About 84% of managers believe that they are at least moderately prepared to anticipate and respond to cyber risks, says a survey.
A Beazley PLC survey of more than 1 000 business leaders and insurance buyers in ten industries in the UK and US regarding their risk resilience found that 44% feel very prepared to anticipate and respond to cyber risk and 40% consider themselves moderately prepared.
"Although business leaders feel confident, ransomware statistics paint a different picture," says the report.
"Ransomware and associated malware are now the biggest cyber threat facing businesses and the frequency and severity of claims is increasing.
Among other survey results, 85% of respondents say they feel they work in a moderate to high-risk environment, while 37% cite technology risks as their main concern.
There were four areas for which managers were considered high risk which they have low resilience: the supply chain and business interruptions; climate change and the environment; boardrooms and disruptions / business interruptions; and politics and legislation / regulations.
The research was conducted in January and February.