HSB Poll Finds Cloud Disruptions Cost Businesses Millions
Companies also Report Losses from Ransomware and Data Breaches
The survey of senior executives conducted by Zogby Analytics for HSB, a leading provider of cyber insurance and services, showed that 41 percent of businesses have, at some point, experienced an interruption of cloud services. Five percent were not sure.
Of those businesses suffering a cloud interruption, 77 percent reported a business disruption with the costs in some cases significant — more than
“When you consider that most companies use the cloud, they have a serious exposure to business interruption losses,” said
The survey found 74 percent of the businesses responding used the cloud: 86 percent of those companies said at least 20 percent of their IT services were cloud-based; 44 percent said more than half; and 15 percent said more than 75 percent of services were in the cloud.
The HSB poll on cybersecurity practices and attitudes also found that business continue to struggle with cyber attacks, including ransomware and data breaches.
The most common types of cyber attacks were computer viruses (63 percent), up 12 percent from a similar HSB survey in 2016, and malware (58 percent), up five percent.
Thirty-two percent of businesses surveyed in 2018 had experienced a ransomware or other cyber extortion attack in the past year. Almost one-half (43 percent) paid the ransom with
Data breaches were reported by 26 percent of the businesses as one-third of those organizations (34 percent) spent
Survey Methodology
Zogby Analytics was commissioned in 2018 by Hartford Steam Boiler to conduct a survey of 403 senior business executives in
Hartford Steam Boiler (HSB), part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150 year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on LinkedIn, Twitter and Facebook.
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906
Zogby Analytics is an international research firm, providing clients with information and knowledge critical for making informed strategic decisions since 1984. The firm conducts multi-phased opinion research with state-of-the-art opinion research capabilities and objective analysis and consultation for banking and financial services institutions, insurance companies, hospitals and medical centers, retailers and developers, religious institutions, cultural organizations, colleges and universities, IT companies and federal agencies.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181114005541/en/
HSB Media Relations
[email protected]
Source:
Hoy Health LLC Provides Basic Healthcare Needs for Underserved Populations, Announces Partnership with Centro Unido de Detallistas (CUD) of Puerto Rico
Hippo Insurance Secures $70M Series C Investment Led by Felicis Ventures and Lennar Corporation
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News