Perception of decreased cyber threat wrong: Beazley report

Business leaders’ diminished concern about cyber risks since 2021 and 2022’s “ransomware pandemic” is unjustified, says Beazley PLC in a report issued Thursday.

A survey conducted in January and February found that 27% of executives cited cyber as their main concern, down from 34% in 2021, according to the report, Spotlight on Cyber & Technology Risk 2023.

The report’s executive summary by Paul Bantick, Beazley’s London-based global head, cyber risks, says cybercrime, particularly ransomware, is “a high growth industry” with lowering barriers to entry, and new technology that presents cyber criminals with further opportunities.

“Contrary to the perception of the cyber threat, the frequency of incidents, the disruption they cause and the economic cost are increasing,” the report says.

Belief in their security systems’ strength is highest among manufacturers, at 83%, although it was the second–most–targeted industry in 2022, behind only financial services, the report said.

The Beazley report is based on a survey of 2,000 business leaders and insurance buyers in the United States, United Kingdom, Canada with international operations that was conducted by London-based Opinion Matters.