Cyber attacks top worries poll for European and US businesses: World Economic Forum

Fear of cyber attacks has topped the list of worries for European and US businesses for the second year running, in a poll conducted by the World Economic Forum.

In its report, Regional Risks for Doing Business 2019, the WEF said the findings highlight the increased sophistication and proliferation of this type of attack.

John Drzik, president of global risk and digital at broker Marsh, said: “Cybersecurity remains the most concerning risk to business leaders in advanced economies, and growing technology dependence for many businesses will only amplify this.”

Tulsi Naidu, chief executive of Zurich UK, said: “Data breaches and cyber-attacks have caused billions of pounds of damage to organisations across the globe. These attacks are becoming increasingly frequent and sophisticated at an organisational and at a personal level, and it is vital that organisations and individuals take the right precautions to protect themselves."

She added: “While organisations are increasingly alert to the impact cyber attacks can have, many do not yet fully appreciate the dangers, and must step up their efforts to combat the threat. As such, this is an area of insurance we expect to see grow.”

The global results of the survey also showed cyber ranking high but “fiscal crises” topped the poll. Three of the top five worries globally were economic-related with “unemployment or underemployment” a major worry.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

Lloyd’s Blueprint could slash costs from 40 to 30 percent, says corporate broker ‘Measured approach’ to legacy upgrades could cost ASEAN insurers competitive edge​ Sub-Saharan Africa offers long-term opportunities for reinsurers: AM Best

Feature:  10 ways insurers are using insurtech to drive new business