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Cyber-risks: the CEO’s nightmare

Allianz Global Corporate & Specialty (AGCS) survey has shown that CEOs are most concerned about cyber-risks: phishing, cyberattacks, and ransomware. Experts interviewed 2,718 CEOs from 100 countries, 39% of them identified cyber risks as their biggest fear. Let`s compare figures with a similar survey in 2013. Cyber-risks took 15th place and received only 6% of support.

In recent years, awareness of cyber threats has increased significantly due to more frequent incidents. In general, cyberattacks are becoming more sophisticated and targeted – cybercriminals are seeking a higher reward by demanding multimillion-dollar ransoms.

WHAT ARE THE MAIN CAUSES OF CYBER INCIDENTS?

  1. Data or security breach (e.g. access to/deletion of personal/confidential information) – 77%
  2. Espionage, hacker attack, ransomware, denial of service – 62%
  3. Errors or mistakes by employees – 42%

Besides a ransom, CEOs are afraid of mergers and acquisitions. Now it is quite possible to get a business with vulnerabilities or with weak protection. Political factors also have a significant impact on cyberspace. For example, rising tensions in the Middle East have led to cyber-attacks on oil and gas installations in the Persian Gulf. Litigation with clients and investors affected by cyber incidents has been another headache for CEOs.

WHAT IS THE BEST APPROACH TO MANAGING CYBER RISK AND IMPROVING CYBER RESILIENCE?

  1. Cyber risk is part of our overall enterprise risk management and is viewed as a key business risk – 55%
  2. Monitor and measure security and availability of systems through continuous vulnerability and risk assessments, remediation and sharing intelligence around cyber threats – 52%
  3. Regular staff information security training, awareness and anti-phishing campaigns – 42%

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