February 4, 2020 by Jason Contant
Aon plc has announced the acquisition of Cytelligence, a Canadian-based cyber security firm with deep expertise in cyber incident response and digital forensic investigations.
London, UK-based Aon said Tuesday the acquisition will help the brokerage expand its current coverages within the cyber market at a time when cyber claims are almost doubling year-over-year. To help organizations respond to cyber security threats and strengthen their security position, Cytelligence provides incident response advisory, digital forensic expertise, security consulting services, and cyber security training for employees. Founded in June 2016, Cytelligence has offices in Toronto, Ottawa, New York City, San Francisco and Miami.
Cytelligence will join Aon’s Cyber Solutions’ portfolio, which combines digital risk management services, security services, professional risk solutions, and a global risk consulting practice. “This acquisition enhances Aon’s 2016 acquisition of Stroz Friedberg and now allows Aon’s Cyber Solutions to offer an even more holistic portfolio of services to clients – from proactive security services, to incident response, to risk quantification and insurance broking,” Aon said in a press release.
Daniel Tobok, CEO of Cytelligence, will join Aon as the Canadian president of Aon’s Cyber Solutions.
Jason Hogg, CEO of Aon’s Cyber Solutions, said that expertise in cyber incident response becomes critical to organizations and insurers as the number of threats – including network intrusions, data breaches, ransomware attacks and similar threats – continues to increase in both frequency and severity. “The Cytelligence team [includes] deep experts in cyber incident response, ransomware mitigation, and cyber security training for employees, which will help cement our position in both North America and globally as an industry leader.”
Added Tobok: “Put simply, everything that is connected to the internet can be compromised.”
According to the 2019 Cybersecurity Almanac, published by Cisco and Cybersecurity Ventures, cyber events will cost $6 trillion annually by 2021, as companies digitize most of their processes and often operate remotely. Global cyber insurance premiums are expected to grow from $4 billion in 2018 to $20 billion by 2025.
Cyberattacks were identified as a Top 10 risk facing organizations in Aon’s 2019 Global Risk Management Survey, and are predicted to be one of the Top 3 risks for organizations in 2022.