Modern Australian

Aon’s 2023 Global Risk Management Survey Highlights Cyber Attack/Data Breach as the Number One Business Risk for Organisations in Asia Pacific

SINGAPORE - Media OutReach - 22 November 2023 - Aon plc (NYSE: AON), a leading global professional services firm, has announced the results of its 2023 Global Risk Management Survey, which gathered input from almost 3,000 risk managers, c-suite leaders and other executives from 61 countries and territories to identify their most-pressing business challenges.

"The world is more volatile, reflecting a series of profound transitions across trade, technology, weather and workforce issues that have awoken business leaders to the increasingly interconnected nature of risk and people challenges," said Aon CEO, Greg Case. "Through the use of advanced analytics and more integrated Risk Capital and Human Capital capabilities, we're helping clients quantify, manage and match capital to the risks they recognise today as we innovate on their behalf to serve their future needs."

The 2023 edition of Aon's biennial survey found the top business risks in Asia Pacific are cyber attack/data breach, economic slowdown/slow recovery and business interruption. After placing second in the 2021 survey, cyber attack/data breach now ranks as the top risk for Asia Pacific businesses. This speaks to the pervasiveness of cyber risk and mirrors a global trend of growing awareness of the cyber threat landscape, as evidenced by the steady upward progression of the risk in the top 10 rankings over recent years. High-profile data breaches and ransomware attacks in the region increased data protection review and enforcement by regulators, and a notably hardening insurance market are likely to have exacerbated cyber risk concerns.

Economic slowdown/slow recovery ranked as the region's number two risk. The Asia Pacific region faces a challenging economic backdrop, with organisations and governments feeling the effects of tightening monetary policy. The cost of capital has increased, and interest rates are likely to stay higher for longer. Nevertheless, inflation is expected to recede faster in this region than in others, falling to target levels by 2024 rather than 2025. Despite its challenges, Asia Pacific will likely remain the most active region in terms of GDP growth in 2023, with growth expected to rise 0.7 percent to 4.6 percent. China and India are projected to contribute half of global GDP growth in 2023 and 2024, highlighting the economic power of the region.

Anne Corona, chief executive officer of Asia Pacific for Aon, said, "As leaders look to the future of their businesses in an increasingly volatile world, newer and emerging threats continue to reshape their views of risk and sharpen their need to make better decisions. With cyber risks/data breach, economic slowdown and business interruption identified as top risks for businesses facing organisations in Asia Pacific today, there is a compelling need for a shift in mindsets around being better prepared for risks by using data and analytics and experts to advise on the dynamics of long-tail risks."

The top ten business risks for Asia Pacific according to the 2023 Global Risk Management Survey are:

1. Cyber Attack/Data Breach

2. Economic Slowdown/Slow Recovery

3. Business Interruption

4. Failure to Attract/Retain Top Talent

5. Rapidly Changing Market Trends

6. Supply Chain/Distribution Failure

7. Regulatory/Legislative Changes

8. Increasing Competition

9. Failure to Innovate/Meet Customer Needs

10. Commodity Price Risk/Scarcity of Materials

Notably, only two of the top five current risks in the Asia Pacific are insurable and half of the overall top 10 are uninsurable at present.

Though climate change does not feature in the top 10, it directly impacts four of the top 10 risks: business interruption, changing market trends, supply chain/distribution failure and regulatory/legislative changes. The growing frequency and intensity of extreme weather events in the region increase the risk of business interruption and supply chain/distribution failure considerably, and the rapidly evolving net zero transformation has a myriad of implications for market trends and mandatory climate disclosure across sectors.

The top ten global risks are:

1. Cyber Attack/Data Breach

2. Business Interruption

3. Economic Slowdown/Slow Recovery

4. Failure to Attract or Retain Top Talent

5. Regulatory/Legislative Changes

6. Supply Chain/Distribution Failure

7. Commodity Price Risk/Scarcity of Materials

8. Damage to Reputation/Brand

9. Failure to Innovate/Meet Customer Needs

10. Increasing Competition

Conducted every two years since 2007, Aon's Global Risk Management Survey provides data and insights to enable better decision making around risk in an increasingly volatile and complex business environment.

The Asia Pacific Insights from the Global Risk Management Survey report is available here.

Disclaimer

The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.


Hashtag: #Aon

The issuer is solely responsible for the content of this announcement.

About Aon

(NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Our colleagues provide our clients in over 120 countries and sovereignties with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

Follow Aon on , , and . Stay up-to-date by visiting the and sign up for News Alerts .

Bistro Blinds for Seasonal Changes: Adapting Your Outdoor Space

Bistro blinds are outdoor designs that can be adapted for seasonal changes. They warm up the environment by making it wind-free, wet-free, and sun...

Advantages of Using Digital Printing Services

The demand for quick, efficient, and high-quality printing solutions has seen remarkable growth in our modern, fast-paced world. This increasing nee...

Benefits of Professional Strata Management

Navigating the complexities of strata management can be a daunting endeavor for any strata property owner or committee member. Strata management inv...

The Hidden Benefits of Bundling Utilities with Moving Services

Moving can feel overwhelming with so many things to juggle. Hiring a moving company in Brisbane helps make it easier, but did you know you can make it...

Family Mediation: The Path to Resolution, Healing, and Lasting Solutions

In an era where family challenges are often met with emotional and financial strain, family mediation has quietly gained traction as a life-changing...

Surprise Party Ideas That Will Leave Your Guests Speechless

Throwing a surprise party is one of the most exciting ways to celebrate a special occasion. The thrill of keeping it a secret combined with the joy ...

“North of the River” Vs “Over the Bridge” – What’s in Brisbane’s ongoing North Vs South Feuds?

Greater Brisbane Australia’s largest capital city by land area, coming in at 15,824 square kilometers, and ranks number three worldwide. It has Au...

Income Stream Integration: 7 Ways to Earn Money Through Your Website

Whether you sell Vietnamese coffee, review Japanese gadgets, or rent Melbourne self storage, your website is more than just an online presence—it...

Top 10 Benefits of Practicing Taekwondo for All Ages

Taekwondo is more than just a martial art; it’s a way of life that offers profound physical, mental, and emotional benefits. Whether you're a chil...

Plasterboarding and Ceiling Repair: The PlasterX Advantage for Long-Lasting Results

Contacting professionals who are well-versed in the nuances of the task is essential to preventing headaches during plastering ceiling repair work. ...

Snake Catcher’s Life-Saving Advice: What to Do When You Encounter a Snake

Australia is home to some of the most venomous snakes in the world, and if you live here, you're already well aware of how dangerous these creatures...

The Best Dumplings in Melbourne

Melbourne offers the best dumplings in the world, with variety of tastes and styles. The perfect dumpling is boiled, fried, or steamed - the best ...

The Ultimate Guide to Daily Dental Hygiene: Tips for a Healthy Smile

Maintaining good oral hygiene is essential for a healthy smile that lasts a lifetime. While regular visits to your dentist are important, establishi...

Mixing Vintage and Modern: How to Create a Timeless Interior

Achieving a timeless interior that blends both vintage charm and modern sophistication can transform any home into a stylish, curated space. When do...

Sugar-Free Chocolate Treats: A Guilt-Free Indulgence

People are very conscious about their health and sugar-free chocolates are becoming a popular option. This is a delicious and very satisfying option...

The Most Scenic Sailing Destinations in Australia and New Zealand

Australia and New Zealand are home to some of the world’s most breathtaking sailing destinations. With vast coastlines, pristine waters, and diver...

How Portable Cool Rooms Can Enhance Event Catering: The Perfect Solution for Outdoor Events

If you are holding an event outdoors, then there should be quality food; otherwise, a well-planned outdoor event will not be successful. Because c...

Successful Launches Using White Label Crypto Exchange Software

The cryptocurrency market has witnessed exponential growth in recent years, prompting many entrepreneurs and businesses to enter the space. One of t...