With these larger companies investing heavily in cybersecurity, hackers are gradually shifting their focus to small- and mid-sized firms. Currently, the real sweet spot is a mid-sized business with weak controls, risk management and cybersecurity in place. That is what cybercriminals like most. (Credit: Sergey Nivens/Shutterstock) With these larger companies investing heavily in cybersecurity, hackers are gradually shifting their focus to small- and mid-sized firms. Currently, the real sweet spot is a mid-sized business with weak controls, risk management and cybersecurity in place. That is what cybercriminals like most. (Credit: Sergey Nivens/Shutterstock)

Given cybercrime incidents are now estimated to cost the world economy in excess of $1 trillion a year — around 1% of global GDP — it is no surprise that cyber risk regularly ranks as a top customer concern in the Allianz Risk Barometer, our annual survey identifying the top business risks around the world (including finishing number one in the 2022 edition).

Indeed, AGCS’ insurance industry claims analysis shows that external attacks are responsible for more than 80% of the value of the 3,000 cyber-related claims we have been involved with over the past five years around the globe.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


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.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.