Cyber In Focus

The survey collected responses from directors and risk managers in 40 countries around the world, and included sections on risks for businesses, risks for directors, and various directors’ and officers’ liability insurance coverage points.

In addition, and for the first time, the report covered cyber specific questions on the key topics of:

• Cyber risk governance
• Incident response and preparedness
• Cyber insurance

Key Findings

1. The key findings of the survey revealed that Cyber Attacks, Data Loss, and Cyber Extortion were ranked as the top three cyber risks facing Directors and Officers for the second year in a row. This highlights the need for businesses to have a comprehensive cyber risk management plan in place.
2. The report highlights the improved focus on Cyber Risk Governance, increased senior level engagement and regular reporting on the oversight and management of cyber risk issues;
3. Organisations recognise the need for investment in cyber and data security on ongoing basis to keep pace with the dynamic risk environment. These investments should continue to encompass people, process and technology;
4. Organisations increasingly recognise the importance of Cyber Incident Preparedness and Testing. A comprehensive and tested response planis critical for minimizing the impact of a cyber-attack.
5. Finally, the report highlights that Cyber Insurance remains a key part of the organisations cyber risk management plan both now and in the future. Cyber insurance can help businesses mitigate the financial impact of a cyber-attack and provide access to resources and expertise to help prevent and respond to cyber incidents.

Conclusion

Overall, the Global Director and Officers Cyber Risk Focus underscores the need for businesses to prioritize cyber risk management and adopt a proactive approach to protecting their assets and reputation from cyber threats.