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The Rise of Cyber Threats

22 July 2021 Marsh
Spiros Fatouros, Marsh Africa CEO

Spiros Fatouros, Marsh Africa CEO

As new challenges emerge and the risk landscape grows increasingly complex, it is important that businesses stay informed. This is according to Marsh, a global leader in insurance broking and innovative risk management solutions. Cyber threats are pervasive and accelerating, costing global businesses billions every year and creating exposures across almost every aspect of an organization’s value chain.

Did you know that?

• The average business interruption outage from a ransomware attack now exceeds 20 days
• The average ransomware demand exceeds $1 million.
• Anticipated global ransomware recovery costs by the end of 2021: $20 billion
• Increase in ransomware attacks fueled by the pandemic: 148%
• Only 18% of surveyed organizations say they are highly prepared to deal with cyber risks.
• Less than one-third of surveyed organizations forecast and model cyber risks.
• 92% of surveyed organizations rate cyber/technology risks as important or highly important.
• By 2027, there could be more than 41 billion IoT (Internet of Things) devices in use, affecting nearly every aspect of business life with each device as a potential target for a cyber-attack.

“Today, organizations can no longer view risks as a single threat vector. Organizations must identify, understand, and prepare for the impacts of systemic and emerging risks across their complete value chain,” says Spiros Fatouros, Marsh Africa CEO.

“While gaps in preparedness vs. perception of preparedness leave organizations vulnerable to immediate and long-term disruptions of their business operations, assets, and revenue streams, the path towards resilience involves four common steps and behaviors,” he adds.

To learn the four key steps towards building a more resilient business, download the Marsh Risk Resilience Report.

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Long-term trend of below inflation increases
Inflation-linked hikes for 2022, then back to inflation-plus
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