Risk managers are aware of the cyber attacks their businesses face, but a large portion of them say they are not doing enough to combat that threat, according to The Hartford Steam Boiler Inspection and Insurance Co.'s Cyber Risk Survey.
HSB, part of Munich Re, surveyed 102 risk managers on April 27 during RIMS' annual conference in New Orleans. The risk managers represented small (7% of those surveyed), mid-sized (30%) and large-sized (63%) businesses in the manufacturing/industrial; retail; financial services; government/military; medical/healthcare; and education industries.
According to the study, nearly 70% of all businesses surveyed experienced one hacking incident in 2014. However, more than half (55%) of risk managers surveyed do not believe their companies are dedicating enough money or trained personnel to combat the latest developments in web-based information theft.
Risk managers say the cyber risks that concern them most include personally identifiable information (53%), sensitive corporate information (33%) and financial information (14%).
To combat cyber risk, risk managers say they are most interested in deploying intrusion detection/penetration testing (32%); employee education programs (25%); and encryption (25%). For additional protection, 46% say their businesses have either purchased Cyber insurance for the first time or increased its level of coverage in the last year. Thirty-six percent of businesses surveyed do not have any level of Cyber insurance coverage.
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