The changing risk landscape

What does the future look like? What makes the technological landscape constantly evolve and how is regulation evolving to keep pace? What do boards, executives and business owners need to consider now, to manage technology risk for the future? 

One thing we know for certain is that along with the rapid rise in technology, there is a rapid rise in risk and risk evolution. Had organisation boards and executives known ten years ago what they know now, they may have been better prepared to manage this risk, helping to ensure that they had best practices in place to help their organisation remain resilient.
 
On Wednesday 7 July, Aon co-presented a panel discussion with experts from AIG, Datacom and MinterEllisonRuddWatts, in a collaborative session designed to provide an overview of the risks associated with the rapid rise in technology and suggestions on best practices to help organisations remain resilient.

Please find below a summary of key points from the session:

 
  • The risk associated with the rapid rise in technology is broad and increasing. Business inter-connectivity, remote working, the disappearing perimeter and technology failure contribute to cyber threats that all industries are exposed to.

  • Regulatory action arising from loss due to a cyber event is inevitable – to what extent depends on the severity of the event. Ransomware demands are now in the tens of millions. If your defences are low, you're creating an easy and profitable target.

  • Being prepared is the best defence. Establishing 'good hygiene' such as firewall protection, staff training, email security, multi-factor authentication and deploying a managed endpoint detection and response solution is critical. CERT NZ’s Critical Controls is a good place to start.

  • If your organisation is under threat, contact your response team immediately. The timeliness of your response is critical. Seek legal advice as soon as possible.

  • A holistic approach is required to manage cyber risk and insurance is only one part of a much wider risk management strategy. Seek to understand your current security maturity (technology and cultural) and quantify the risk, shield your organisation's critical assets and solve by ensuring you have a clear incident response plan to recover quickly. This approach must be continuously reviewed.
     

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If you would like to discuss any of the points covered, please contact Aon’s head of Cyber Risk Alistair Williams or visit aon.co.nz/cyberrisk

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