Cyber risk is the most important business type of business threat in the UK, according to risk experts polled in Allianz’s Risk Barometer report for 2018.
Potential “cyber hurricane” events and tougher data protection rules shape cyber risk environment for the year-ahead, noted Allianz.
Crisis response is “crucial for mitigation”, continued the German insurance firm.
Business interruption ranked as the top threat for companies globally, according to more than 1,900 risk experts from 80 countries polled.
Closely linked to cyber-attack trends, business interruption’s top ranking was due to the “evolving nature of risk, and rise in cyber-related incidents”, according to Allianz.
“For the first time, business interruption and cyber risk are neck-and-neck in the Allianz Risk Barometer and these risks are increasingly interlinked,” says Chris Fischer Hirs, CEO of Allianz Global Corporate & Specialty’s (AGCS).
“Whether resulting from attacks such as WannaCry, or more frequently, system failures, cyber incidents are now a major cause of business interruption for today’s networked companies whose primary assets are often data, service platforms or their…
