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Most Risk Managers Worry About Cyber ​​Attack: Survey



A total of 90% of risk managers working for mid-sized businesses say they are concerned about their business falling victim to a cyber attack, with 91% saying they have an incident response plan in place should it occur, says a survey released today.

The survey issued by Nationwide Mutual Insurance Co. was based on a 20-minute online survey of 500 enterprise risk managers working for companies with annual revenues between $250 million and $1.5 billion conducted Aug. 8-25 by the insurer in partnership with Edelman Data & Intelligence, a unit of New York -based Daniel J. Edelman Holdings Inc.

Among other survey findings, 68% of risk managers say they expect their cybersecurity budgets to continue to grow. A total of 68% also said they had been the victim of an attack in the past three years, including 24% in the past year, while 88% said they had experienced an attack at some point.

Of those who experienced an attack, 68% said their business was affected and 75% reported a significant or moderate financial impact.

A total of 71

% said recovery from the attack took longer than a month, and 35% indicated the process took longer than four months.

Among other survey findings, 83% said they are renewing their current cyber policy. A total of 53% reported that their coverage had changed in the past two years, and most said they had increased their coverage.


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