Cybersecurity

Cyber risks: More prevention needed

A recent survey by Munich Re shows that there is still far too big a gap between awareness of cyber risks and willingness to contract an adequate cyber insurance policy. Yet the frequency and severity of cyber attacks is constantly increasing. The discrepancy between risk awareness and the implementation of protection measures remains a challenge, says Munich Re. 

For the new edition of the “Global Cyber Risk and Insurance Survey 2022”, more than 7,000 participants from 14 countries from all industries and company sizes were interviewed. The survey covers the topics risk awareness, cyber exposure of companies and private individuals as well as the role of cyber insurance with its coverage modules and services.

Key findings

All companies that were interviewed are increasingly relying on new, intelligent technologies. In line with these developments, security gaps and cyber attacks are also increasing. Although awareness of these risks among the interviewed managers has increased by almost 10 percent since the last global survey in 2021, measures to protect cybersecurity remain relatively low. And the decision makers are aware of this: 83 percent of the representatives stated that their own company is not sufficiently protected against digital threats.

Download the full survey

Those interested in the full results of the “Global Cyber Risk and Insurance Survey 2022” are invited to download them from Munich Re's website. The survey helps to gain a better understanding of global and regional differences in perceptions of cyber threats and reasons for taking out cyber insurance. It also provides insights into how the state of cyber prevention differs by industry or company size.