Filed Under:Markets, E&S/Specialty

Survey: Cyber Threats Become Top Concern Among Business Execs

The threat of cyber attacks has become a top concern among insurance corporate executives, a new survey reveals.

American International Group (AIG) conducted a survey of 323 risk managers, IT decision makers, C-suite executives and brokers in the U.S. and Canada who are involved in the insurance industry in some capacity.

The survey found that, of the 258 corporate executives polled, 85 percent said that they were ‘very or somewhat’ concerned about cyber risks to their organizations. Interestingly, in the current environment of diminished returns and slow growth, executives were more concerned with cyber threats than income loss, property damage and securities and investment risk.

Other findings in the survey found that 82 percent of brokers and executives feel that hackers are the primary source of cyber threats, although 71 percent admitted that human error could also be a contributing cause.

Survey participants report that the financial repercussions of cyber attacks were not as detrimental as the reputational risk, and 75 percent of executives and brokers say legal-compliance issues are forcing companies to pay closer attention to the potential threat.

Taking the findings of the survey into consideration, AIG has folded a mobile app for cyber-risk management into the array of tools it offers under its CyberEdge risk management solution. The app features updates on what is taking place across the country in regards to cyber attacks and data breaches, and includesa breach cost calculator.  

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