Cyber risk is the number one business risk for 2022 (see Statista graphic). Allianz Global Corporate & Specialty (ACGS) is a worldwide insurance and asset management company. For 11 years, ACGS has surveyed business managers, risk consultants and claims experts for the most important business risks in the coming year. In earlier surveys cyber risk was the top concern. Then Covid happened. ACGS states, “Covid-19 continues to cast its shadow but it is a digital pandemic – cyber risk – returning to the top of the rankings (it last held this spot in 2020) that is one of the standout findings of the Allianz risk Barometer.” (It should be noted the survey predated Omicron.)
Cyber risk covers many business concerns in this survey. Security is of course a top concern. Ransomware, malware, computer viruses, data theft, data disruption and other attacks are never-ending. However, Allianz also cites digitalization as a major risk factor. Businesses, governments, even our homelife is increasingly digitized. And it’s not just the chip shortage that threatens this progress. There is a growing talent shortage and talent gap in IT. (Although not shown on the graphic, “shortage of skilled workers” entered the top 10 risks for the first time at number 9. Staff absences and shortages are expected to disrupt business again this year.)
“Cyber is the most feared cause of BI (Business Interruption) in this year’s survey,” AGCS noted. In determining if it will insure a company, AGCS assesses, “proactive technology controls, as well as regular backups, patching, training, business continuity arrangements and crisis response capabilities.” Survey respondents also acknowledged the importance of cyber risk mitigation. They cited “the need to build resilience and plan for future outages or face the consequences from regulators, investors and other stakeholders.” AGCS concludes, “It is critical to understand the value chain and identify the critical exposures in order to mitigate the risks and create solutions to transfer or reduce the risk.”
IT managers will feel the heat. At all levels, in companies large and small, top management will look to their IT departments for cyber risk mitigation solutions. Third-party IT talent pools like e-Core offer answers. A software development partner can make the performance of your IT team even better. It can help mitigate risk, control costs, optimize resources, speed time-to-market, scale for growth and overcome the labor shortage. Your overworked, overwhelmed internal IT team increases cyber risk. Engaging an IT partner like e-Core offers more immediate results, compared to hiring in-house staff. Your IT operation quickly gains or expands expertise and resources it does not currently have. A third-party partner mitigates risk with a proven methodology, a well-established workflow, and a track record of successful software delivery. Click here to download e-Core’s one-pager, “6 Ways a Third Party Supports IT Strategy” for a quick summation of benefits and solutions.
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