As more people and devices connect, the risk and impact of data breaches from malicious cyber attack, system failures and human error will only continue to increase.
Recent high profile cyber breaches have revealed how complacency on the part of senior leadership can lead to massive damage to an organization’s bottom line and reputation. From scenario planning to cyber risk assessments, there are growing measures organizations can take to understand vulnerabilities and prepare for this growing threat.
Cyber attacks have the potential to cause massive business disruption, wreak tangible property damage, disrupt supply chains and even lead to injury or death. By adopting individual and organizational measures combined with a thorough risk management framework, companies can begin to reduce the cyber threat.
Explore below for key facts and figures that all organizations need to know in this age of growing cyber risk – and some practical steps you can take to help address the challenge.
“As the speed of innovation and digital transformation outpaces risk management and insurance strategies, companies need to break down silos between functional teams to keep up with their cyber threat. Cyber has created a divide across organisations with perceptions of the magnitude of the cyber threat varying between risk managers, IT teams, and the Board of Directors.” – Adam Peckman, Global Practice Leader, Cyber Risk Consulting
“Conducting a cyber risk assessment is a useful tool for improving risk understanding and maturity as well as helping organizations better prepare for potential business interruption during or after a breach… [helping] translate cyber exposures into financial impact.” – Kevin Kalinich, Global Practice Leader, Cyber / Network Risk
“Cyber is a relatively new area of risk that lacks concrete solutions and industry standards. As such there is a disconnect within organizations as to how to best handle current and future challenges. As cyber breaches are felt on more balance sheets, we anticipate more members of the C-suite investing in and preparing for this significant and emerging threat.” – John Bruno, Chief Information Officer, Aon
- Cyber Security Budgets Not Rising In Line With Threats, Say Security Pros – Computer Weekly, March 22, 2016
- Businesses Underestimating Cyber Security Risks – Australian Financial Review, February 2, 2016
- Huge Rise in Hack Attacks As Cyber-Criminals Target Small Businesses – The Guardian, February 8, 2016
- Cyber: The Fast-Moving Target – Aon report
- 2015 Global Cyber Impact Report – Ponemon Institute, sponsored by Aon
- Aon Cyber Diagnostic Tool – online cyber self-assessment