In the nightmare scenario of a corporate cyberattack, the victim is not just one bank or power supply company but many attacked at the same time, and it could happen as early as this year, according to a new study from AIG.
Nine in 10 global cybersecurity and risk experts surveyed by AIG believe that cyber risk is systemic, and more than half said a systemic cyberattack on five to 10 companies is highly likely this year. More than one-third gave almost even odds of an attack on as many as 50 companies this year, and 20 percent gave similar odds for an attack on as many as 100 companies simultaneously.
|Concern about systemic cyberattacks
"While data breaches and cyber-related attacks have become more prevalent for individual businesses, concern about systemic cyberattacks are on the minds of those in the very community dedicated to analyzing and preventing this threat," said Tracie Grella, global head of cyber risk insurance at AIG.
Financial services was ranked as the industry most vulnerable to a systemic attack (19 percent) in the next 12 months followed by power/energy (15 percent), telecommunications/utilities (14 percent), health care (13 percent) and information technology (12 percent), according to the survey.
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Bernice Napach
Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times, TheStreet.com, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.
