Advisen and Zurich released a white paper that highlights the results of a survey conducted among risk professionals to get their view of corporate attitudes and strategies around cyber risk and cyber security in general. The 11-page white paper concluded that recent developments warrant a greater need for guidance in developing cyber risk management programs and improving cyber risk policies in general.
Are risk professionals’ views towards business continuity risks evolving? Are risk professionals remaining vigilant in their approach to data integrity risks? Are boards and executive management changing their perceptions of cyber risk? How are businesses implementing their cyber risk management strategies? How does insurance fit in to their overall cyber risk strategies?
These are some of the questions that the seventh annual Information Security and Cyber Risk Management survey from Zurich North America and Advisen Ltd. sought to answer. The survey, which involved 315 risk professionals, was conducted to gain a deeper understanding of corporate attitudes and strategies around cyber risk.
The survey also looked into risk professionals’ views on key issues such as cyber-related business interruption and data integrity risks.
This year’s survey comes on the heels of major events including the Dyn DDoS attack, WannaCry and Petya ransomware, and major data breaches that are impacting millions of consumers in the United States. These attacks, all very different in scope and effect, will each likely have lasting implications for how businesses and the insurance industry prepare for, and respond to, cyber threats in the future.