Building Resilience Against the Constant Cyber Threat| Aon Insights Series UK

May 31, 2024 3 mins

Building Resilience Against the Constant Cyber Threat

The rapid pace of digitalisation means that organisations in the UK are constantly struggling with the ever-present threat of cyber attacks.

Cyber is a wildly dynamic and continually evolving risk for organisations. Aon’s 2023 Global Risk Management Survey asked nearly 3,000 risk managers, C-suite leaders and other executives about the issues at the top of their minds and found that, in the UK, a cyber-attack or data breach ranked as the number one current and future risk.

The rapid pace of digitalisation means that organisations in the UK are constantly struggling with the ever-present threat of cyber attacks. As geopolitical volatility persists, cyber attacks are more frequent, with ransomware attacks up 1,281 percent (reported incidents) against Q1 2019*. Additionally, cyber threats and ransomware attacks have become more sophisticated in the previous few years, with impacts ranging from reputational and financial damage to compromising critical operations. These findings were not confined to the UK alone; a cyber attack or data breach ranked as the number one current risk facing financial institutions, healthcare organisations, professional service firms and retail and consumer goods organisations globally.

#1

In the UK, cyber-attack or data breach ranked as the number one current and future risk.

2023 Global Risk Management Survey

What’s interesting about cyber is not that it’s the number 1 risk. It’s that it’s connected to all the other risks.

Spencer Lynch

Global Security Consulting Leader, Aon

“Often, cyber can seem like a big scary forest. It’s therefore critical to educate and empower our people and encourage true security culture in an organisation,” said Sean Madden, Vice President – Cybersecurity, JPMorgan Chase & Co. Sharing the same sentiment, Phil Simons, Executive Vice President, Projects and Operations, Subsea7 mentioned “We want to rely on our people as our first line of defence.”

Navigating the path towards achieving cyber resilience is a significant challenge for any organisation. However, by adopting forward-looking resilience strategies, organisations can help minimise financial, operational and reputational risks. Addressing and recovering from cyber events has become increasingly complex and the associated challenges will persist. We support our clients to take a proactive approach in their cyber resilience journey, combining risk identification and assessment, risk mitigation, response preparation and recovery, and risk transfer solutions to help maximise return on investment and drive better informed cyber risk and security decisions.

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We want to rely on our people as our first line of defence.

Spencer Lynch

Global Security Consulting Leader, Aon

*Risk Based Security, analysis by Aon. Data as of 1/1/2024; Claim count development may cause these percentages to change over time. Proprietary & Confidential: The content, analysis and commentary included herein are understood to be the intellectual property of Aon. Further distribution, photocopying or any form of third-party transmission of this document in part or in whole, is not permitted without the express, written permission of Aon.

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