|
In addition to ranking as the number one risk globally , cyber events like IT outages , ransomware attacks and data breaches captured the top spot in 19 different countries , including the UK , Canada , India , France , Japan and Spain . “ For many companies the threat in cyberspace is still higher than ever ,” says Scott Sayce , global head of cyber at Allianz . “ The conflict in Ukraine and wider geopolitical tensions are reshaping the cyber-risk landscape , heightening the risk of a large-scale cyber-attack , according to respondents . The frequency of ransomware attacks remains high , with losses increasing as criminals hone their tactics to extort more money , while the average cost of a data breach is at an all-time high .”
Despite the focus on ransomware in many conversations around cyber-threats , 53 % of respondents highlighted data breaches as their main concern , followed by ransomware at 50 %. Insurers attributed this to the rising cost of breaches and tougher regulation around the world — a breach of sensitive information can result in significant notification costs , regulatory fines , litigation and reputational damage .
|
It is also the risk small businesses cite as their top concern , especially with regard to the technology and software they rely upon to run their operations . Failure of digital supply chains or cloud services ranked third ( 35 %) for respondents .
“ Most cyber-incidents in the SME sector are ransomware attacks but increasingly we also see social engineering scams and ‘ deep fake ’ attacks . Smaller companies can also be highly exposed to supply chain attacks as they often purchase software programme licenses of much larger organisations or vendors .
Rounding out the top 10 risks ranked by businesses around the world after cyber were business interruption , macroeconomic concerns ; energy crises ; legislative / regulatory changes ; natural catastrophes ; climate change ; shortage of skilled workers ; fire / explosion ; and political risks and violence . Cyber ties into many of these risks , , particularly business interruption , regulatory changes and shortage of skilled workers .
|
“ Cyber Insurance is readily available to protect your business from such attacks . In addition to the insurance cover , you get access to independent experts who can help you recover from a cyber attack as quickly as possible and get on with growing your business . Contact us today to learn more about protecting your business from these and other risks .” |
For more information or to request a quotation , please get in touch .
Email : ians @ markrichard . co . uk
Call : 0117 947 9514
Visit : www . markrichard . co . uk
|