Many organizations said they plan to increase risk management staff this year to help deal with the challenges. (Credit: KingStock/Adobe Stock)
Insurance chief risk officers are increasingly concerned about cyber threats, according to the second annual EY/IIF global insurance risk management survey.
Among survey respondents, 66% said cyber threats are going to require the most attention over the next 12 months, up 53% from last year. “That increase can be attributed, to some extent, to increasing geopolitical risk, which presents the threat of more intense cyber attacks in the eyes of many CROs,” the report said.
Respondents also said cybersecurity risk (63%) is the top risk type requiring attention from a company’s board of directors over the next 12 months. Machine learning and artificial intelligence was the second top risk type, according to respondents.
The majority of respondents (66%) also cited cybersecurity as the most important risk to focus on for the next three years. Most (58%) said they’re already working to enhance cybersecurity measures.
Other top risks cited by respondents included:
- Third-party risk: 32%, up from 22% in 2024
- Regulatory/compliance risk: 29%, up from 22% in 2024
- Strategic risk: 24%, compared to 18% last year
- Interest rate risk: 22%, down from 24% last year
- Geopolitical risk: 21%, up from 19%
Many organizations said they plan to increase risk management staff this year to help deal with the challenges. Top desired skills from candidates include cyber (36%), business and product knowledge (27%), change and transformation (25%) and operational resilience (25%).
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