Cyber Threats Remain Top Concern For US, UK Execs
Cyber Liability Insurance Partner Thomas Bentz spoke with Law360 about U.K. and U.S. business executives' concerns over cyber threats. According to a Beazley PLC survey, more executives ranked technology risks as their top concern than any other risk category, however, slightly more than half of U.S. executives feel prepared for cyber issues. This includes IT-based threats affecting national infrastructure, data leaks and employee errors. The report states that the shift in risk perception is largely due to the COVID-19 pandemic and the technology and operational shifts businesses required to remain operational. Mr. Bentz weighed in stating that his clients are taking cyber risk very seriously due to today's sophisticated cyber criminals and the frequency and severity of today's ransomware attacks.
"These scams can live in your system, see what you're emailing, see the types of emails you're getting, and can even interrupt your correspondence. These are no longer silly scams, now they're really complex. I've seen a lot more effort [by companies] put into not only cyber programs … but also making sure insurance programs are in place to handle a breach."
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