A new study by the Property Casualty Insurers Assn. of America revealed that the majority of executives see cyber terrorism as being a critical risk management concern.
"The threat of terrorism continues to grow. In addition to traditional terrorism, cyber terrorism is also a high level threat to our country's national security," said Marguerite Tortorello, PCI's senior vice president, public affairs. "Our research shows an overwhelming majority of the executives surveyed agreed that a large-scale cyber attack against the country could have catastrophic or significant consequences to their companies' business operations as well as the national economy. The risk managers and executives also agree that a plan is an essential part of their company's risk management strategy."
Of executives surveyed,85% are concerned about the possibility of a terrorist attack within the next few years in the US, and 82% are worried about the negative impact an attack could have on the economy, and as a result, their business operations.
The study highlights the importance of the Terrorism Risk Insurance Act, which expires at the end of this year. The legislation protects taxpayers from most of the cost of terrorism losses by helping the economy recover and ensuring that large construction projects are built in a timely manner, creating jobs.
"TRIA is a fiscally responsible and effective national security plan that protects our country's economic resiliency. It is better to have a plan in place before the next catastrophe to provide assistance to affected businesses and ensure economic stability. PCI urges Congress to reaffirm its support for TRIA," Tortorello said.
PCI's study, "Cyber Catastrophes: Understanding the Risk and Exposure," reveals the responses of 622 IT security executives who are familiar with their company's cyber security or enterprise risk mitigation activities.
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