The threat of cyber attacks has become a top concern among insurance corporate executives, a new survey reveals.
American International Group conducted a survey of 323 risk managers, IT decision makers, C-suite executives and brokers in the U.S. and Canada who are involved in the insurance industry in some capacity.
The survey found that, of the 258 corporate executives polled, 85% said that they were “very or somewhat” concerned about cyber risks to their organizations. Interestingly, in the current environment of diminished returns and slow growth, executives were more concerned with cyber threats than income loss, property damage and securities and investment risk.
Other findings in the survey found that 82% of brokers and executives feel that hackers are the primary source of cyber threats, although 71% admitted that human error could also be a contributing cause.
Survey participants report that the financial repercussions of cyber attacks were not as detrimental as the reputational risk and 75% of executives and brokers said legal compliance issues are forcing companies to pay closer attention to the potential threat, AIG said.
This article was originally posted at LifeHealthPro.com, a sister site of Credit Union Times.