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Aon reveals cyber attack/data breach as top risk for financial institutions

Aon, a global insurance and reinsurance broker, has revealed that cyber attack/data breach ranks first among the top business risks confronting the financial institutions industry.

This insight is derived from Aon’s 2023 Global Risk Management Survey. The survey also identifies regulatory/legislative changes and economic slowdown/slow recovery as the next most critical risks facing financial institutions worldwide, following closely after cyber attack/data breach.

Moreover, the survey indicates that 60% of financial institutions have plans in place to address these risks.

However, only 20% have quantified these risks, and 28% have developed a risk management plan. On average, the industry has experienced a 26% loss of income from the top ten risks.


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