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1 Feb 2022

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Report: Cybersecurity a greater threat to digital economy than Corona or disrupted supply chains

In a recent report published by insurance company Allianz, cybersecurity threats are likely to pose the greatest risk to the digital economy in 2022. Ransomware attacks, data breaches, and large-scale IT failures are causing even more concern than disruptions to supply chains, natural disasters, and the Corona pandemic.

2,650 experts

For the second time in the survey's history, cyber incidents come in first place (44% of the answers), business disruption caused by other factors falls to second place (42%), and natural disasters come in third place (25%). Cyber risks ranked sixth on the list of concerns in 2021. Climate change climbs to the highest position ever, number six (17%, up from ninth) and the pandemic drops to fourth place (22%).

The annual study by Allianz Global Corporate & Specialty (AGCS) was based on the opinions of 2,650 experts in 89 countries and regions, including CEOs, risk managers, securities brokers and insurance experts.

Double extortion attacks

Cyber incidents are among the top three dangers in most investigated countries. It is mainly due to the recent increase in ransomware attacks, which respondents (57%) see as the largest cyber threat in the coming year. Recent attacks have shown worrying trends, such as double extortion attacks where attacks against IT systems are combined with data leaks. These attacks exploit vulnerabilities in software that can affect thousands of companies (for example, log4j and Kaseya), or target critical physical infrastructures, such as the Colonial pipeline in the US.

Social and environmental companies

Cyber security is also of great concern to social environmental management companies (ESG). Several respondents acknowledge the need to develop resilience and make plans for future failure, or to make sure that the growing consequences for relationships with supervisors, investors, and stakeholders are addressed.

Photo credit: Quinten de Graaf

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