Sydney, 27 March, 2017 - 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 coming into effect this year.
"Aon's partnership with Adviser Ratings is another step we are taking to educate Australian businesses of 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
For more information about Adviser Ratings, please visit the website: www.adviserratings.com.au
About Adviser Ratings
Adviser Ratings' launched in October 2014, in the wake of the Future of Financial Advice reforms (FOFA), the Financial System Inquiry (FSI) and financial planning scandals of the time, and lists over 23,000 financial advisers on its independent platform, enabling consumers to browse and search for an adviser suited to their needs, rated and reviewed by other consumers. It is backed by former CFO of Virgin Money, Angus Woods, and consumer campaigner Christopher Zinn.
Aon plc (NYSE:AON) is a leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 72,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world's best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit www.aon.com for more information on Aon and www.aon.com/manchesterunited to learn about Aon's global and principal partnership with Manchester United.
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