Cybersecurity Showdown: The Top Business Threat of 2024
Download MP3 Rising cyber attacks
- Cyber attacks, including ransomware, have surged over the last 24 to 30 months.
- A recent Wall Street Journal report (May 13, 2024) highlights an ongoing increase in cyber risks.
Survey Insights
- 9 out of 10 compliance professionals report rising cybersecurity risks.
- Half of those surveyed from midsize companies (valued between $50 million and $1 billion) noted an increase in cyber threats.
Top Risks for Companies
- Cybersecurity is the top risk, with 89% identifying it as a primary concern.
- Other risks include:
- Regulatory changes
- Digitalization
- Privacy issues
- Geopolitical factors
- Financial crime (mid-level risk)
- Supply chain issues (less than 50% view it as a top concern now)
- Employee conduct (low risk)
Importance of Cyber Liability Policies
- Cyber liability policies supplement and enhance in-house risk profiles.
- Benefits include:
- Active monitoring
- Response teams
- Access to broader risk networks
- Insurers provide insights into attacks on other companies, helping to preemptively defend against potential threats.
Preparedness and Mitigation
- Cyber attacks are more likely than physical risks like building fires or factory injuries.
- Proper planning involves:
- Prevention strategies
- Risk mitigation measures
- Adequate insurance coverage
- Preparedness and response plans for potential cyber incidents
Stay informed and proactive in managing your company's cybersecurity to protect against the escalating threat of cyber attacks.
