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Survey: Leaders lack confidence in cyber-risk management

Written on Jun 24, 2022

A new survey reveals that leaders of cybersecurity, IT, risk management, insurance and finance companies are losing confidence in the ability of their organizations to ward off ransomware attacks.  

The report, The State of Cyber Resilience, produced by Marsh, draws on the insights of more than 660 cyber-risk decision-makers, shows company executives aren’t feeling very optimistic.  

An organization’s cyber-risk management includes understanding and assessing cyber-threats, mitigating and preventing cyber-attacks and managing and responding to cyber-attacks. In 2019, 19.7% of those surveyed said they were highly confident in their capacity to manage cyber-risk compared to 19% in 2022, demonstrating that perspectives of leaders have changed little over the course of three years. 

Less than half of those surveyed (43%) stated that a risk assessment of vendors and supply chains has been conducted by their organization indicating companies are falling behind in their cybersecurity strategies when it comes to assessing the threats faced by vendors and supply chains during a time when attacks are on the rise. 

In 2019, a mere three in 10 survey participants (30%) stated that their company used quantitative methods to measure exposure to cyber risk. This figure increased to just under four in 10 respondents in 2022 (38%).