Tuesday, September 26, 2017

Cyber risk a rising concern globally, but not in Asia

On 28 April, Aon Risk Solutions, the global risk management business of Aon plc, announced the results of a survey of the key risks as identified by its clients across the globe.

The 1400 survey respondents to the Aon Global Risk Management Survey included CEOs, CFOs and Risk Managers.

For the first time cyber risk entered the global top 10 (at number 9), reinforcing its emergence as a key risk factor.

However, in Asia cyber risk ranked only 24th. Sandeep Malik, CEO, Asia, Aon Risk Solutions, said he was surprised by the findings, given a number of recent high profile cases.

He added that only 31% of participants had undertaken a formal cyber risk assessment and 69% did not purchase and had no plans to purchase cyber insurance cover in the next 12 months.

However, in other areas there was significant correlation between the responses from those working in Asia and globally, and Malik said that responses from those doing business in Asia which identified the interconnected nature of risks and the need for sound strategic risk management mirrored global findings.

The top risk in Asia was increased competition, second was failure to attract or retain top talent, and third was damage to reputation or brand.

This last risk was cited globally as the top overall concern facing organizations.

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