about the policy, Managing Director of Adviser Ratings, Angus Woods, said: “The financial
services sector is no stranger to cybercrime. Breaches can be hugely costly for advisers and their
clients, and, if handled incorrectly, can quickly erode trust between the two parties.
“As the threat grows, it’s important that advisers have a solid risk management strategy in place. We
want our advisers and their clients to be safe in the knowledge that they are protected in the worst
case scenario of a cyber breach happening, which is why we’ve partnered with Aon to provide this
policy to advisers,” Mr Woods said.
Through the partnership, financial advisers registered on the Adviser Ratings platform are eligible to
take out cyber liability insurance with Aon. This includes a tailored risk management program to
ensure the protection of members and their customers from risks inherent in today’s evolving digital
world.
Fergus Brooks, Aon’s national practice leader for cyber risk, said that many standard insurance
policies available to the financial advice industry do not cover the many hidden risks associated with
cyber.
“The biggest risk to an advice business is damage to its brand and reputation due to its high reliance
on customer trust. 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 cybercrime.
They also face greater risk of reputational damage, as a cyber breach can no longer be kept a secret
under the new mandatory data breach legislation reporting that is coming into effect this year,” Mr
Brooks said.
“Aon’s partnership with Adviser Ratings is another step we are taking to educate Australian
businesses about the importance of looking at their security posture and having an incident
response plan.”
For further information on the cyber policy offered to Adviser Ratings members, please visit: http://business-insurance.aon.com.au/Professions/Other/Adviser-Ratings.aspx
