In the nightmare scenario of a corporate cyberattack, the victim is not justone bank or power supply company but many attacked at thesame time, and it could happen as early as this year, according toa new study from AIG.

Nine in 10 global cybersecurity and risk experts surveyed by AIGbelieve that cyber risk is systemic, and more than half saida systemic cyberattack on five to 10 companies is highly likelythis year. More than one-third gave almost even odds of an attackon as many as 50 companies this year, and 20 percent gave similarodds for an attack on as many as 100 companies simultaneously.

Concern about systemic cyberattacks

"While data breaches and cyber-related attacks have become moreprevalent for individual businesses, concern about systemiccyberattacks are on the minds of those in the very communitydedicated to analyzing and preventing this threat," said TracieGrella, global head of cyber risk insurance at AIG.

Financial services was ranked as the industrymost vulnerable to a systemic attack (19 percent) in the next 12months followed by power/energy (15 percent),telecommunications/utilities (14 percent),health care (13 percent) and informationtechnology (12 percent), according to the survey.

Continue Reading for Free

Register and gain access to:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Bernice Napach

Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.