Cyber security and related issues are fast emerging as the biggest risk for today’s companies. That’s the belief of risk experts whose views are featured in the sixth annual Allianz Risk Barometer issued by Allianz Global Corporate and Specialty.
The in-depth survey involving over 1,200 experts from 55 countries demonstrates that, as companies embrace digitisation and increasingly interlink their equipment, processes and supply chains – the so-called ‘Internet of Things’ – so the risk of financial losses rises exponentially.
The cyber threat now goes far beyond hacking. Privacy and data breaches in tandem with new data protection regulations will exacerbate the fall-out for businesses. Time is running out for companies to prepare for the implementation of the new EU General Data Protection Regulation across Europe in 2018. The cost of compliance will be high, so too the risk of penalties for any non-compliance.