Cybersecurity Threats Surge: Executives Warn of Rising Business Risks
CFODive
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Contributed by: Drex DeFord
Summary
A recent study by Chubb reveals that cybersecurity threats, particularly data breaches, are now the primary financial concern for businesses, as identified by 40% of executives. The findings, based on a Harris poll, indicate a shift over the last decade towards recognizing risks associated with cyber incidents, artificial intelligence, climate change, and reputational damage. The report highlights the significant financial impact of cyber incidents, with the average data breach costing nearly $4.9 million, a 10% increase from the previous year. The cyberattack on UnitedHealth's Change Healthcare, which affected 100 million individuals and incurred an estimated $2.5 billion in costs, exemplifies these risks. In light of these challenges, 86% of surveyed companies are considering or have adopted business interruption coverage to mitigate potential disruptions, including those caused by cyberattacks.
