Three in 5 respondents said data breaches were their top cyber concern, followed by 57% fearing attacks on critical infrastructure and physical assets.
Operational resilience has become a key concern among business leaders, in terms of making sure they can maintain operations in the face of a cyberattack as well as other disruptive events.
Business interruption was the second biggest concern globally, in a year when supply chains were heavily stress tested.
The July 2024 disruption of millions of Microsoft computer systems due to a faulty CrowdStrike software update was a real-world example of how and why IT security issues are a major concern among companies across the globe.
“While many organizations strive to implement comprehensive strategies for disaster recovery and business continuity, there remains a concern that contingency plans themselves may be overly dependent on technology, highlighting the need for diverse and adaptable solutions,” Michael Bruch, global head of risk advisory services at Allianz Commercial, said in the report.
Ransomware was the leading reason for cyber insurance loss and continues to be a major risk concern among businesses. During the first half of 2024, ransomware accounted for 58% of the value of large cyber-related insurance claims, the report found.
In the 2024 study, cyber replaced business interruption as the top risk concern among U.S. companies
