Digital shift brings great opportunities and risks
KUALA LUMPUR: Aon Plc’s (Aon) latest 2019 Cyber Security Risk Report details the greatest cyber security threats and challenges organisations are currently facing.
While companies continue to use technology to speed up the transfer of information and gamechanging business opportunities are created, there are also increased cyber risk.
Andrew Mahony, regional director, Commercial Risk Solutions, Aon Asia said, “2018 will be remembered as the year that cyber risk truly impacted Asia with some of the largest data breach and business interruption losses emanating from the region.
“Looking ahead, the 2019 Cyber Security Risk Report identifies key exposures which companies must address to maximise cyber resilience. You need to be looking both inward and outward.
“Internally, you must understand the threat posed by employees and the increasing rate of claims being made against directors and officers.
“Externally, while being aware of malicious actors, understand your exposure to supply chain risk and the importance of verifying third parties’ cyber security, particularly when considering mergers and acquisitions.”
Cyber Solutions at Aon CEO J Hogg added: “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.”
Hogg said: “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 organisations 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.”