Today, there are a growing number of cyber risks for organizations of all sizes across all industries around the globe. While these cyber risks can certainly be quantified in terms of data loss, cyber risk has more far-reaching impacts such as threats to your operational resilience and potential financial losses and negative brand and customer impact.
Unfortunately, many organizations just don't have enough qualified staff, time, resources or experience to identify all of the potential cyber risks for their organization or make plans to prioritize and address them.
As such, threat actors are working overtime to target the likelihood that at least some risks within your organization haven't been mitigated. They're waiting for the right opportunity to exploit a cyber threat and take advantage of your weaknesses with potentially catastrophic outcomes.
As teams work around the clock to get a handle on cyber risk, the reality is the list grows in length, types, and complexity daily.
And, as we've seen since the coronavirus outbreak in 2020, most organizations are balancing cyber risk analysis and cyber risk management while often actively responding to multiple risks turned disruptions at the same time.
In fact, Allianz Risk Barometer 2022, which takes a look at top corporate risks for the next 12 months, ranks cyber perils as the biggest global concern for the year. That encompasses ransomware attacks, major IT outages, and data breaches. These concerns, even while still dealing with the pandemic, currently outrank other business disruptions, including supply chain issues and natural disasters.
This is the second time that cyber incidents have made it to the top of the list, with a surge in ransomware attacks leading the pack as a top cyber threat that increases cyber risk for all organizations.