Reputational risk far greater than financial risk: Survey
Corporate executives are more concerned about cyber threats than about other major business risks, according to a survey released by the American International Group (AIG).
More than 85 per cent of the 258 decision-makers surveyed said they were very or somewhat concerned about cyber risks to their organizations, compared with six other areas of risk, including income loss (82 per cent of executives were very or somewhat concerned), property damage (80 per cent) and securities and investment risk (76 per cent).
More than two-thirds (69 per cent) of executives and brokers believe the reputational risk from a cyber attack is far greater to a company than the financial risk. And 75 per cent said legal compliance issues are making companies think more about cyber risks.
The majority of brokers and executives (82 per cent) believe hackers are the primary source of cyber threats, though a significant portion of those surveyed (71 per cent) also perceive human error as a significant component of cyber risk.