Reputational risks from cyber attached
It is becoming increasingly important to avert - or better, completely avoid - cyber attacks. Near daily, news headlines give examples of companies who have faced online attacks. In the ranking of the biggest corporate risks, cyber crime has now moved up to fifth place.
Not only is there a threat of damage to systems and data or business interruption, but the company's reputation is also in danger. Fast and secure communication is required in these instances.
Cyber crime regularly affects not just large companies or the general public. Small and medium-sized companies with B2B business can also be severely affected by a loss of trust among their customers and in specialist circles.
The ten most critical business risks in Germany 2018
|1) Business interruption (including supply chain interruption)||55 %||2 (40 %)|
|2) Cyber incidents (e.g. cyber crime, system failure, violation of data protection rights)||51 %||1 (44 %)|
|3) Natural disasters (e.g. storm, flood, earthquake)||27 %||8 (16 %)|
|4) Legal changes (e.g. economic sanctions, government changes, protectionism, brexite, disintegration of the euro zone)||24 %||4 (33 %)|
|5) Fire/Explosion - New entry!||22 %|
|6) Market developments (e.g. volatility, increased competition/new competitors, M&A, stagnating markets, market fluctuation)||18 %||3 (39 %)|
|7) New technologies (e.g. effects of networking of machines, nanotechnology, artificial intelligence, 3D printing, drones)||17 %||7 (18 %)|
|8) Quality defects, serial defects, product recall – New entry!||17 %|
|9) Loss of reputation or impairment of brand value||12 %||9 (15 %)|
|10) Macroeconomic developments (e.g. austerity programmes, increase in commodity prices, deflation, inflation)||10 %||5 (23 %)|
Source: Allianz Global Corporate & Specialty
Protection against and approach to combating abstract risks is often not taken into account in companies' risk management systems sufficiently. In addition, there is often a lack of concrete access to suitable protective and mitigation measures.
Prevention and rapid response to cyber attacks are essential factors for increasing the resilience of companies.
- Prevention: A holistic package for testing and strengthening business resilience complements classic risk management measures and protects companies against damage to their reputation. A structured review and, if necessary, the implementation of the business resilience framework actively contribute to reducing potential damage.
- Expert assistance: In critical situations, the first few hours determine how a company emerges from a crisis. Our crisis hotline provides you with fast, dedicated and competent support.
Insurance against cyber risks with reputation protection
Instinctif Partners has launched a cooperation package for insurance companies. Within cyber policies, we offer complementing, unique services within the framework of risk assessment and provide assistance in the event of an insurance claim. Please contact us. Register now to check your organization’s Business Resilience.
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You can reach us via our crisis hotline: +49 221 420 75-55 in the event of a crisis.
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