Cyber incidents were the leading risk to businesses globally for 2023, according to a survey carried out among risk management experts in late 2022. These cyber incidents refer to things such as cyber crime, IT failure or outages, data breaches, and fines and penalties. The global cyber insurance market is forecast to grow consistently in coming years.
What is cyber crime?
Cyber crime refers to any criminal activities carried out through the use of a computer, a digital network, or the internet. As of August 2022, the biggest reported data leak to occur in the past few years was the 2020 hack of the online platform Cam4, which affected more than 10 billion user accounts. In 2020, the Global Cybersecurity Index (GCI) ranked the United States as the country with the highest commitment to cyber security.
Cyber attacks in the U.S.
Instances of cyber crime has been on the rise in recent years, with the annual number of data breaches in the U.S. reaching a total of over 1,000 in 2021. At the same time, about 300 million individuals were seemingly affected by record exposure. In 2021, the most common type of cyber attack experienced by U.S.-based companies was network intrusion. Network intrusion refers to unauthorized access to a corporate network.
Leading risks to businesses worldwide from 2018 to 2023
risk management experts from 94 countries and territories
Figures for years 2018 to 2022 were previously published by the same source. Each survey was carried out in fall of the previous year.
Up to three answers were possible.
Respondents included: Allianz customers (global businesses), brokers, industry trade organizations, risk consultants, underwriters, senior managers and claims experts in the corporate insurance segment of both AGCS and other Allianz entities.
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Allianz. (January 19, 2023). Leading risks to businesses worldwide from 2018 to 2023 [Graph]. In Statista. Retrieved December 02, 2023, from https://www.statista.com/statistics/422171/leading-business-risks-globally/
Allianz. "Leading risks to businesses worldwide from 2018 to 2023." Chart. January 19, 2023. Statista. Accessed December 02, 2023. https://www.statista.com/statistics/422171/leading-business-risks-globally/
Allianz. (2023). Leading risks to businesses worldwide from 2018 to 2023. Statista. Statista Inc.. Accessed: December 02, 2023. https://www.statista.com/statistics/422171/leading-business-risks-globally/
Allianz. "Leading Risks to Businesses Worldwide from 2018 to 2023." Statista, Statista Inc., 19 Jan 2023, https://www.statista.com/statistics/422171/leading-business-risks-globally/
Allianz, Leading risks to businesses worldwide from 2018 to 2023 Statista, https://www.statista.com/statistics/422171/leading-business-risks-globally/ (last visited December 02, 2023)
Leading risks to businesses worldwide from 2018 to 2023 [Graph], Allianz, January 19, 2023. [Online]. Available: https://www.statista.com/statistics/422171/leading-business-risks-globally/