Consulting, benefits and retirement firm Aon says technology, while increasing business opportunities, is also creating increased cyber risk for workplaces. In its new 2019 Cyber Security Risk Report, Aon details the greatest cyber security threats and challenges organizations are currently facing.
“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.
The report focuses on eight specific risk areas that companies may face in 2019:
- Technology – Broader and wider-spread use of technology will bring with it vulnerabilities.
- Supply Chain – The rapid expansion of operational data exposed to cyber adversaries, and a growing reliance on third-party vendors will increase risks.
- Internet of Things (IoT) –Many companies don’t securely manage or even inventory all IoT devices that touch their business.
- Business Operations – Increased connectivity can lead to new security vulnerabilities. Operational shortcuts or ineffective backup processes can make the impact of an attack on business operations significant.
- Employees – Workplaces must establish a comprehensive approach to mitigate insider risks, including strong data governance and communicating cyber security policies throughout the organization.
- Mergers & Acquisitions (M&A) – While companies may have a flawless approach to cyber risk, their M&A target may not have the same approach. Dealmakers must incorporate cyber security strategies into their larger M&A plans.
- Regulatory –Regulation and compliance, while important, cannot become the sole focus. Firms must balance both new regulations and evolving cyber threats, which will require vigilance.
- Board of Directors – Boards must expand their focus and set a strong tone across the company, not only for actions taken after a cyber incident, but also proactive preparation and planning.