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Cybersecurity: Businesses Worry About On-Line Threats
Cybersecurity has now become a greater risk to businesses compared to other insurable business risks like natural disasters, business interruption and fires. That’s the conclusion of a study by Experian Data Breach Resolution and the Ponemon Institute. 76 percent of large businesses said that cybersecurity risks are of equal or greater than other possible risks.
A report from Willis found that the top three cyber risks cited by the Fortune 1000 companies are:
- Privacy/loss of confidential data
- Reputation risk
- Malicious acts
Katherine Keefe, head of Beazley Breach Response, said that “it’s clear that companies see cyber security threats as a significant business liability and we are seeing increased interest from our customers in managing against this risk.”
Financial businesses tend to worry about the impact that they might suffer from a cyberattack, while other industries like energy and utilities feel that they have less direct exposure. Smaller companies too tend to feel that they are less visible and not targeted, but those feelings of complacency may be a mistake.
Ann Longmore, executive vice president at Willis North America, said that “this is concerning because the view that firms may see themselves as less likely targets of an attack runs contrary to our experience, and in fact, many of these firms are sitting at the center of the bulls eye.”
