8/4/2023 – According to a study by Beazley, concerns about digital attacks top the list of concerns for 30 percent of executives. 33 percent therefore want to invest in their safety. At the same time, sustainability is a factor for a quarter. 32 percent of managers do not feel well prepared for ESG requirements.
How high do companies rate the risks of cyber attacks and ESG? That’s what the broker wanted Beazley Solutions International Ltd. know and has the results of a survey in the report “Risk and resilience in volatile times“ (PDF, 352 KB) summarized.
The broker has the market research company for this Markettiers4dc Ltd. instructed. In February, this interviewed 750 company managers from three countries, 250 of them from Germany. They were asked about insurance and concerns. The participants came from various sectors of the economy such as real estate, financial institutions, the logistics sector or telecommunications.
30 percent are not prepared for cyber attacks
According to the report, 28 percent believe the threat of cyberattacks is a key issue for them. 30 percent of them said they are not prepared for the threat of cyber risks as of today. In the case of smaller companies (annual sales of one to ten million euros), the figure is even 42 percent.
At the same time, a third of executives plan to invest in improving cybersecurity this year. 28 percent assume that they will have to fear digital attacks in the long term.
“Nation-state involvement in cyberattacks and criminal organizations will continue to be the focus of corporate executives’ attention for the foreseeable future. With this ever-changing threat, vigilance is especially critical. Otherwise, companies face financial damage and significant image damage,” explains Gesine Froese, Head of Cyber & Tech DACH at Beazley.
Attacks on a service provider Insurance Chamber of Bavaria (VersicherungsJournal 13.7.2023) or disturbances caused by cyber attacks Fonds Finanz Maklerservice GmbH (6/21/2023) are recent examples. At the same time, a survey in the “VM-Hiscox risk barometer for the self-employed” showed that not only larger companies are concerned about cyber attacks (May 23, 2023).
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Sustainability tops the list of concerns for a quarter
The topic of sustainability or ESG concerns many companies, regardless of the industry. At 24 percent, a good quarter of the German participants stated that ESG represents the greatest risk.
32 percent of the managers surveyed in the study stated that they did not feel well prepared for the ESG requirements. According to the company leaders in the report, one factor has also been greater public attention to the issue of the environment, for example through the protests of the last generation.
“Companies that find themselves in the line of fire could suffer significant business disruption if protesters block their locations and/or damage their reputation,” the report said.
However, the topic of sustainability is becoming less and less important on the customer side. According to a report by the Bearingpoint GmbH shows (4.8.2023).
2023-08-03 22:02:06
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