New report gains insights from the C-suite on cyber resilience
- Published: Tuesday, 17 September 2019 07:33
A new report, ‘Prepare for the expected: Safeguarding value in the era of cyber risk,’ released by Aon plc, has gathered views from cyber-focused leaders from businesses in EMEA to share lessons learned in building cyber resilient organizations.
While the immediate financial costs of a cyber attack can be crippling for a business, the report suggests that of equal or even greater concern is damage to a business’s reputation. The reputational crisis resulting from an attack can erode a company’s market value, destroy brand loyalty, limit companies’ digital transformation efforts and even lead to a credit-rating downgrade. An effective cyber resilience strategy can help mitigate both immediate and long-term financial losses.
Onno Janssen, CEO, Risk Consulting & Cyber Solutions EMEA, Aon said: “Some companies still don’t fully understand the impact a cyber attack can have on a business. Understanding the worst-case scenarios and their impact to a business is crucial to developing an effective resilience strategy in which cyber is managed as an enterprise-wide risk across the entire organization. The cyber threat is amorphous, and the technology it exploits is advancing at a dizzying pace, so the risk landscape is never going to stand still. The C-suite will have to aim to constantly improve its holistic cyber risk-management strategies to prevent, prepare for, and be able to respond to a cyber crisis. Ultimate responsibility for all risk management efforts resides in the boardroom.”
Aon’s report outlines four steps to building a cyber resilient organization:
Take it from the top. Cyber risk management must be an enterprise-wide effort, but accountability needs to sit at the very top of the organization, with the board understanding the costs and consequences of a cyber attack.
Unite your business. Cyber risk is not just an IT security issue; it is a threat to the whole enterprise. It calls for a multi-discipline, multi-level response that involves every relevant stakeholder within the business.
Get ahead of the game. Businesses can no longer rely on bringing in a response team after an attack. Incident-response training is critical in preparing organizations for a cyber attack and scenario-planning helps to understand operational vulnerabilities and threats.
Protect your balance sheet. Firms should look at how they are leveraging available risk transfer opportunities. Cyber insurance can help protect an organization’s balance sheet by providing a financial pay-out after things have gone wrong and providing pre-loss prevention and post-loss services.