Cyber attack is a top concern for businesses in 2013, with 85 percent of corporate executives naming it their greatest risk, trumping loss of income (82 percent) and property damage (80 percent), according to a recent AIG survey.
Of 258 executives polled by market research firm Penn Schoen Berland for the study, three-quarters say legal compliance issues are making their organizations think more about cyber risks.
The majority (80 percent) of executives and brokers say they find it difficult to keep pace with information regarding cyber threats. However, the Insurance Information Institute (I.I.I.) points to a Zurich study stating less than 20 percent of companies purchase cyber insurance to protect themselves against this increasingly common cause of loss.
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