Cyber risk is the biggest risk faced by businesses of all sizes and across a wide range of sectors in Europe, according to the Allianz Risk Barometer 2024.
This tallies with the global findings of the 13th annual barometer survey which found that cyber risks, including cybercrime, IT network and service disruptions, malware/ransomware, data breaches and fines and penalties, top the list of concerns for risk experts across the world.
Following a period of frequent but stable cyber-related losses, 2023 saw an uptick in the volume of ransomware and extortion losses, with hackers increasingly targeting IT and physical supply chains.
The adoption of Artificial Intelligence (AI) and poor cyber security around the use of mobile devices are contributing to the vulnerability of many organisations to cyber-attack.
How to tackle cyber crime risks
Preventing cyber-attacks is becoming harder and early detection and response capabilities are therefore key to a business’ ability to remain resilient.
Currently, the largest proportion of IT security budgets is spent on prevention measures, with only about 35% going to detection and response.
Early detection is key to stopping losses from…
