February 7, 2013 by Canadian Underwriter
Corporate executives are more concerned about cyber threats than other major business risks, a new survey sponsored by insurance giant AIG suggests.
More than 85% of the 258 executives surveyed said they were very or somewhat concerned about cyber risks to their organizations, compared with the group’s response to six other areas of risk, including income loss (82%), property damage (80%), and securities and investment risk (76%).
Out of executives and insurance brokers, 80% said they find it difficult to keep pace with changing cyber threats, AIG noted.
For most executives and brokers (69%), the reputational risk involved with a cyber attack is greater than the financial risk, the company also said.
Other findings from the survey include:
The survey was conducted for AIG by Penn Schoen Berland (PSB), which surveyed 323 risk managers, IT decision makers, C-suite executives, and brokers in the United States and Canada who play a role in selling insurance policies or determining insurance programs within their organizations.
The survey included a mix of AIG customers and other companies, including 60 companies with revenue between $1 billion and $10 billion, mid-market businesses with revenue between $10 million and $1 billion, as well as large and mid-sized broker partners. These interviews took place October through November 2012.
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