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The report shows cybersecurity risk has been elevated to the most senior levels of corporations around the world.
The potential threat of ransomware and data breaches has gained the attention of worldwide corporations. Companies confront the potential loss of control over customer data or proprietary customer secrets, and the impact of an attack on their brand reputation.
The cost of cybercrime reached about $1 trillion worldwide, the equivalent of about 1% of global GDP, the report said. Cyber incidents are considered the top risk in 19 countries, including France, Japan, India, the U.K. and Canada.
Data breaches remain an increasing concern, in part due to the tighter regulations surrounding the protection of customer data. In addition, ransomware has become a much more serious concern, particularly as threat actors engage in double and triple extortion against companies in a way that threatens to do reputational harm.
“So whether that’s customers, whether that’s other people in the supply chain, we see this now as the norm that those attacks will not only impact the company itself, but anyone else along the value chain,” Shanil Williams, a board member and chief underwriting officer corporate at Allianz Global Corporate & Specialty, said Tuesday during a media presentation.
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Everyone wants to stay on good terms with their employer. Threat actors know this too, and they exploit this weakness accordingly. Don’t fall for it.
The ubiquity of the cloud has left security gaps for organizations, leaving them to navigate a complex vendor landscape and defend their technology supply chain
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Everyone wants to stay on good terms with their employer. Threat actors know this too, and they exploit this weakness accordingly. Don’t fall for it.
The ubiquity of the cloud has left security gaps for organizations, leaving them to navigate a complex vendor landscape and defend their technology supply chain
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