Despite a 56% rise in boardroom ownership of cyber risk, the majority (64.6%) of UK firms are still failing to conduct or estimate the financial impact of a cyber attack, according to Marsh’s UK Cyber Risk Survey Report 2016.
The report – which is based on the responses of risk professionals and CFOs from large and medium-sized corporations from across the UK – provides an in-depth study into UK organisations’ attitudes towards the cyber threat, the management control processes they have in place, and their understanding and use of cyber insurance as a means of risk transfer.
Other findings from the survey include:
- Levels of understanding around cyber risk have increased in the past 12 months, with 83% of respondents having a basic or complete understanding of their company’s exposure to cyber risk.
- Despite a rise in boardroom ownership, IT departments remain responsible for the review and management of cyber risk in 55% of organisations.
- Just 26% of respondents believe that their organisations’ supply chains are assessed for cyber risks.
- 55% of respondents’ firms are engaged with the cyber insurance market in one way or other.