Cyber risks a primary concern in global risk management survey

Aon Risk Solutions’ 2015 Global Risk Management Survey, compiled from input provided by 1,400 professionals globally, has revealed that cyber risks are among the top ten risks that companies face.

Interestingly, reputational damage was singled out as the top risk.  This can result from a number of factors and is well documented as one of the major effects of a cyber attack.

Aon said that the report highlighted the “increasing importance of cyber risk as it has been regularly linked to brand and reputation issues in the wake of data breaches”.

The report stressed that cyber attacks can damage companies in a number of ways, linking the threat to additional risks on the list, such as business interruption (7th on the list), failure to meet customer needs (6th), third-party liability (8th) and property damage (10th).

The interconnected nature of these risks reinforces the importance of strategic risk management in every organisation.

The top ten risks identified were:

  1. Damage to reputation/brand
  2. Economic slowdown/slow recovery
  3. Regulatory/legislative changes
  4. Increasing competition
  5. Failure to attract or retain top talent
  6. Failure to innovate/meet customer needs
  7. Business interruption
  8. Third-party liability
  9. Computer crime/hacking/viruses/malicious codes
  10. Property damage

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