Allianz survey on the most important corporate risks among more than 2,700 risk experts from more than 100 countries
• For the first time, cyber incidents are the most important business risk for companies worldwide ; seven years ago, they only ranked 15th in the Allianz Risk Barometer.
• Business interruptions remain the key challenge for companies: second in the world and still leading in Germany
Awareness of cyber threats has increased significantly in recent years, due to companies’ increasing reliance on data and IT systems and a number of significant incidents.
The risk posed by cyber incidents has become more damaging and costly for businesses – and often leads to lawsuits and litigation after the event.
Data breaches bigger and more expensive
Data breaches are becoming increasingly large and costly as companies collect and exploit ever-increasing amounts of personal data. ebay database Mega data breaches (involving more than one million records) are becoming more frequent and expensive.
In July 2019, Capital One announced that it had been hit by one of the largest breaches in the banking industry, affecting approximately 100 million customers. However, this breach is by no means the largest in recent years.
Ransomware is causing increasingly high financial losses
According to the EU law enforcement agency Europol, ransomware is the most serious cybercrime threat . Sophisticated attacks against SMEs are becoming increasingly common, leading to ever-increasing extortion demands and causing significant financial damage.
Five years ago, it was a matter of tens of thousands of euros; today, hackers are increasingly demanding millions. The consequences of sal bonina an attack can be crippling, especially for companies that rely on data to deliver products and services. Extortion demands are only part of the picture. Business interruption brings the most serious losses from ransomware attacks.
In some cases, ransomware was merely a first step toward the ultimate goal, such as the theft of personal data. Industrial and manufacturing companies are increasingly being targeted, but law firms, medical practices, consultants, and architects are also suffering significant damage because their IT systems are inadequately protected.
Incidents like the Ryuk malware have emerged as a major driver of cyber insurance claims in recent years. First reported in August 2018, it was responsible for multiple attacks against large corporations, hospitals, and local governments worldwide.
BEC attacks lead to billions in fraud
Business email compromise (BEC) – or belgium numbers spoofing – attacks are becoming increasingly common. According to the FBI in the US, BEC incidents have resulted in at least USD 26 billion in global losses since 2016.
The attacks typically involve social engineering and phishing emails to trick employees or senior managers into disclosing credentials or making fraudulent transactions.
