When evaluating the top risks for the financial services industry, including cyberattacks, 40 percent have no plan in place to manage such challenges, according to a survey by Aon.
Cyberattacks or data breaches are considered the top risk facing financial institutions worldwide, according to a survey by London-headquartered consultancy Aon.
Other risks ranked in the top 10 include regulatory/legislative changes; economic slowdown/slow recovery; cash flow/liquidity risk; technology/systems failure; environmental risk; interest rate fluctuations; failure to attract or retain top talent; damage to reputation/brand; and business interruption.
No Plan in Place
Currently, only 60 percent of financial institutions have a plan in place to respond to risks, a decrease from 65 percent in 2021. Just 20 percent have quantified these risks with the industry recording a 26 percent average loss of income from the aforementioned issues.
«We see leading financial services firms constantly evolving to mitigate these risks, with best-in-class organizations implementing advanced data analytics and capabilities to assess, quantify and manage the risks they face today and those expected in the future,»…
