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Cyber ​​attacks, innovation failures are the biggest technical concern for executives

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While many organizations have invested heavily in technologies to protect their systems and data, the situation of cyberattacks is constantly changing, said Ruff Sanchez, Beasley’s International Infringement Services Manager, in a release. Stated. Cybercriminals are increasingly well-funded and innovative, requiring constant organizational vigilance. (Credit: Melinda Nagy / stock.adobe.com)

When it comes to technology risk, cyberattacks are the number one concern for business leaders, according to a Beazley Group report, which ranks higher than any other category, including business, environmental, regulatory and political risk. increase.

It’s easy to see that the technology risk rankings are very high, even during a pandemic. Paul Bantic, Global Head of Cyber ​​and Technology at Beazley, said in the release that a strong awareness of risk is encouraging. However, technology is an area where threat vectors are constantly evolving, and companies need to keep updating their risk management processes and work with partners who can help identify and mitigate technology-based risks.

In the United States, 38% of business leaders rank cyber as the greatest risk, and 29% of UK executives say the same. However, more than half of US companies report that they feel they are ready to anticipate and respond to cyberattacks. According to a professional insurance company, only 35% of UK executives agreed.

However, feelings about preparation vary widely from sector to sector. Beazley noted that industries with the longest history of dealing with cyber-threat retail and financial services tend to be confident in their ability to manage risk.

Conversely, companies in industries that typically have low budgets and low margins, such as hospitality, marine, warehousing, and the public sector, are much less resilient. Beazley reported that these organizations do not have the funds to properly invest in the right mitigation tools.

The industries that we find most cyber-exposure are energy and utilities, which 40% of executives in this sector rank as the greatest risk. This is followed by retail and technology media / telecommunications.

While many organizations have invested heavily in technologies to protect their systems and data, the situation of cyberattacks is constantly changing, said Ruff Sanchez, Beasley’s International Infringement Services Manager, in a release. Stated. Cybercriminals are increasingly well-funded and innovative, requiring constant organizational vigilance.

Innovation against turmoil

According to Beazley, innovation and failure to keep pace with competitors continue to awaken executives at night when it comes to tech risk. Approximately 30% of business leaders point it to a major risk, but less than half of the companies surveyed feel ready to respond.

US organizations in healthcare and life sciences rank this risk as the most pressing, and UK manufacturers say the same.

But Beazley found that these executives weren’t afraid of the changes needed to embrace innovation. Rather, they are worried about how fast they can change without destabilizing their business models and revenue streams.

In addition, only 26% of business leaders in the United States and the United Kingdom feel they are at risk from not adapting to changing technology developments.

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2/ https://www.propertycasualty360.com/2021/09/15/cyberattacks-failure-to-innovate-are-execs-top-tech-concerns/

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