It's National Cyber Security Awareness Month, and The HartfordSteam Boiler Inspection and Insurance Company (HSB), part of MunichRe, has released the results of its Cyber Risk Survey.According to the study, risk managers are aware of the heightenedthreat of cyber attacks their businesses face, but even still, alarge portion of them don't believe they are doing enough to combatthat threat.

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Related: Deadline this Friday: Apply today for NU’s Excellence in CyberSecurity Risk Management Award

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HSB surveyed 102 risk managers on-site at the 2015 Risk andInsurance Management Society (RIMS) Conference (RIMS) in NewOrleans on April 27. The risk managers represented small (7% ofrisk managers surveyed), mid- (30%) and large-sized (63%)businesses in industries including manufacturing/industrial;retail; financial services; government/military;medical/healthcare; and education.

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According to the study, nearly 70% of all busiesses surveyedexperienced one hacking incident in 2014 (see breakdown in chartabove). However, more than half (55%) of the risk managers don'tbelieve their company is dedicating enough money or trained andexperienced personnel to combat the latest hacking technique(below).

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They type of information being breached that risk managers saidthey're concerned about (see above) included personallyidentifiable information (53%), sensitive corporate information(33%) and financial information (14%).

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To combat cyber risk, risk managers said they are mostinterested in deploying intrusion detection/penetration testing(32%), employee education programs (25%) and encryption (25%). Foradditional protection, 46% say their business has either purchasedcyber insurance for the first time or increased its level ofcoverage in the last year. Thirty-six percent of businessessurveyed do not have any level of cyber insurance coverage.

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The survey also revealed a notable exposure and concern with theuse of cloud technology (see below). Loss of confidentiality ofinformation is viewed as the biggest risk (76%), followed byservice interruption (16%) and government intrusion (5%).

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Related: 50% of small businesses have been the target of acyber attack

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