The CEO of Aon (NYSE: AON) Greg Case and Anne Corona, an executive at Aon who is a key player in the company, have published an update on the current state of global business risks with a particular emphasis on cyber threat severity. 

There has been a significant rise in cyber attacks and data breaches in the company's biennial survey, which has outpaced economic challenges for businesses, despite these challenges being anticipated to grow by 4.6% in the Asia Pacific region this year despite an expected growth of 4.6% in the GDP there. 

As a result of the study, it has been revealed that cyber threats are ascendant in the risk landscape due to the rise in high-profile breaches and ransomware incidents in recent years. In spite of the fact that China and India are expected to be a major driver of growth in Asia Pacific economies, there is a growing concern over the region's structure. 

There is a growing risk associated with the rapid advancement of technology, which comes as a very welcome consequence. As the world continues to develop quickly, there are a number of threats that warrant attention as well. Cyber-attacks and data breaches have emerged to be among the top priority business risks of the Asia Pacific region, based on the findings of a comprehensive study by Aon plc. This study offers a clear insight into the challenges that the Asia Pacific region is facing.  

As organizations navigate the dynamic landscape of technological progress, the importance of vigilance and the implementation of robust cybersecurity measures are highlighted as they strive to navigate the increasing risks associated with cybercrime. The outcomes of Aon plc's global risk management survey 2023 were recently released as part of its ongoing efforts to address this issue. 

The survey summarizes insights from over 3,000 risk managers, c-suite leaders, other executives, and other members of the executive team worldwide, spanning more than 61 countries.  As a result of the series of profound changes occurring in trade, technology and weather conditions, business leaders are waking up to the fact that risk issues and people issues are increasingly interconnected, as Greg Case, President and CEO of Aon, put it, 'The world is becoming a more volatile place.'

Aon's biennial survey of Asia Pacific businesses found that cyber attacks/data breaches, economic slowdowns/slow recovery, and business interruption were among the top business risks for the region in 2023. According to the 2021 survey, cyberattack/data breach now ranks at the top of the list of top risks for Asian businesses. 

As is evident from the steady upward progression of the risk in the top 10 rankings in recent years, which has been a clear indicator of the pervasiveness of cyber risk and the growing awareness of the threat landscape around the world. As a result of high-profile data breaches and ransomware attacks in the region, regulators have been reviewing and enforcing data protection measures more frequently, and insurance markets are likely to have become more hardened, adding to cyber risk fears. 

It is estimated that the region faces the second biggest risk of economic slowdown/slow recovery. There is a challenging economic backdrop for the Asia Pacific region due to tightening monetary policy that affects both governments and organisations. While capital costs have increased, and interest rates are likely to remain higher for longer periods of time, there is still a likelihood that the region's inflation will recede more rapidly than other regions, falling to target levels by 2024 instead of 2025. 

In 2023, Asia Pacific is expected to remain the fastest-growing region in terms of GDP growth despite its challenges, with a growth rate of 0.7 per cent to 4.6 per cent forecast for the year. In the years 2023 and 2024, China and India are expected to generate more than half of the global GDP growth, making them highly important economic players. 

The Asia Pacific region is becoming increasingly vulnerable to long-tail risks, and Anne Corona stressed the importance of advanced analytics when preparing for them. There are a number of risks involved in maintaining workforce excellence, navigating volatile markets, maintaining supply chain integrity, adapting to new regulations, and staying competitive. 

A survey of insurance carriers stated that there are only a few insurance policies available to address these challenges at the moment. In addition, climate-related concerns are intertwined with many of the top risks outlined in our survey, since extreme weather events pose a threat to business continuity, whereas regulatory changes as a result of a commitment to net-zero emissions are changing market trends and influencing market conditions. 

Across different regions of the world, Aon's survey provides consistently high rankings for cyber threats which serve as a guide for organizations when it comes to managing risks in an increasingly complex environment. Incorporating insights from Aon's newsroom, the results can be easily viewed as a global perspective on cyber threats.