Email: Password:
Forgot Password

News Archive

Back to List Back to list
Previous Article Next Article

Cyber takes top spot in risk poll

20 Feb 2017

Cyber attacks are perceived as the biggest external risk for New Zealand businesses this year, according to an annual Marsh survey.

The threat ranks ahead of disruption from natural catastrophes in the poll, which was conducted before the Kaikoura earthquake in November.

“Cyber attack did not even rank in the top five risks in our 2013 survey, showing the speed at which this dynamic emerging risk is changing, at least in the minds of directors,” Marsh New Zealand Country Head Marcus Pearson said.

“It comes as no surprise there is frustration at the perceived slow progress of affordable, practical insurance protection for cyber-related risks as insurance companies struggle adapt to the pace of change.”

About 79% of respondents rate cyber attack as a medium or high risk, amid increased publicity around the threat.

Data from New Zealand’s National Cyber Security Centre shows a 25% increase in the number of data-loss incidents from July 2015 to June last year, and a 47% increase in the value of losses, according to the Marsh report.

The survey also shows 75% of directors consider an IT disruption to be of high or medium internal risk.

Nearly two-thirds of directors think this year will be riskier than last year.

Most respondents indicate a moderate or significant increase in board involvement in risk management, with health and safety legislation cited as the main reason. Mr Pearson says the trend is positive, particularly amid challenges from technological change.


 - insuranceNEWS

Previous Article Next Article


Professional IQ

Professional IQ College

Workshops, Online courses, webinars and Qualifications. For upcoming events         click here

Latest Papers:

Closing the Gap - Insuring your business against evolving cyber threats

iNavigator iNavigator Media Center
Provides access to a wide range of industry related media resources

Covernote Cover Note
IBANZ quarterly magazine for the latest on the intermediated insurance market.

Gary's Blog Gary's Blog
Comment on current issues.

© Copyright IBANZ, all rights reserved. Private information collected for this website is governed by our Privacy Policy. Read our Terms & Conditions
Powered by streamSWEET CMS