Aon Cyber Risk Management Leader Adam Peckman has deemed 2016 as the record breaking year for data breaches, claiming that this year will far surpass the previous record year. With $2 billion in breaches already reported this year, Peckman emphasizes the importance of changing the dynamic to return control to the businesses, and says that the increasing use of data analytics has been steering researchers toward success. He explains that “business is using big data and data analytics to more effectively understand what the threat profile looks like, how preventative measure can be better deployed within the business, and how to use insurance better.”
The cyber projects being conducted apply advanced quantitative analysis and enterprise-wide cyber risk assessments to model clients’ financial exposure to cyber risks and are aimed at optimizing investment decisions in cyber resilience. The goal is not to take preventative measures for “if” there is an attack, but develop cyber and financial resilience strategies for “when” there is an attack so that businesses may be better able to sustain business continuity.