Aon Global Risk Consulting, the risk consulting business of Aon plc, a global provider of risk management and human resource consulting and outsourcing, has released its 2016 Captive Cyber Survey report, which found that the costs of business interruption due to a breach is the top cyber risk concern for businesses across all industries.

“Our findings also indicate that there is a disparity between companies recognizing that cyber is one of the fastest growing and permeating risks, and actually understanding what their individual exposures and coverage needs are,” said Peter Mullen, the chief executive officer of Aon Risk Solutions' captive and insurance management practice, who spearheaded the report. “Captives are a great alternative risk transfer solution for bridging this gap while the industry's approach to cyber risk management catches up to the evolving pace of technology.”

The survey findings indicated that 94 percent of companies would share risk with others in their industry as part of a captive facility writing cyber. What's more, Aon anticipates alternative risk transfer options to become increasingly sought after as these solutions give companies some control over underwriting, coverage scope, and claims adjustment, while providing an opportunity to share best practices, experience, and data in a private setting.