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Cyberattacks now number one risk for many organisations

(Image credit: Image source: Shutterstock/lolloj)

For businesses of all shapes and sizes, cyberattacks are now their biggest worry, according to a new report by insurance consultancy Marsh and Microsoft. The two companies polled more than 1,500 business leaders in how they perceive cybersecurity and what they’d consider their greatest risk at the moment.

For almost four fifths of organisations polled (79 per cent), cyberattacks (opens in new tab)are considered among the top five greatest risks. This is up from 62 per cent two years ago. Today, almost a quarter (22 per cent) see cyberattacks as their number one risk, up from six per cent two years ago.

The report argues that cybersecurity is now a bigger worry for organisations than the likes of economic uncertainty, brand damage, regulation and staff shortages.

All of this has resulted, as the report insinuates, in the number of cybersecurity insurances (opens in new tab) going up. They are now much more common than they were two years ago.

Nowadays, almost half (47 per cent) of organisations have this type of insurance, up from 34 per cent in 2017. More than half (57 per cent) of large companies, those with more than $1 billion in annual revenue, also now have cyberinsurance, compared to 36 per cent of smaller organisations (revenues below $100m).

Almost all of the respondents (89 per cent) are confident their policy would cover the cost of a cybersecurity incident.

 

Sead Fadilpašić
Sead Fadilpašić

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.