Cyber Attack-Data Breach is Top Business Risk Facing Financial Institutions, Aon Survey

Aon’s 2023 Global Risk Management Survey highlights the top three risks for global financial institutions: cyber attacks/data breaches, regulatory/legislative changes, and an economic slowdown. The survey revealed that only 60% of institutions have risk response plans, a decrease from 65% in 2021. Furthermore, 20% have quantified risks and 28% have risk management plans. The study also emphasises the increasing importance of attracting and retaining top talent in managing these risks.