Data loss more worrying than natural disasters
One in three global businesses see loss of data as a substantial threat and the main issue in operational risk management planning, according to a report by the Economist Intelligence Unit.
It says more than 40% of respondents believe their organisation is focused more on data loss than on other issues – including systems failure, human error and even natural disasters.
Gareth Tungatt, Senior Underwriter specialising in IT and Cyber Risk at Ace Insurance – which sponsored the survey – says risk managers are focusing on associated losses.
The survey showed that more than half of respondents think the volume and severity of operational risks have increased in the past three years. However, a similar number were confident their business’s operational risk planning would manage areas such as risk assessment and quantification.
When asked about the business effect of poor planning, 43% of respondents identified reputation harm as the main threat. Only 19% nominated loss of revenue.
It says more than 40% of respondents believe their organisation is focused more on data loss than on other issues – including systems failure, human error and even natural disasters.
Gareth Tungatt, Senior Underwriter specialising in IT and Cyber Risk at Ace Insurance – which sponsored the survey – says risk managers are focusing on associated losses.
The survey showed that more than half of respondents think the volume and severity of operational risks have increased in the past three years. However, a similar number were confident their business’s operational risk planning would manage areas such as risk assessment and quantification.
When asked about the business effect of poor planning, 43% of respondents identified reputation harm as the main threat. Only 19% nominated loss of revenue.