Cyber risks are the biggest threat to business say risk managers
- Published: Wednesday, 16 January 2019 10:12
Sword GRC has published findings from its annual survey of global risk managers. Almost 150 risk managers from highly risk-aware organizations worldwide were canvassed for their opinions. Overall, cyber risks are seen as the biggest threat to business, with a quarter of organizations stating that this is the case.
Survey respondents were asked about their acknowledgement and preparations for Black Swans (an event that is highly unlikely to materialize but if it did, would have a substantial impact). In both the US and UK, a major terrorist attack on the business is seen as the most likely Black Swan (UK 29 percent and US 35 percent), however, in Australia/New Zealand, only 13 percent of risk managers thought that this was likely. The next most likely Black Swan in the US is a natural disaster, with 48 percent of risk managers thinking it was likely or highly likely. This figure was 33 percent in Australia and New Zealand.
In the UK, risk managers were far more wary of artificial intelligence (AI) with 23 percent thinking it likely or highly likely that AI could get out of control. In the US this figure was 15 percent, and in Australia/New Zealand they clearly take a far more sanguine view with no one surveyed thinking AI was a risk.