Marsh on the rise of cyber threats

Spiros Fatouros is Marsh Africa CEO.

Johannesburg, 22 Jul 2021
Read time 1min 40sec

As new challenges emerge and the risk landscape grows increasingly complex, it is important that businesses stay informed. This is according to Marsh, a global leader in insurance broking and innovative risk management solutions. Cyber threats are pervasive and accelerating, costing global businesses billions every year and creating exposures across almost every aspect of an organisation’s value chain.

Did you know?

  • The average business interruption outage from a ransomware attack now exceeds 20 days.
  • The average ransomware demand exceeds $1 million.
  • Anticipated global ransomware recovery costs by the end of 2021: $20 billion.
  • Increase in ransomware attacks fuelled by the pandemic: 148%.
  • Only 18% of surveyed organisations say they are highly prepared to deal with cyber risks.
  • Less than one-third of surveyed organisations forecast and model cyber risks.
  • A total of 92% of surveyed organisations rate cyber/technology risks as important or highly important.
  • By 2027, there could be more than 41 billion IOT (internet of things) devices in use, affecting nearly every aspect of business life with each device as a potential target for a cyber attack.

“Today, organisations can no longer view risks as a single threat vector. Organisations must identify, understand and prepare for the impacts of systemic and emerging risks across their complete value chain,” says Spiros Fatouros, Marsh Africa CEO.

Spiros Fatouros is Marsh Africa CEO.
Spiros Fatouros is Marsh Africa CEO.

While gaps in preparedness versus perception of preparedness leave organisations vulnerable to immediate and long-term disruptions of their business operations, assets and revenue streams, the path towards resilience involves four common steps and behaviors.

To learn the four key steps towards building a more resilient business, download the Marsh Risk Resilience Report.

Marsh participated at the ITWeb Security Summit on 2 June on the topic of Cyber Risk Quantification – from Risk Management to Risk Transfer.

See also