Businesses face a variety of risks in the 21st century. But for many, no threat is more pressing that the risk of a cyber-attack. A recent industry report has announced that the world’s top business risks are cyber related. The dangers of cyber-attacks, data theft and cyber fraud are expected to be a concern for businesses for the next decade.
Cyber Risks Second-Highest Concern for Businesses Globally
The recent report lists cyber-attacks as one of the top risks for businesses around the world. Business leaders have many concerns, from fiscal crises to unemployment to infrastructure failures and social instability. Yet because of the vital role technology plays in the modern world, many experts cite cybersecurity as one of their top priorities.
The report says cyber-attacks are the second-highest concern for businesses globally. Data fraud and data theft were also among the top 10 risks. These cyber risks are substantial.
Experts say cybersecurity is a bigger and more immediate concern to business leaders than terrorism, food crises and interstate conflict. Only climate change and fiscal crises were said to be of greater concern.
The business community isn’t alone in their concern. Academic institutions, civil organizations and governments are all prioritizing cybersecurity, showing just how disruptive these cyber threats can be to all aspects of life.
US Businesses Face Greater Cyber Risks
Cybersecurity is not only a concern for global business, it is also the top concern for chief executives in the US, where hackers have been able to breach defenses and obtain access to large swathes of personal data held by businesses, organizations and even local governments.
US businesses are particularly vulnerable due to the impact cyber-attacks can have on the economy. But cyber-attacks are also a top concern in Europe, East Asia and the Pacific regions.
Cybersecurity Threats Loom for Next 10 Years
The report says cyber threats are anticipated to be top business risks over the next 10 years. With many ranking cybersecurity number one or number two on their list of priorities, it’s clear cyber risks aren’t going away anytime soon.
Cyber attacks are proliferating and growing more sophisticated. Businesses meanwhile are facing greater exposure. Many businesses, organizations and local governments remain underprepared to confront major cyber-attacks.
A separate report finds the impact of a cyber incident on a small business can be significant, with the average cyber-attack now costing over $1 million. Hacks, malware, ransomware, data breaches, fraud and other scams can have wide-reaching implications for businesses, including:
- Loss of income
- Legal fees
- Regulatory fines and penalties
- Privacy breach notification expenses
Cyber Liability Insurance to Protect Your Business
While the risk of cyber-attacks and data fraud and theft remain a concern for businesses worldwide, there are steps you can take to protect your business from the threat. The industry-leading Cyber Liability Insurance coverage from CyberLock Defense provides broad coverage, with flexible limits and no policy sublimits, so you always have access to your full policy limits.
Coverage can help protect you from regulatory proceeding costs, voluntary notification expenses, business interruption, data restoration, public relations costs, and IT forensics and legal expenses. CyberLock Defense is more comprehensive, affordable and accessible than any other policy available.
Discover more benefits of cyber liability insurance for your business today at CyberLockDefense.com or (913) 652-7520.