Most risk managers worry about cyberattack: Survey

A total of 90% of risk managers who work for mid-sized companies say they are concerned about their company falling victim to a cyberattack, with 91% stating they have an incident response plan in place should that occur, says a survey issued today.

The survey issued by Nationwide Mutual Insurance Co. was based on a 20-minute online survey of 500 corporate risk managers who work for companies with annual revenue of between $250 million to $1.5 billion that was conducted Aug. 8-25 by the insurer in partnership with Edelman Data & Intelligence, a unit of New York-based Daniel J. Edelman Holdings Inc.   

Among other survey findings, 68% of risk managers say they expect their cybersecurity budgets to continue to grow. A total of 68% also said they had been the victim of an attack in the last three years, including 24% in the past year, while 88% said they had experienced an attack at some point.

Of those who experienced an attack, 68% said their business operations were impacted and 75% reported a significant or moderate financial impact. 

A total of 71% said recovery from the attack took longer than one month, with 35% stating the process took longer than four months.

Among other survey results, 83% said they are renewing their current cyber policy. A total of 53% reported their coverage had changed in the past two years, with most saying that they have increased their coverage.