Corporate executives say they’re more concerned about cyber threats than any other major business risk, according to a survey by the American International Group Inc.
In fact, more than 85 percent of respondents report being very or somewhat concerned about cyber risks to their organizations as opposed to other areas of risk: income loss at 82 percent, property damage at 80 percent, and securities and investment at 76 percent.
The survey also reveals that there is a high demand among executives and brokers for information regarding cyber threats as 80 percent of respondents say it is difficult to keep up because cyber threats develop so quickly. Another 69 percent of respondents say the reputational risk from a cyber attack is more damaging than a financial risk.
Seventy-five percent of respondents agree that legal compliance issues cause companies to put more thought into cyber risks, and 82 percent of respondents say hackers are the main source of cyber threats. Still, 71 percent of respondents also say human error is a major component of cyber risk.