Most execs feel at least moderately prepared for cyber risks

Some 84% of executives believe they are at least moderately prepared to anticipate and respond to cyber risks, says a survey.

A Beazley PLC survey of more than 1,00 business leaders and insurance buyers in 10 industry sectors in the United Kingdom and the U.S. on their resilience to risk found that 44% feel they are very prepared to anticipate and respond to cyber risk and 40% consider themselves to be moderately prepared.

“Even if business leaders feel confident, ransomware statistics paint a different picture,” the report says.

“Ransomware and the associated malware component is now the biggest cyber threat that businesses face and the frequency and severity of claims are on the rise.”

Among other survey findings, 85% of respondents say they feel they are operating in a moderate to high-risk environment, while 37% cite technology risks as their top concern.

There were four areas executives viewed as being high risk for which they have a low level of resilience: supply chain and business interruption; climate change and environmental; boardroom and business disruption/disintermediation; and political and legislation/regulatory.

The research was conducted in January and February.

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