Few organizations are highly confident in their ability to manage the risk of a cyber-attack, despite viewing cybersecurity as a top risk management priority, according to a survey conducted by Marsh and Microsoft.
In the global survey of more than 1,300 senior executives, two-thirds ranked cybersecurity among their organizations’ top five risk management priorities – approximately double the response to a similar question Marsh asked in 2016.
The survey also found that a vast majority – 75% – identified business interruption as the cyber loss scenario with the greatest potential to impact their organization. This compares to 55% who cited breach of customer information, which has historically been the focus for organizations.
Despite this growing awareness and rising concern, only 19% of respondents said they are highly confident in their organization’s ability to mitigate and respond to a cyber event. Moreover, only 30% said they have developed a plan to respond to cyber-attacks.
“Cyber risk is an escalating management priority as the use of technology in business increases and the threat environment gets more complex,” said John Drzik, president Global Risk and Digital, Marsh. “It’s time for organizations to adopt a more comprehensive approach to cyber resilience, which engages the full executive team and spans risk prevention, response, mitigation and transfer.” More at helpnetsecurity.