Management Consulting
Aon
Full Credential Description
Aon partnered with TheCityUK to address the pressing issue of cyber risk and resilience faced by financial institutions and professional services. The client was grappling with the increasing threat of cyber-attacks, which have become a significant concern due to the sensitive information and assets handled by these organizations. With over 600 million cyber-attacks occurring globally each day, the urgency for enhanced cyber resilience was clear. The financial sector, in particular, was under threat from sophisticated cyber warfare tactics employed by hostile nation-states and the growing capabilities of cyber criminals leveraging Generative AI for social engineering and ransomware attacks. To tackle these challenges, Aon facilitated a series of three webinars aimed at educating senior leaders and practitioners on the importance of cyber resilience and the necessary measures to bolster organizational defenses. The discussions highlighted the need for financial institutions to adapt to new regulatory requirements, such as the Digital Operational Resilience Act (DORA) and the NIS2 Directive, which mandate greater resilience and compliance to avoid severe penalties and reputational damage. Aon emphasized the importance of migrating to post-quantum cryptography (PQC) to safeguard against future cyber threats posed by advancements in quantum computing. This migration involves a comprehensive understanding of existing vulnerabilities within legacy systems and prioritizing the protection of high-value data. Aons tailored solution included advising organizations on the financial planning necessary for these upgrades, ensuring that new IT systems are either built with PQC or can be upgraded to support it. The results of these initiatives were significant. Organizations that engaged in proactive cyber security measures, including the development of incident response plans and investment in monitoring tools, reported a marked improvement in their ability to limit the spread and impact of cyber-attacks. Furthermore, those that communicated transparently with stakeholders during crises were able to rebuild trust more effectively, demonstrating the value of a strong cyber security culture and the integration of cyber risk management into the broader business strategy.