Aon has launched a sequel to last year’s Global Risk Management Survey, to establish which threats are under-rated.

The new report has analysed responses from more than 100 organisations across a range of sectors and countries.

Most significantly, 83% of respondents believe computer crimes such as hacking were ranked far too low at No.18 in last year’s survey.

“Cyber-theft, fraud, sabotage, espionage, and hacking are more frequent in the social media age and the associated costs with information security breaches are increasing for entities in every industry sector,” Aon says.

“The legal exposure, reputational harm and business interruptions that may result can wreak havoc on a company’s bottom line.”

With the US Terrorism Risk Insurance Act (TRIA) due to expire at the end of this year, 52% of respondents agree terrorism was rated too low at No.46.

“In response to TRIA’s uncertain future, Aon has seen a 30% increase in purchasing within the stand-alone terrorism market,” Aon Risk Solutions Property Practice MD Aaron Davis says. “If it is not extended, the loss of direct access to TRIA will substantially reduce terrorism limits for US assets.

“Additionally, the private market most likely will not have enough capacity to take on this added risk.

“Companies should be in a planning position right now to prepare for this possible outcome.”

The risk of pandemic, ranked No.44, was considered underrated by just 39% of respondents.

Aon says it is surprised at this lack of concern: while uncommon, the impact of a pandemic on a business “can be incredibly high and should not be underestimated”.

The survey finds 88% of respondents believe risks are becoming more interdependent in an increasingly global economy. About 76% believe that, with many risks only partially insurable, the insurance industry must be more creative.

“We as an industry – risk managers, risk advisers and insurance carriers – must continue to evolve and innovate to stay relevant in this rapidly changing business environment,” Aon says.