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 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 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.