{"id":4342,"date":"2020-01-16T11:56:32","date_gmt":"2020-01-16T10:56:32","guid":{"rendered":"https:\/\/www.retarus.com\/blog\/en\/?p=4342"},"modified":"2021-08-20T13:35:27","modified_gmt":"2021-08-20T11:35:27","slug":"allianz-survey-cyber-incidents-now-the-principal-risk-for-businesses","status":"publish","type":"post","link":"https:\/\/www.retarus.com\/blog\/en\/allianz-survey-cyber-incidents-now-the-principal-risk-for-businesses\/","title":{"rendered":"Allianz Survey: Cyber Incidents Now the Principal Risk for Businesses"},"content":{"rendered":"\n<p>The Allianz Group, specifically its Global Corporate &amp; Specialty (AGCS) unit, has just released its Risk Barometer 2020. More than 2,700 risk management experts from over 100 countries responded to the survey.<\/p>\n\n\n\n<p>For the first time in the annual survey\u2019s nine-year history, the <strong>cyber incidents<\/strong> category ranks as the top risk for businesses with 39 percent of respondents citing it, bumping <strong>business interruption<\/strong> (37 percent) into second place. Seven years ago cyber risks were only 15th on the list, named by just 6 percent of participants. <\/p>\n\n\n\n<p>A growing number of companies are being confronted\nwith a range of cyber challenges, including ever bigger and more costly data\nbreaches and an increasing number of incidents involving ransomware and <a href=\"https:\/\/www.retarus.com\/services\/email-security\/tech-specs\/#cxo-fraud-detection\">business\nemail compromise<\/a> (spoofing). A mega breach (meaning one in which more than\none million records are leaked) now sets a company back $42 million on average.\nIf over 50 million records are compromised in the breach, the cost now reaches\na staggering $388 million on average, a rise of 11 percent in a year-on-year\ncomparison. <\/p>\n\n\n\n<p>With regard to <a href=\"https:\/\/www.retarus.com\/services\/email-security\/\">ransomware<\/a>, the latest Risk Barometer confirms an increase in the financial damage caused by such incidents, as attackers are ever more frequently targeting larger corporations using more sophisticated techniques attempting to extort higher ransom payments from them. Even though attackers have increasingly been setting their sights on the manufacturing sector, the losses have been highest for law firms, consultants and architects, for whom IT systems and data are of vital importance. <\/p>\n\n\n\n<p>The survey also shows a rise in the frequency of spoofing attacks, where attackers utilize social engineering and <a href=\"https:\/\/www.retarus.com\/services\/email-security\/tech-specs\/#phishing-filter\">phishing emails<\/a> to fool employees into revealing login details or executing bogus transactions. The FBI estimates that these scams have resulted in losses of $26 billion around the globe since 2016. <\/p>\n\n\n\n<p>Participants in the survey identified preparation and <a href=\"https:\/\/www.retarus.com\/blog\/en\/user-education-tips-email-security\/\">training<\/a> as the most effective means of mitigating cyber risks. Business resilience measures and <a href=\"https:\/\/www.retarus.com\/email-continuity\/\">business continuity<\/a> planning also play crucial roles in managing the risks. The report goes on to emphasize the importance of regularly testing and reviewing response plans. <\/p>\n\n\n\n<p>For those interested, the entire 24-page \u201cAllianz Risk Barometer \u2013 Identifying the Major Business Risks for 2020\u201d survey report is available for <a href=\"https:\/\/www.agcs.allianz.com\/news-and-insights\/reports\/allianz-risk-barometer.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">download as a PDF from the AGCS website<\/a> after registration. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A survey of more than 2,700 risk management experts from over 100 countries has revealed that cyber incidents are now the main peril for businesses.<\/p>\n","protected":false},"author":14,"featured_media":4341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_s2mail":"yes","footnotes":""},"categories":[8,15],"tags":[2927,359,2984],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.5 (Yoast SEO v22.5) - 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