Client Spotlight: Building a Cyber-Resilient Supply Chain

10/08/24 • 19 min

How can businesses keep abreast of the evolving cyber risk landscape — especially when it comes to supply chain and regulatory trends? In this week’s episode, Cristina Palomo from Schneider Electric, Aon’s client, discusses new regulations, the changing landscape around cyber risk and how companies can successfully manage a cyber crisis.

Featured in this episode:
Eddie McLaughlin, Global Practice Leader, AGRC, Aon
Cristina Palomo, Cybersecurity Risk & Compliance Director Governance, Schneider Electric

[1:55] Significant cyber risk landscape changes in recent years
[3:08] The digital transformation program at Schneider Electric
[6:26] Determining and mitigating third party risk
[10:13] Regulatory risk in the face of compliance on a global scale
[13:53] Reputation risk in Schneider’s cyber risk management program
[16:12] The potential for managing a cyber crisis event well

Additional Resources:

Aon’s website

2023 Cyber Resilience Report

Overcoming the Reputational Cost of Cyber Attacks: The 10-Day Plan

Schneider Electric Website

Tweetables:

“The cyber landscape has been continuously evolving, making it increasingly challenging for companies to anticipate and prepare for the diverse range of threats.” — Cristina Palomo
“When we identify any cyber regulation that affects us and requires compliance, we have a systematic and repetitive approach.” — Cristina Palomo
“Reputation risk is embedded in every single cyber risk scenario that we assess.” — Cristina Palomo

Featured in this episode:
Eddie McLaughlin, Global Practice Leader, AGRC, Aon
Cristina Palomo, Cybersecurity Risk & Compliance Director Governance, Schneider Electric

[1:55] Significant cyber risk landscape changes in recent years
[3:08] The digital transformation program at Schneider Electric
[6:26] Determining and mitigating third party risk
[10:13] Regulatory risk in the face of compliance on a global scale
[13:53] Reputation risk in Schneider’s cyber risk management program
[16:12] The potential for managing a cyber crisis event well

Additional Resources:

Aon’s website

2023 Cyber Resilience Report

Overcoming the Reputational Cost of Cyber Attacks: The 10-Day Plan

Schneider Electric Website

Tweetables:

“The cyber landscape has been continuously evolving, making it increasingly challenging for companies to anticipate and prepare for the diverse range of threats.” — Cristina Palomo
“When we identify any cyber regulation that affects us and requires compliance, we have a systematic and repetitive approach.” — Cristina Palomo
“Reputation risk is embedded in every single cyber risk scenario that we assess.” — Cristina Palomo

Previous Episode

Tackling Climate Risk to Build Economic Resilience

With record heatwaves, drought, wildfire and other perils, how can the insurance industry protect and fuel innovation in the face of climate challenges?

Featured in this episode:

Petra Schmidt, global industry leader, Enterprise Client Group
Liz Henderson, global head of Climate Risk Advisory

[1:50] The impact of climate risk on employees
[2:37] Heat stress is often underrepresented in climate models
[4:15] Key proactive considerations for employers when handling extreme heat
[5:50] Tangible strategies for reducing carbon footprint
[10:41] The value of expert risk transfer support

Additional Resources:

Aon’s website

Special Edition: Preparing Business for Changing Weather

Climate Analytics Unlock Capital to Protect People and Property

2024 Client Trends Report: Better Decisions in Trade, Technology, Weather and Workforce

Tweetables:

“Any organization that has started to experience extreme weather events and the impact they have on the ability to be resilient in the face of climate change are starting to feel the pain of ignoring the implications of climate on people.” — Liz Henderson
“Heat is going to impact people before it impacts anything else.” — Liz Henderson
“Having a tangible, quantifiable transition plan is part of your risk management strategy.” — Liz Henderson
“Insurance is your ally, and oftentimes it is the key to unlocking investment into your organization.” — Liz Henderson

Next Episode

How has CrowdStrike Changed the Cyber Market?

This summer’s CrowdStrike outage highlighted the potential for significant loss in the insurance market and organizations. In this episode, Aon experts weigh in on the impact of the CrowdStrike incident and the cyber and supply chain lessons learned.

Featured in this episode:
Sabba Manyara, Director, Cyber Solutions, Asia
Matt Chmel, Chief Broking Officer, Cyber Solutions Group
Alistair Clarke, Cyber Broking Leader, Global Broking Center

[1:38] The global significance of the CrowdStrike incident
[5:58] What CrowdStrike means for the future of cyber risk
[7:47] Deep dive into the current cyber insurance market

Additional Resources:

Aon’s website

Cyber Resilience Report: Cyber Attacks on Supply Chains Are Causing a Widespread Impact

Overcoming the Reputational Cost of Cyber Attacks: The 10-Day Plan

Responding to the CrowdStrike Outage: Implications for Cyber and Technology Professionals

Responding to the CrowdStrike Outage: Implications for Cyber (Re)Insurance

Client Spotlight: Building a Cyber-Resilient Supply Chain

Tweetables:

"But no one really expected a provider like CrowdStrike to be impacted by such an incident, or to create such an impact." — Sabba Manyara
“This was a very complex situation and a very unique situation for each company individually.” — Matt Chmel
"From insurers, we have heard, in the past, concerns about systemic risk, a widespread event of this magnitude." — Sabba Manyara
“What was so terrifying about this particular outage was that it came as a result of an update by Crowdstrike, one of the world’s leading network security businesses.” — Alistair Clarke
“With cyber, the next loss looks nothing like the last one.” — Alistair Clarke
“I think going into 2025 we’re still going to see a buyer friendly market in terms of the cyber insurance landscape.” — Matt Chmel