Following several high-profile cyber-attacks over recent years, a growing number of corporations perceive cyber as a high risk. A new report from Swiss Re and IBM covers the following three core themes:
Most corporations and insurers across the main regions expect the frequency and severity of cyber incidents to increase.
48% of companies currently consider the threat from digital interconnectedness to be greater than other risks, which rises to 60% over the next 10 years.
Firms who rank cyber as a high risk have C-suites who are engaged, especially in the hospitality, consumer products and auto sectors. Moreover, the majority of firms who rank cyber as a high risk, do not feel confident that their workforce has adequate technical skills to cope.
34% of high-risk firms feel senior executives could be more engaged, while 60% doubt their workforce has adequate skills to cope with the threat.
The role of cyber insurance
Demand for cyber insurance is also expected to rise. There is a significant interest from insurers to step up their cyber programs. Half of those who do not yet provide cyber covers plan to do so in the next few years. – Risk & Insurance
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