Cyber threats, reputational risk top concerns: AIG survey

Cyber threats and the reputational risks associated with a cyber attack are top concerns for risk managers and insurance professionals, according to a new survey sponsored by AIG.

Cyber threats and the reputational risks associated with a cyber attack are top concerns for risk managers and insurance professionals, according to a new survey sponsored by American International Group Inc.

More than 85% of the 258 risk managers, information technology decision-makers and senior executives surveyed said they were very or somewhat worried about cyber threats more than any other risk, AIG said Wednesday in a statement announcing the survey results.

Other areas of risk included income loss, which 82% of respondents said they were somewhat concerned. Eighty percent indicated that property damage was somewhat of a concern and 76% said securities and investment risk, the New York-based insurer said in the statement.

Additional survey results, which include responses from 65 insurance brokers, found that 69% of respondents said reputational risk from a cyber attack outweighs the financial risk, AIG said.

“These new survey findings confirm that business leaders view cyber risk as a top business concern, with great potential for reputational and financial loss,” John Gambale, head of professional liability and Lexington Financial Lines at AIG, said in the statement.

The AIG-sponsored survey conducted by Washington-based Penn Schoen Berland L.L.C. included responses from 323 risk managers, information technology decision-makers, C-suite executives and brokers from companies with revenues between $1 billion and $10 billion and middle-market businesses with revenues between $10 million and $1 billion.