A study released today by Hartford Steam Boiler says nine of 10 businesses experienced at least one hacking incident in the past year – an increase of 21 percent over 2104.
According to the survey of business risk managers, 64 percent of risk managers say they have experienced more than six hacking incidents in the last year — up from 32 percent in 2015.
The cyber study shows risk managers are worried about the safety and security of Internet of Things (IoT) devices, with only 28 percent saying they are safe for business use. Despite these concerns, more than half (56 percent) of the businesses implemented or plan to implement such devices.
“As businesses use IoT devices to improve productivity and efficiency, they must think about the security costs,” said Eric Cernak, cyber practice leader for Munich Re, the parent company of Hartford Steam Boiler. “Hackers are always looking for ways to access company business systems and connected devices provide additional infiltration points. It’s important to control security features on these devices and monitor employee use.”
When asked about the risk management services they have deployed to combat cyber risk, risk managers point to encryption (44 percent; up from 25 percent in 2015); intrusion detection/penetration testing (28 percent; down from 32 percent) and employee education programs (12 percent; down from 25 percent).