Companies fear the business risks posed by cyber incidents

Companies fear the business risks posed by cyber incidents

Specialty insurer Allianz Global Corporate & Specialty (AGCS) surveyed roughly 2400 companies around the globe for its Risk Barometer 2019 to determine which risks they see their businesses exposed to. “Cyber Incidents” ranked second on the resulting list of answers.

37 Percent of the respondents are fearful of cyber incidents, a broad category which includes cyber crime, errors in and failure of information technology, theft of data as well as fines for regulatory breaches. Such cyber incidents, moreover, increasingly involve business interruption as a likely outcome. A good example of this is provided in our report on ransomware attacks like NotPetya and WannaCry.

The increasing interconnectedness and uniformity of IT infrastructures has made all links in the supply chain more vulnerable to attack, according to AGCS head Chris Firscher Hirs. The battle against the “evil twins” – cyber incidents and business interruption – is therefore no longer only an option, but has now become a duty, for risk managers and insurers alike. The full report is available as a PDF download for those interested in finding out more.

One of the most common vectors of attack for cyber crime and attacks is still email. That’s why it’s essential for businesses to safeguard their inboxes as effectively as possible – for instance with Retarus’ patented E-Mail Security service, which employs up to four parallel virus scanners and sophisticated Advanced Threat Protection even for email accounts located in the cloud. You can find more details on our website or directly from your local Retarus representative.

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