22. Jan 2024

New data published as part of the "Risk Barometer"

Cyberattacks number 1 risk worldwide

For the third time in a row, cyber incidents are the biggest risk for companies worldwide, according to the survey - closely followed by the risk of business interruptions and natural disasters. This is the result of the annual Allianz Risk Barometer 2024 based on the responses of around 3,000 risk management experts from 92 countries.

We have summarized for you here what this means for the daily business of companies and organizations and the information security experts working in them.

 

Top risks worldwide

According to the Group's annual report, cyber incidents - including ransomware attacks, databases, IT outages and attacks on critical infrastructure - are the biggest risk for companies worldwide (36%). This is followed by business interruptions in second place with 31% and natural disasters in third place with 26%. It has been shown that large companies have already developed increased risk awareness following the 2020 pandemic and have therefore also taken measures to increase their resilience. Smaller companies tend to find it difficult to prepare for a large number of risk scenarios in terms of business continuity due to limited resources. As a result, they also take longer to "recover" from any incidents and largely restore normal operations.

 

Growing uncertainties

The reason for the increasing uncertainty regarding cyberattacks includes advanced technologies in attack scenarios, such as generative AI to automate and accelerate attacks. At the same time, a lack of cyber specialists and an increased dependence of smaller companies on IT outsourcing are contributing to rising risks.

 

And now?

So what can companies and organizations of all industries and sizes do to arm themselves accordingly and prepare in the best possible way?

  • To protect themselves effectively, companies should strengthen their cyber security, develop emergency and business continuity plans, carry out regular risk assessments and continuously review the measures already implemented.
  • Promoting the development of skilled workers through training and further education and retaining employees in the respective companies is crucial.
  • Close cooperation with other companies and international organizations as well as the use of innovative technologies such as artificial intelligence are further key measures.
  • Continuous compliance checks round off the holistic approach.

Harald Erkinger, CIS Managing Director, believes: "The primary aim of these measures should be to increase the company's resilience in order to prepare it for challenges, changes and potential attack scenarios. Proactive agility is essential here. This includes regular analyses of the threat situation, the derivation of suitable measures and ongoing simulations in order to systematically strengthen one's own resilience, similar to training a muscle."

CIS supports you in the area of personal certifications with the continuous development of the training offer and the focus on practical expertise. The focus here is on relevant standards, management systems and guidelines, as well as a concrete treatment of the current threat situation with plenty of practical insights.

On the other hand, CIS offers a wide range of system certifications - be it in the area of information security, business continuity and many more.

Didn't find what you were looking for on our website? Contact us - we look forward to hearing from you and will be happy to help you.

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