The threat of cyber attacks has become a top concern amonginsurance corporate executives, a new survey reveals.
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American International Group (AIG) conducted a survey of323 risk managers, IT decision makers, C-suite executives andbrokers in the U.S. and Canada who are involved in the insuranceindustry in some capacity.
The survey found that, of the 258 corporate executives polled,85 percent said that they were 'very or somewhat' concerned aboutcyber risks to their organizations. Interestingly, in the currentenvironment of diminished returns and slow growth, executives weremore concerned with cyber threats than income loss, property damageand securities and investment risk.
|Other findings in the survey found that 82 percent of brokersand executives feel that hackers are the primary source of cyberthreats, although 71 percent admitted that human error could alsobe a contributing cause.
|Survey participants report that the financial repercussions ofcyber attacks were not as detrimental as the reputational risk, and75 percent of executives and brokers say legal-compliance issuesare forcing companies to pay closer attention to the potentialthreat.
|Taking the findings of the survey into consideration, AIG hasfolded a mobile app for cyber-risk management into the array oftools it offers under its CyberEdge risk management solution. Theapp features updates on what is taking place across the country inregards to cyber attacks and data breaches, and includesa breachcost calculator.
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