Few organizations are highly confident in their ability to manage the risk of a cyber attack, despite viewing cyber security as a top risk management priority, according to a new global survey conducted by Marsh and Microsoft Corp.
In the global survey of more than 1,300 senior executives, two-thirds ranked cyber security among their organizations’ top five risk management priorities, which is approximately double the response to a similar question Marsh asked in 2016.
A vast majority of survey respondents – 75 percent – identified business interruption as the cyber loss scenario with the greatest potential to impact their organization, said the report titled “By the Numbers: Global Cyber Risk Perception Survey.” This compares to 55 percent who cited breach of customer information, which has historically been the focus for organizations.
Despite this growing awareness and rising concern, only 19 percent of respondents said they are highly confident in their organization’s ability to mitigate and respond to a cyber event. Moreover, only 30 percent said they have developed a plan to respond to cyber attacks.
“Cyber risk is an escalating management priority…
