Management Consulting

In the retail industry, cyber attacks have emerged as the top risk, significantly impacting business continuity. Aon, in collaboration with the British Retail Consortium, addressed this pressing issue through a webinar focused on cyber business continuity management. Retailers have faced increasing threats from ransomware, phishing, and social engineering attacks, which can lead to operational downtime, supply chain disruptions, and reputational damage. The systemic nature of these cyber incidents means that even if a retailer's own systems are not directly affected, the ripple effects can still cause significant disruptions. To combat these challenges, Aon proposed a tailored solution centered around the development of a comprehensive business continuity plan (BCP). This structured approach involves conducting a business impact analysis (BIA) to identify critical operations and dependencies, followed by a risk assessment to evaluate potential threats. The insights gained from these analyses inform a recovery strategy that outlines specific procedures for restoring operations, including communication plans and resource needs. Aon emphasized the importance of regular testing and updates to ensure the BCP remains effective in the face of evolving risks. The implementation of Aon's business continuity management strategies has proven beneficial for retailers by reducing the impact of operational downtime and supply chain disruptions. By fostering a culture of preparedness and involving all levels of the organization in training and simulations, retailers can enhance their resilience against cyber threats, ultimately safeguarding their operations and revenue streams.