“The frequency of ransomware attacks remains high, with losses increasing as criminals hone their tactics to extort more money, while the average cost of a data breach is at an all-time high,” Scott Sayce of AGCS said. “At the same time, attacks are not just restricted to large companies, increasingly we see more small and midsize businesses impacted. Then, there is also a growing shortage of cyber security professionals, which brings challenges when it comes to improving security.” (Credit: metamorworks/Adobe Stock) “The frequency of ransomware attacks remains high, with losses increasing as criminals hone their tactics to extort more money, while the average cost of a data breach is at an all-time high,” Scott Sayce of AGCS said. “At the same time, attacks are not just restricted to large companies, increasingly we see more small and midsize businesses impacted. Then, there is also a growing shortage of cyber security professionals, which brings challenges when it comes to improving security.” (Credit: metamorworks/Adobe Stock)

Ransomware attacks, data breaches, IT breakdowns and other digital risks rank as the top business risk for the second consecutive year, according to Allianz Global Corporate & Specialty’s (AGCS) Risk Barometer, which surveys more than 2,700 risk management experts in 94 countries.

Scott Sayce, global head of cyber at AGCS and group head of the Cyber Center of Competence, said tension from the war in Ukraine and wider geopolitical problems are changing the cyber-risk environment and increasing the possibility of large-scale cyberattacks.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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