Cyber threat top business risk: survey

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:

• More than seven in ten (75%) executives and brokers say legal compliance issues are making companies think more about cyber risks.
• The vast majority of brokers and executives (82%) believe hackers are the primary source of cyber threats, though a significant portion of those surveyed (71%) also perceive human error as a significant component of cyber risk.