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Cyber crime soars up the risk barometer

Editorial Type: News     Date: 01-2015    Views: 2144      









Businesses face new challenges from a rise of disruptive scenarios in an increasingly interconnected corporate environment - with cyber (17%) and political risks (11%) the most significant movers in the Allianz Risk Barometer 2015

In the UK, loss of reputation and brand value, and cyber crime have both leapt up the Allianz risk table to second and third place respectively since its 2014 survey. "As the recent hacking attack on Sony Pictures demonstrates, cyber crimes typically come with additional reputation fall-out that can be even more damaging. Cyber crime is not only growing, but evolving; for example, the amount of malware and malicious software for Android devices has rocketed by 400% since 2012," revealed Allianz. Commented Chris Fischer Hirs, CEO of Allianz Global Corporate & Specialty: "One risk can lead to several others. Natural catastrophes or cyber attacks can cause business interruption not only for one company, but to whole sectors or critical infrastructure."

The survey was conducted among more than 500 risk managers and corporate insurance experts from both Allianz and global businesses in 47 countries.

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