Once considered the domain of IT teams, cyber risk is now broadly acknowledged as the most pressing of enterprise concerns, says Murray Wood, head of ﬁnancial specialties, Asia and Andrew Mahony, regional director - financial services & professions group.
Businesses are exposed to greater cyber risks as they become increasingly reliant on data-driven insights, smart devices and operate within complex supply chains. As attacks continue to evolve and adapt, understanding and effectively mitigating cyber exposure remains a signiﬁ cant challenge.
Moreover, the recent implementation of the EU’s General Data Protection Regulation (GDPR) sets a high benchmark for how organisations manage and store personal data. Data breaches, and other cyber events, could see businesses face major ﬁnes, increased exposure to third-party liability, and extensive investigative and legal costs.
Researchers are also predicting an increase in cyber incidents post-GDPR as hackers capitalise on the regulation to blackmail and extort money from organisations through targeted ransomware attacks, demanding payment in return for the key to unlock the encrypted ﬁles.
Aon’s Asia Paciﬁc Cyber Risk Transfer Comparison report published this year in partnership with the Ponemon Institute revealed that, in a signiﬁcant shift from 2015, companies now value their information assets over their physical assets and estimate that a probable maximum loss to information assets will exceed that of physical assets. Consequently, as cyber-related crimes becomes more costly and takes longer to resolve, companies need to improve their risk readiness.
In response to these global trends, in 2017, the Aon Cyber Resilience Framework – a comprehensive client roadmap for improving cybersecurity – was developed. The framework, which broadly includes the following key stages, represents Aon’s holistic approach to understanding, minimising, and transferring cyber risk:
Aon has created a unique, market-leading service that also serves as a useful risk management roadmap for companies. Additionally, the expanded Aon Cyber Solutions offering means clients are able to access an unmatched breadth and depth of industry expertise, empowering them to identify, address and respond to their unique cyber risks.
More information is available at bit.ly/aoncyber