CGI (NYSE: GIB) (TSX: GIB.A) today announced that it is joining forces with insurance expert Aon to provide cyber insurance risk assessment services across Finland.
Cyber insurance enables organizations to insure their valuable intellectual capital and helps to protect themselves better against business and reputational risks. The insured asset is typically a mission-critical control system that, if crippled, may result in significant business damage. Cyber insurance also covers loss or damage in the case of industrial espionage, which happens when an outsider gains unauthorized access to confidential business plans or research results.
"Cyber insurance is becoming increasingly common in Finland because today's digital world involves new types of threats that are not covered by traditional insurance,” said Jukka Jaakkola, a cyber insurance specialist at Aon. “In today's business environment, there are significant risks that threaten companies' information systems and the operations that depend on them. These can be protected by taking out a separate cyber insurance policy.”
Cyber insurance prices and deductibles are partly determined on the basis of a risk assessment. In partnering with Aon, CGI will first perform a technical cyber security analysis for each client, which Aon will use to evaluate the client’s business risks for insurance planning and tendering purposes. On the basis of this analysis, the client may decide to reduce its risks—and thus its insurance premiums—before the insurance tendering process by bridging its security gaps or improving control.
"Investing in security usually pays itself back in reduced insurance costs,” noted Jan Mickos, director of cybersecurity for CGI in Finland. “From the insurance company's viewpoint, a client company can reduce its risks by, for example, using a cybersecurity operations center that leverages the latest in technology and science to monitor the online security of multiple companies, improving their response readiness to exceptional situations. We have both commercial and government clients around the world, using this kind of service. We look forward to helping companies in Finland gain the same business advantages.”
Founded in 1976, CGI Group Inc. is the fifth largest independent information technology and business process services firm in the world. Approximately 68,000 professionals serve thousands of global clients from offices and delivery centers across the Americas, Europe and Asia Pacific, leveraging a comprehensive portfolio of services including high-end business and IT consulting, systems integration, application development and maintenance, infrastructure management as well as a wide range of proprietary solutions. With annual revenue in excess of C$10 billion and an order backlog of approximately C$19 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Website: www.cgi.com.
Aon plc (NYSE:AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 66,000 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, best reinsurance intermediary, best captives manager, and best employee benefits consulting firm by multiple industry sources. Visit aon.com or aon.fi for more information