Preparedness** for cyber risk has dropped from 80% in 20225 to 75% this year.
Executive Summary
Our survey of global business leaders reveals that generative artificial intelligence (AI) is seen as a ‘friend’ and ‘foe’.
Key insights from the report include:
By gaining greater visibility with threat intelligence, building resilience strategies that pre-empt these risks, and creating a response plan in case of a cyber attack, businesses will have in place an effective cyber defence.
Preparedness** for cyber risk has dropped from 80% in 20225 to 75% this year.
Nearly a quarter (24%) of the executives we surveyed are planning to invest in their cyber security risk management.
As we saw with the CrowdStrike IT outage in July, businesses need to remain nimble so that they can move quickly to identify vulnerabilities and patch systems when issues arise.
The insurance industry has an important role to play in helping firms navigate today’s evolving cyber and tech risk landscape. By leveraging the vast amounts of claims, incident, and threat information data we have and translating this insight into actionable guidance and elevated resilience for a range of cyber and tech risks, we can help our clients to better mitigate risk.
Paul Bantick
Global Head of Cyber Risks, Beazley
Alton Kizziah
CEO, Beazley Security
*This year’s survey was undertaken between 05.01.2024 and 15.01.2024 with 3,500 executives based in the UK, US, Canada, Singapore, France, Germany and Spain of varying sizes, operating in 9 broad industry sectors with international operations.
**‘Moderately’ and ‘very’ prepared’ answers combined.
4- This figure is based on research undertaken in January-February 2021 with 1,000 executives of firms based in the UK, and US of varying sizes, operating in 10 broad industry sectors with international operations.
5- This figure is based on research undertaken in January 2022 with 2,000 executives of firms based in the UK, US, Canada and Singapore of varying sizes, operating in 9 broad industry sectors with international operations.
The information set forth in this document is intended as general risk management information. It is made available with the understanding that Beazley does not render legal services or advice. It should not be construed or relied upon as legal advice and is not intended as a substitute for consultation with counsel. Although reasonable care has been taken in preparing the information set forth in this document, Beazley accepts no responsibility for any errors it may contain or forany losses allegedly attributable to this information. BZ CBR 119.