Risk strategies fail to tackle cyber threats

risk management strategies, according to a survey conducted by Marsh, Insurance Age reports.

The survey, published in partnership with Chubb insurance, revealed that 69% of the communications, media and technology (CMT), financial services, insurance and law delegates questioned said their concern about cyber risk had increased over the previous 12 months.

However, over half (54%) did not know if their organisations had been subjected to a cyber attack in the same period.

Insurance Insight writes that only 41% said their organisations had estimated the financial impact of a cyber attack, yet a quarter felt a cyber attack could cost their organisations in excess of $5 million.

Fredrik Motzfeldt, CMT practice leader for EMEA at Marsh, commented: "Risk managers are right to be concerned about cyber risk.

"These threats will become considerably more acute for organisations as a result of our growing dependence on technology and Web-based solutions such as cloud computing. Despite these concerns, risk managers continue to have a minority stake in the management of cyber risk.