The threat of cyber attacks has become a top concern among insurance corporate executives, a new survey reveals.
American International Group (AIG) conducted a survey of 323 risk managers, IT decision makers, C-suite executives and brokers in the U.S. and Canada who are involved in the insurance industry in some capacity.
The survey found that, of the 258 corporate executives polled, 85 percent said that they were 'very or somewhat' concerned about cyber risks to their organizations. Interestingly, in the current environment of diminished returns and slow growth, executives were more concerned with cyber threats than income loss, property damage and securities and investment risk.
Other findings in the survey found that 82 percent of brokers and executives feel that hackers are the primary source of cyber threats, although 71 percent admitted that human error could also be a contributing cause.
Survey participants report that the financial repercussions of cyber attacks were not as detrimental as the reputational risk, and 75 percent of executives and brokers say legal-compliance issues are forcing companies to pay closer attention to the potential threat.
Taking the findings of the survey into consideration, AIG has folded a mobile app for cyber-risk management into the array of tools it offers under its CyberEdge risk management solution. The app features updates on what is taking place across the country in regards to cyber attacks and data breaches, and includesa breach cost calculator.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
