Cyber Threats Top Concern over Other Business Risks
A survey of perceptions about cyber risk, released by AIG earlier this year, found that corporate executives are more concerned about cyber threats than about other major business risks.
More than 85% of the 258 executives surveyed said they were very or somewhat concerned about cyber risks to their organizations, compared with the group’s response to six other areas of risk, including income loss (82%), property damage (80%), and securities and investment risk (76%).
AIG noted that 80% of executives and insurance brokers said they find it difficult to keep pace with changing cyber threats.
Other Findings from the Survey
More than two out of three (69%) executives and brokers believe that the reputational risk from a cyber attack is far greater to a company than the financial risk.
In addition, the survey found that:
- More than seven in ten (75%) executives and brokers say legal compliance issues are making companies think more about cyber risks
- The vast majority of insurance brokers and executives (82%) believe hackers are the primary source of cyber threats, though a significant portion of those surveyed (71%) also perceive human error as a significant component of cyber risk
Why is this important?
Your company, your clients, and your business partners are depending on you to ensure that cyber risk is being addressed properly. With a comprehensive and strategic approach to cyber risk management, you will accomplish this without breaking the bank.