Almost 70 percent of businesses experienced at least one hacking incident in the last year, according to a study of business risk managers released by The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re. Yet, more than half (55 percent) don’t believe their company is dedicating enough money or trained and experienced personnel to combat the latest hacking techniques.
“Hackers have evolved and so have their methods of attack,” said Eric Cernak, Cyber Practice leader for Munich Re. “Businesses are on high alert, but they can do a lot better. Simply reacting to new threats is not enough. Businesses of all sizes need to anticipate hacking trends and deploy the resources necessary to protect their private or sensitive information.”
Of the 102 risk managers polled by HSB at the Risk and Insurance Management Society Conference (RIMS) in New Orleans this year, 63 percent represented large enterprises, followed by 30 percent at mid-sized organizations and seven percent at small businesses.
The survey revealed a notable exposure and concern with the use of cloud technology. Loss of confidentiality of information is viewed as the biggest risk (76 percent), followed by service interruption (16 percent) and government intrusion (5 percent).
Concerns about the type of information being breached ranged from personally identifiable information (53 percent) to sensitive corporate information (33 percent) to financial information (14 percent).
When asked about the type of risk management services they would be most interested in deploying to combat cyber risk, risk managers point to intrusion detection/penetration testing (32 percent), employee education programs (25 percent) and encryption (25 percent).
For additional protection, 46 percent say their business has either purchased cyber insurance for the first time or increased its level of coverage in the last year. Thirty-six percent of businesses do not have any level of cyber insurance coverage.
Source: Hartford Steam Boiler
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