For the first time, “cyber incidents” tops the list of business risks in an annual survey of 2,700 risk management experts by global insurance company Allianz, passing the long-time survey leader, “business interruption.” “Increasing reliance on their data and IT systems and a number of high-profile incidents” drove cyber risk awareness to the top, up from #15 just seven years ago, the company writes.
Some of the cyber risk scenarios highlighted in the Allianz report:
The Allianz study is another proof point for the proposition that cyber risk = business risk, driving the movement to cyber risk quantification in financial terms by risk managers and cybersecurity defenders. With the RiskLens Platform, incorporating the standard FAIR™ model for quantifying cyber and operational risk, organizations can make decisions on insurance purchases, security investments, M&A due diligence or regulations compliance informed by a clear picture of their risks based on probable financial loss. The onus is now on security teams to learn to speak the language of the business in communicating cyber risk. Learn more.
Read the Allianz Global Corporate & Specialty Risk Barometer Report for 2020.
RiskLens is leading a revolution in the way cyber risk is assessed, measured and managed by bringing to market a Software as a Service solution that makes cyber risk quantification a reality.We help organizations translate cyber risk from the technical into the economic language of business.Schedule a Demo