Cyber-Risk Identified as Top Concern for Irish Businesses

Cyber ​​attacks have emerged as a major threat to recent and future businesses Ireland, according to the 2021 Global Risk Management Survey published by Aon, the world’s leading technology company.

The study, which is conducted every two years, collected data from C-Suite leaders and risk managers in various sectors including construction, food and beverage and technology to identify the risks and challenges facing their organizations. Worldwide, the 2021 edition surveyed more than 2,300 people in 60 countries / regions and 16 industries.

With increasing technical dependence between the rise of remote operations and the increase of about 400 per cent of ransomware threats over the past two years, Cyber-Attacks / Data Breach has risen to the list of threats in Ireland. The cyber threat was also the number one threat in the future and predicted worldwide, its highest level since the study began in 2007.

The effects of the global COVID-19 epidemic are also reflected in some of the major risks facing Irish businesses, with Economic Slowdown / Slow Recovery being cited a second time, followed by Commodity Price Risk / Scarcity of Equipment at number 3. and the growing concerns of climate change, which can lead to crop losses and environmental degradation problems.

Irish business leaders are particularly concerned about financial problems and a history of major disruptions to their business, with a Damage to History / Fourth Signal on the list, followed by Supply Chain or Distribution Failure and Business Disruption at number six, respectively. These threats are a global concern in the chains of the epidemic. Consumer overcrowding, shortage of goods and health restrictions in some ports are disrupting prices and the availability of goods in markets around the world.

Not surprisingly, the Pandemic Risk / Health Crises jumped from 60th in the global risk list in 2019 to the seventh in the global risk list and number 9 in the list of risks faced by Irish agencies in 2021.

Failure to Attract or Preserve Top Talent came at number four on the list of future risks for Irish businesses, highlighting growing concern over the lack of talented talent and the “resignation” that is taking place.

Commenting on the findings of the study, Peter Brady, CEO of Commercial Risk & Health Solutions, Aon in Ireland, said: “The last two years have been very stressful, with the global epidemic of COVID-19 bringing new and unexpected business. At the same time, business leaders understand the need for urgent risk management and decision-making that makes their organization stronger.

“The 10 threats identified by Irish business leaders within the Global Risk Management Survey underscore the growing epidemic, the growing uncertainty surrounding climate change and the challenges that come as businesses continue to recover, innovate and grow. Cyber-attacks are at the forefront. on businesses because many companies in Ireland are changing into a mixed-use approach and are looking to increase digital transition rates.

“It is also apparent that due to the growing economic downturn that is making more customers, leaders are concerned about global decline and their potential to impede business growth. as well as the dangers of social and governance.It is clear that as an open economy, Irish businesses need to look at ways to make our chains more stable and resilient to future challenges.

“At Aon, we are assisting leaders in Ireland with the data-driven knowledge and expertise needed to not only focus on the new types of instability that our research is showing and to make better decisions that can grow their business.

“As the epidemic has shown, business risk can go far beyond business risk. That is why there is a need for Irish businesses to deal with ‘unknown risks.’ As we face unprecedented events, the challenge lies in how to create the right solutions for planning and improvement. ”

Aon 2021 Global Risk Management research and Irish findings can be found Pano.

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