Risk managers are aware of the cyber attacks their businessesface, but a large portion of them say they are not doing enough tocombat that threat, according to The Hartford Steam BoilerInspection and Insurance Co.'s Cyber RiskSurvey.

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HSB, part of Munich Re, surveyed 102 risk managers on April 27during RIMS' annual conference in New Orleans. The risk managersrepresented small (7% of those surveyed), mid-sized (30%) andlarge-sized (63%) businesses in the manufacturing/industrial;retail; financial services; government/military;medical/healthcare; and education industries.

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According to the study, nearly 70% of all businesses surveyedexperienced one hacking incident in 2014. However, more than half(55%) of risk managers surveyed do not believe their companies arededicating enough money or trained personnel to combat the latestdevelopments in web-based information theft.

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Risk managers say the cyber risks that concern them most includepersonally identifiable information (53%), sensitive corporateinformation (33%) and financial information (14%).

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To combat cyber risk, risk managers say they are most interestedin deploying intrusion detection/penetration testing (32%);employee education programs (25%); and encryption (25%). Foradditional protection, 46% say their businesses have eitherpurchased Cyber insurance for the first time or increased its levelof coverage in the last year. Thirty-six percent of businessessurveyed do not have any level of Cyber insurance coverage.

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