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Selasa, 14 Januari 2020 14:47:00

Allianz Risk Barometer 2020: Cyber top peril for Asia-Pacific companies for the first time

SINGAPORE, - 14 January 2020 - For the first time ever, Cyber incidents (35% of responses) ranks as the most important business risk in Asia-Pacific in the ninth Allianz Risk Barometer 2020, relegating perennial top perilBusiness interruption (BI) (34% of responses) to second place.  

The region's results mirror a global trend that has seen awareness of the cyber threat growing rapidly in recent years, driven by companies increasing reliance on data and IT systems and a number of high-profile incidents. It is a stark change from seven years ago when it did not even feature in the top 10 risks on the mind of risk managers regionally.                                                                                                             

Climate change (#3 with 25%) and Political risks and violence (debuting in the top 10 at #10 with 9%) are the biggest climbers regionally, underlining global warming and the business interruption that accompanies civil unrest as increasing concerns for companies and nations. The annual survey on global business risks from Allianz Global Corporate & Specialty (AGCS) incorporates the views of a record 2,718 experts in over 100 countries including CEOs, risk managers, brokers and insurance experts.

"For the first time, Cyber overtakes Business Interruption as the top risk for businesses in Asia Pacific. While 2019 saw no major global cyber-incidents in the vein of past events like WannaCry and NotPetya, businesses are increasingly cognizant of the costs associated with being a victim of a cyber-attack, with IBM estimating the average cost of a data breach being slightly under US$4m," says Mark Mitchell, Regional CEO, Asia Pacific of AGCS.

He added: "Rounding up the top 3 risks in the region is Climate Change. In a year which saw Greta Thunberg address the United Nations, Climate Change was a big riser, having only ranked 8th in the previous edition, reflecting the increased scrutiny and pressure that businesses are under to operate in a sustainable manner."

Cyber risks continue to evolve

In addition to being the top risk regionally and globally, Cyber incidents is among the top three risks in 80% of the countries surveyed in Asia Pacific, with India and South Korea ranking it as the top business risk. Businesses face the challenge of larger and more expensive data breaches, an increase in ransomware and spoofing incidents, as well as the prospect of privacy-driven fines or litigation after any event. A mega data breach - involving more than one million compromised records - now costs on average $42mn], up 8% year-on-year. (*).


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