Cybersecurity Tops Business Threats, Driving Surge in Risk Management Strategies
CFO
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Contributed by: Drex DeFord
Summary
A recent report by insurer Chubb indicates that cybersecurity has become the leading threat to business growth, emphasizing the need for effective risk management. Based on a survey of 500 business-risk decision-makers, 40% view cyber breaches and data leaks as major sources of disruption with financial consequences. The findings reveal that a proactive approach is being taken, with 89% planning to enhance their cyber insurance and 84% prioritizing continuous monitoring of incidents. Furthermore, 60% rank cybersecurity threats as the top geopolitical risk, surpassing traditional concerns like political tensions and climate change. Additionally, 25% of respondents noted changes in government policy as another significant man-made disruption, alongside risks from social unrest linked to viral social media events.
