The greatest cyber security challenge is simply keeping up with the rapidly evolving threat, Aon said today.

The global professional services firm released its 2019 Cyber Security Risk Report, detailing the most severe cyber security threats and challenges organisations are currently facing.

“The rapid enhancements and pace of technological adoption, has meant that the number of touch-points within a business that cyber criminals can target is growing exponentially,” Melbourne-based Cyber Insurance Practice Leader Michael Parrant said.

“We believe the future of cyber risk management must be proactive, oriented around sharing threat intelligence, and collaborating within and across enterprises and industries; ceaselessly hunting for bad actors; and raising the bar on preparedness for the inevitable day when a strike does come.”

Mr Parrant says the last few years have seen a steady increase in regulatory oversight.

“The EU’s General Data Protection Regulation came into full force, and Australia’s own Notifiable Data Breach regulation have provided an increased financial and reputational motivation for local organisations to take action.”

The Aon report says 2019 need to be the year in which companies and organisations recognise the pitfalls as well as the profits to be made through digital transformation.

The report highlights areas which Australian companies should focus on in order to recognise and mitigate their cyber security risks.

These are technology, supply chain, internet of things, business operations, employees, mergers and acquisitions, regulation, and the board of directors

Click here to see the full report.