Aon acquired cyber security firm Stroz Friedberg

London: Aon, one of the world’s largest insurance brokers, acquired Stroz Friedberg which provides cyber security solution to Yahoo, Sony & others. The acquisition will allow, Aon, to determine client’s risk and provide cyber security tools to avoid cyber-attacks.

Aon will provide a comprehensive solution to decrease the risk for insurance businesses as cyber security seems to be a huge concern among businesses, high profile accounts frequently get hacked which is capturing American’s attention. The model developed after acquisition will make insurance companies more secure as it would find and address issues before selling the coverage to customers. Insurance company essentially requires it to assess their own vulnerability to cyber-attacks.

 According Insurance Information Institute, it was suggested that American Business spent more than USD 2 billion on cyber insurance in 2015. Increased awareness has helped business to have insurance and security tools in their system to avoid cyber-attacks.

TechSci Research depicts that cyber security would play a vital role in insurance and other allied industry as data theft and breaching of information is highly susceptible to these verticals. Insurance companies are increasing their budget manifold to possess cyber insurance against the malicious attacks.

According to TechSci Research report “Global Cyber Security Market By Security Type, By Solutions, By End Use Industry, By Region, Competition Forecast and Opportunities, 2011-2021”, global market for cyber security is projected to surpass US$ 137 billion by 2021. Growing trend of Bring Your Own Device (BYOD), rising adoption of cloud computing, expanding market for Internet of Things (IoT) are expected to continue driving the cyber security market across the globe over the next five years.