OPENSPACE 24: The Future of Space Exploration | Page 15

T
he statistics are clear: cyber-attacks are no longer
a matter of if, but a matter of when. Beneath the
surface, these attacks can have a much more
significant impact on organizations and lead to additional costs
that are both more difficult to quantify and often hidden from
public view. Companies are now facing data and reputation
compromise, disruption to supply chains and production, loss
of income, and physical damage. With cyber-risk becoming
one of the major threats to business continuity and reputation,
the insurance market for cybersecurity is booming and is
“Insurance carriers can’t accept
to underwrite risks which are not
properly assessed. That’s why it is
fundamental to set up approaches
which can help in adopting a risk-
based security insurance coverage.”
Romina Calciago
Aon Global Risk Consulting head.
expected to grow exponentially in the years to come. “In
2016, Aon has placed around 35% cyber premiums globally
diagnostic system developed by RHEA Group.
for about $450 million, but we expect them to grow to over “The collaboration with RHEA Group allows a detailed
$750 million by 2020,” said Enrico Vanin, CEO of Aon SpA and fact-based quantification of the exposure to cyber-
and Aon Hewitt Risk & Consulting. risk of a company’s business and technical infrastructure,
Cyber-risk is more complex and potentially more hence visualizing very tangible cases and concrete actions
dangerous than traditional risk, and this is forcing insurance for the top management to optimize their risk profile. This is
companies and their clients to find a reliable approach to something unique in the market; no similar approaches have
cybersecurity. “Cyber-risk needs to be addressed both on been proposed so far,” said Ratti.
the prevention and the protection side in order to transfer Starlings Soar® provides an automated, full-scale mapping
it to the insurance market. In fact, insurance carriers can’t of vulnerabilities and related potential cyber-threats affecting
accept to underwrite risks which are not properly assessed. a company’s IT infrastructure, evaluating and quantifying the
That’s why it is fundamental to set up approaches which can relevant impacts on core business processes and eventually
help in adopting a risk-based security insurance coverage,” identifying the most available mitigation actions. The
said Romina Calciago, Aon Global Risk consulting head. partnership has kicked off with several meetings with clients
Today’s cyber-risk assessment method, which is mainly in various business sectors to demonstrate the capabilities
qualitative and not technical enough, is falling short on of the integrated approach and the new Starlings Soar®
completely mitigating cyber-threat. The reality is that platform. “The reactions couldn’t have been more positive.
mitigating cyber-risk requires a deep technical diagnostic The partnership with Aon has proved that we are on the right
linked to realistic and quantitative business impact path for extending RHEA Group security methodologies and
analysis. “The cyber-risk has finally moved from an IT to a quantitative risk assessment solutions to protect companies
business problem. This translates into the need for the top in all sectors,” said Mario Bizzi, managing director of RHEA
management of our clients to have a proper view on a clear, System SpA.
multi-faceted, and quantitative assessment of their cyber- In the coming months, more than 600 clients will benefit
risk exposure,” said Gabriele Ratti, deputy general manager from the partnership, and the insurance carriers could also
of Aon Hewitt Srl. The global insurance broker company and benefit from the integrated approach. “Our ambition is to carry
RHEA Group recently announced a partnership that brings out a significant amount of risk assessment projects in the next
a revolutionary approach to the subject because it focuses months, hence refining the approach also in the light of the
a quantitative analysis on the cyber-risk associated with any upcoming GDPR obligations in 2018. We share a long-term
IT infrastructure. Integrated teams from both companies vision with RHEA Group—to stay at the forefront of innovation
will assess and quantify the risk associated with complex IT in cyber-risk management both from a technology as well as
infrastructures using the Starlings Soar® tool, a non-invasive from a market solutions perspective,” concluded Ratti.
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