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Globe Newswire 13-Feb-2019 10:00 AM
TORONTO, Feb. 13, 2019 (GLOBE NEWSWIRE) -- Aon plc (NYSE:AON), the leading global professional services firm providing a broad range of risk, retirement and health solutions, released its 2019 Cyber Security Risk Report today. The report, which details the greatest cyber security threats and challenges organizations are currently facing, discusses that as companies continue to use technology to speed up the transfer of information, game-changing business opportunities are created, as well as increased cyber risk.
"In 2018 we witnessed that a proactive approach to cyber preparation and planning paid off for the companies that invested in it, and in 2019, we anticipate the need for advanced planning will only further accelerate," said J. Hogg, CEO of Cyber Solutions at Aon. "Leaders must work to better insulate their companies and their processes, while simultaneously identifying the ways they can benefit from the opportunities offered through technology and digital transformation."
Hogg continued: "Our 2019 report also shows that organizations must recognize the need to share threat intelligence across not only their own network but with others as well. While it may seem counterintuitive when thinking about cyber security, collaboration within and across enterprises and industries can keep private data of companies and individuals alike safer. Working together can result in improved efforts to hunt bad actors, while also raising the bar and making all parties more prepared for the inevitable day when a disruption does happen."
The "What's Now and What's Next" report focuses on eight specific risk areas that companies may face in 2019. The risks illustrate how, as organizations transition to a digital-first approach across all transactions, the attack surface of global business expands rapidly and sometimes in unexpected ways. In other words, thanks to the rapid enhancements and constant changes in technology, the number of touch points that cyber criminals can access within a business is growing exponentially.
The cyber risks in Canada
In Canada, business leaders are concerned about the same cyber risks outlined in the report. More specifically, organizations are struggling with how to prevent supply chain losses as a result of a cyber event such as Notpetya. The demand for viable and creative insurance solutions that mitigate the losses sustained by supply chain participants when one organization in such a chain is crippled due to a cyber intrusion, has never been higher.
Although Canadian corporate boards and executives have not generally been held to directly account for failures in cyber governance like their American cousins, it is only a matter of time before that trend reverses. Organizations of all sizes and types continue to focus on educating and training their employees about cyber risk and implementing proper protocols and procedures to meet new and more far-reaching regulatory requirements such as mandatory breach notification provisions and the EU's General Data Protection Regulation.
"I think we have reached a tipping point in Canada with respect to organizational cyber risk", said Brian Rosenbaum, National Cyber Leader at Aon in Canada. "Most organizations finally realize they have some degree of exposure and know they must do something about it. For the better part of the last decade, a large number of Canadian organizations were either ignorant or in denial about their cyber risks. So we have no doubt seen progress. That said, many still have a way to go before they reach a level of cyber maturity to properly deal with that exposure and that is now the new challenge".
Highlights from the report include:
Learn more about the risks included in Aon's 2019 Cyber Security Risk Report.
To learn more about the solutions offered by Aon, please also visit Aon.com.
About Aon
Aon plc (NYSE:AON) is the leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.
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Media contacts
For further information please contact Alexandre Daudelin (+1.514.982.4910)