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.

 

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