17 Percent of Companies Say a Cyber Attack Could Cost More Than $5 Million
Still, Marsh's 2013 Cyber Risk Survey found that 22 percent of companies haven't conducted a dedicated cyber risk financial impact assessment.
According to the results of Marsh Inc.'s 2013 Cyber Risk Survey, conducted at the company's Digital Threats conference in May 2013, 71 percent of respondents said their concerns regarding cyber risk have increased in the last 12 months -- and 54 percent said their organization had recently been hit by a cyber attack.
Most strikingly, 17 percent of respondents said the financial impact of a cyber attack could cost their organization more than $5 million.
Still, 22 percent said their organization hadn't yet conducted a dedicated cyber risk financial impact assessment. Only 23 percent of respondents said management of cyber risk is fully embedded and optimizations within their organization, and only 12 percent said their organization currently purchases cyber insurance.
"The specter of a cyber attack evidently looms large among the risks that risk managers believe could threaten the continued success of their organizations," Stephen Wares, EMEA Cyber Risk Leader at Marsh, said in a statement. "Despite this, it would seem that in the majority of firms, cyber risk is still largely misunderstood and many struggle to implement a clear strategy to tackle it effectively."