Survey finds more than two-thirds of executives are very or somewhat concerned about technology risk

Cyber risk number one concern for executives

More corporate executives are concerned about cyber threats than about other major business risks, according to a new survey sponsored by AIG.

More than 85% of the 258 risk managers, IT decision-makers, executives and brokers surveyed said they were very or somewhat concerned about their company’s exposure to cyber risks, much higher than six other areas of risk, including income loss (82%), property damage (80%), and securities and investment risk (76%).

AIG professional liability head John Gambale said: “These new survey findings confirm that business leaders view cyber risk as a top business concern, with great potential for reputational and financial loss.”

Much of this may be down to a lack of information, with 80% of respondents indicating that they find it difficult to keep pace because the cyber threat is evolving so rapidly.

More than two-thirds (69%) of respondents said reputational risk resulting from a cyber attack is a far greater concern to their company than the financial risk. Compliance was also a major factor, with three-quarters saying legal compliance issues are making them think more about cyber.