Aon acquires Toronto-based cybersecurity firm Cytelligence
London-based insurance brokerage and advisory firm Aon has acquired Cytelligence, a Toronto-headquartered cybersecurity firm.
Cytelligence was founded in 2016 and supports clients in the areas of incident response, ransomware, digital investigations, and cyber awareness training. The firm also offers an array of security-related advisory offerings, including cyber audits, penetration testing, risk assessment, and cyber intelligence.
The firm has offices in Toronto, Ottawa, New York, San Francisco, and Miami, and has professionals with backgrounds in law enforcement, military, intelligence, and the private sector, and with expertise in cybersecurity, investigations, forensics, and education.
Aon’s acquisition will further strengthen the professional services giant’s cybersecurity offering at a time when cyber claims are almost doubling year-over-year. A 2019 report from Cisco and Cybersecurity Ventures projects cyberattacks will cost $6 trillion annually by 2021 as companies continue to digitize their processes. Global cyber insurance premiums are expected to grow from $4 billion in 2018 to $20 billion by 2025.
"As the number of network intrusions, data breaches, ransomware attacks, and similar threats continues to increase in both frequency and severity, expertise in cyber incident response becomes critical to organizations and insurance companies," said J Hogg, CEO of Aon's Cyber Solutions. "The Cytelligence team are 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."
Cytelligence joins Aon’s Cyber Solutions business, which includes digital risk management services, security services, professional risk solutions, and a global risk consulting practice. The transaction builds on the firm’s 2016 acquisition of Stroz Friedberg, a New York-based cybersecurity consultancy.
Daniel Tobok, CEO of Cytelligence, said, "Put simply, everything that is connected to the internet can be compromised. Proactive companies and their Boards are preparing now with proactive actions with penetration testing, vulnerability assessments, security audits, and training of their employees.”
Tobok will join Aon as Canadian president, Cyber Solutions. Aon has 50,000 employees in 120 countries and offers a broad range of services in risk, retirement, and health.
