348 words…a minute and a half read

One big thing: In July, businesses around the world experienced widespread technology outages caused by a faulty software update. While CrowdStrike, the firm responsible for the outage, ensured customers this was not a security incident or cyber attack, it highlighted how interconnected and reliant organizations across the globe are on technology.

• David Molony, head of cyber solutions in EMEA at Aon, said: “Incidents like the CrowdStrike outage highlight the importance of evaluating how well crisis management frameworks perform under pressure. Organizations need to consider regular crisis management testing to identify and address vulnerabilities.” Read more on how businesses need to review their cyber resilience plans to be prepared for incidents in the future here.
• With widespread business interruption, Aon shared five key takeaways from the CrowdStrike outage that businesses can use to be more prepared for the future. Read the recommendations here.
• Aon’s Reinsurance Solutions shared implications from the event for the reinsurance industry. Learn more here.
• Aon’s Cyber Solutions provided recommendations on how to rebound from this incident, which reminded businesses of the dynamic nature of cyber security and the importance of robust response protocols. Read more here.
• Aon, as an expert on the outage, was featured in many outlets including Artemis, Asia Insurance Review, Data Center Dynamics, Fintech Global, Insurance Insider U.S., Reinsurance News and (Re)in Asia.

Zoom out:

• Aon’s Client Trends Report identified four megatrends driving increased volatility and complexity: Weather, Workforce, Trade and Technology. The Business Decision Maker Survey, released in July, took a closer look at these megatrends and found that 72 percent of business decisions makers aren’t moving fast enough to address the risks associated with the megatrends. 
• When the survey examined Technology, it highlighted how advancements in AI and data and analytics offer businesses a significant competitive edge, they also generate new and evolving risks. Business decision makers recognize the importance of fully analyzing and assessing risks associated with technology, with 63 percent reporting that they have measured the ROI of cyber security initiatives and 61 percent auditing IT suppliers to manage third-party risks and IT sprawl in the last year.