Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • News

Business confidence in cyber risk preparedness remains unchanged

Open-access content Wednesday 8th June 2022
Business confidence in cyber risk preparedness remains unchanged

Most business leaders are no more confident in their ability to manage cyber risks than they were two years ago, despite unrelenting workplace disruption, digital transformation and ransomware attacks.

That is according to a report by insurance broker Marsh and technology company Microsoft, which questioned over 660 cyber risk decision makers in leading organisations across various functions, including cybersecurity and IT, risk management and insurance, finance, and executive leadership.

The findings show that confidence in their core cyber risk management capabilities – including the ability to understand, assess, prevent and respond to cyber threats – is largely unchanged since 2019, when 19.7% of respondents stated they were highly confident, compared to 19% in 2022.

Furthermore, many organisations are still struggling to understand the risks posed by their vendors and digital supply chains as part of their cybersecurity strategies, with only 43% having conducted a risk assessment covering this area.

This comes amid rising ransomware attacks driven by the worldwide move to remote working, with cyber perils recently topping a ranking of concerns for companies globally over the next 12 months.

“Given the continued rise of ransomware and the current tumultuous threat landscape, it is not surprising that many organisations do not feel any more confident in their ability to respond to cyber risks now than they were in 2019,” commented Sarah Stephens, head of international cyber at Marsh.

The findings also show that only 41% of organisations look beyond cybersecurity and insurance to engage their legal, corporate planning, finance, operations or supply chain management functions in making cyber risk plans.

However, 38% now use quantitative methods to measure their cyber risk exposure, which is up from 30% 2019. The report explains how this is a “critical step” in understanding how cyberattacks and other events can create volatility. 

“Cyber risks are pervasive across most organisations,” said Tom Reagan, cyber risk practice leader for the US and Canada at Marsh. “Successfully countering cyber threats needs to be an enterprise-wide goal, aimed at building cyber resilience across the firm, rather than singular investments in incident prevention or cyber defence.

“Greater cross-enterprise communication can help organisations bridge the gaps that currently exist, boost confidence, and better inform overall strategic decision making around cyber threats.”

 

Image credit: iStock

Author: Chris Seekings

Filed in:
News
Topics:
Technology
Global

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Underwriting Risk Manager

London (Central)
£85K-£95K + Benefits
Reference
124386

Reserving Manager (Contract)

London (Central)
£1200 - £1400 per day
Reference
124385

Life Actuary - Contract - IFRS 17 Financial Impact

England, London / England, Bristol / North Yorkshire, England
£900 - £1150 per day
Reference
124384
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2022 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ