Allianz Risk Barometer: Cyber attacks are the highest risk for companies worldwide

Allianz Risk Barometer: Cyber attacks are the highest risk for companies worldwide

On 12 December 2020, the BKA also reported an attack on the IT infrastructure of a global cosmetics manufacturer. The damage is almost impossible to quantify, as this attack has an impact on global supply chains. For the cosmetics company alone, the damage was estimated at several million euros per day.

On 05 December 2021, the BSI reported an attack on its IT infrastructure. December 2021, the BSI reports a Ransomware attack on an American software company. This attack has global consequences: The attack with an encryption Trojan affects every link in a global software supply chain. Several companies in Germany are also affected. This is another sign of a globalised world in which supply chains are so complex that the consequences of attacks are almost impossible to predict. These are just two examples of many.  

Allianz study shows: companies are most afraid of cyber attacks

In its latest Risk Barometer, Allianz shows that the developments of recent years are clearly reflected. The fear of cyber attacks among companies worldwide is enormous. Worldwide, 44% of all companies surveyed from 89 countries state that they see cyber attacks as the greatest corporate risk. This means 1st place in the study.

It is interesting to note that fear of business interruption follows in second place, followed by market changes, loss of reputation, theft and fraud, and that all of these factors are also closely linked to cybercrime. Joachim Müller, CEO of AGCS, which commissioned the study, concludes:

‍"For most companies, the biggest fear is not being able to manufacture their products or provide their services. The year 2021 has seen disruption on an unprecedented scale. (...) Crippling cyberattacks, (...) caused devastating consequences. Building resilience against the many causes of business disruption is increasingly becoming a competitive advantage for organisations."

It is not only the direct threat that is a problem, but the examples described above show that attacks on partners, manufacturers and suppliers can often have a huge impact. Companies that see their greatest opportunity in global networking must therefore also accept a weak point.

Recent developments show an ever-increasing risk

The Allianz Risk Barometer shows above all: almost two thirds of all companies are afraid of a ransomware attack. These attacks increased by a further 20 per cent last year compared to the previous year. The BKA's Federal Situation Report also shows that attacks on critical infrastructure, the healthcare sector and supply chains have increased significantly during the pandemic.

The Log4j vulnerability that became known towards the end of 2021 and the ever closer "impacts" of cyber attacks on networked companies are unsettling most industries. This increases the importance of preventive measures, but also the importance of real-time monitoring of the digital infrastructure, for example through a Security Operation Centre.  

In the example of the cosmetics company and the software company, the attack began with an infected Excel document. This shows that cyber attacks are rarely frontal attacks - and are only recognised by companies too late - by which time the system is often already encrypted.

Panic is not appropriate

The challenge of IT security in companies is often home-made. According to a study by GDATA, only a quarter of all employees in European companies have been trained at least once on the topic of cyber security.9 Most of these companies only have simple virus protection as a defence measure. The main reasons for this are often the high personnel costs and the lack of expertise available on the market.

This is exactly where we at suresecure come in. We have the expertise and the expert power for round-the-clock monitoring by a security operations centre. A security check-up is even free of charge with us. We can analyse your company's IT infrastructure in simple steps and identify weak points. Customised security measures can then be implemented.  

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Sources: 

Allianz Risk Barometer 2022

BKA: cybercrime Bundeslagebild 2020

GDATA:Cybersicherheit in Zahlen 2021