Cybercrime has become the biggest threat to businesses worldwide, according to a new study by Allianz. In the new risk barometer of the insurer, cyberattacks are number one of the possible threats, followed by business interruptions and legal changes. This means trade conflicts, customs duties, sanctions and other political risks.
Online Cybercrime As A Growing Threat
According to Allianz, it is the first time in the previous ten year period of the Allianz that online crime has led the risk ranking. The company draws on the experience of more than 2,500 risk management experts from a total of 100 countries. Almost 40 percent of responses to cybercrime rank as top risk. Awareness of the cyber threat has grown rapidly in recent years as companies increasingly rely on data and IT systems and there have been a number of serious incidents. Seven years ago, they were only 15th with only 5 percent of the answers, Allianz says on its website.
The cost of a cyber incident is increasing across the board due to increasing complexity, stricter regulations, and the damaging consequences of data loss or loss of mission-critical IT systems. According to the study authors, 60 to 90 percent of the attacks are due to the negligent handling of personal data in the company. Phishing and social engineering are among the most common security risks.
Emotet Malware Is Particularly Dangerous
Allianz says that the attacks are often well prepared. First, the perpetrators spy on e-mails and financial data using spy software, before the encryption software is installed in the second step. One of the most dangerous Trojans is the Emotet malware, which the Federal Office for Information Security also uses to warn against crime. Emotet spies on confidential contact information and can install other malware, such as the Ryuk ransomware and the Trickbot banking trojan, which encrypt networks and spy out bank details. A year ago, cyberattacks still shared the top spot in the risk barometer with business interruptions, while the IT dangers alone came first.