Cyber Risks, Biggest Concern for Companies in Nigeria, Africa and Middle East in 2022 says Allianz Risk Barometer
Cyber perils are the biggest concern for companies in Nigeria, other African countries, the Middle East and around the world in 2022, according to the Allianz Risk Barometer launched on Tuesday, the 18th of January 2022.
According to the report, the threat of ransomware attacks, data breaches or major IT outages worries companies even more than business and supply chain disruption, natural disasters or the Covid-19 pandemic, all of which have heavily affected firms in the past year. Cyber incidents rank as a top-three peril in most countries and regions surveyed including the Middle East, South Africa and Nigeria. It also ranks second in Ghana, fourth in Morocco and Namibia, fifth in Kenya and seventh in Turkey, with the main driver being the recent surge in ransomware attacks, which are confirmed as the top cyber threat for the year ahead by survey experts.
The annual survey from Allianz Global Corporate & Specialty (AGCS) incorporates the views of 2,650 experts in 89 countries and territories, including CEOs, risk managers, brokers and insurance experts.
A cyber security expert, Scott Sayce, (Global Head of Cyber at AGCS) said; “Having defined, and preferably tested procedures in place is crucial, and these should include staff, client and general communication and social media plans. It is imperative for companies to think deeply about how they can best protect their assets and people. Ransomware has become a big business for cybercriminals, who are refining their tactics, lowering the barriers to entry for as little as a $40 subscription and little technological knowledge. The commercialization of cybercrime makes it easier to exploit vulnerabilities on a massive scale. We will see more attacks against technology supply chains and critical infrastructure”
According to AGCS CEO Joachim Mueller; “For most companies, the biggest fear is not being able to produce their products or deliver their services. 2021 saw unprecedented levels of disruption, caused by various triggers. The supply chain impact from many climate change related weather events, as well as pandemic related manufacturing problems and transport bottlenecks wreaked havoc. This year only promises a gradual easing of the situation, although further Covid-19-related problems cannot be ruled out. Building resilience against the many causes of business interruption is increasingly becoming a competitive advantage for companies, he said.
In a year marked by widespread disruptions, the extent of vulnerabilities in modern supply chains and production networks are more obvious than ever. According to the survey, the most feared cause of business interruption is cyber incidents, reflecting the rise in ransomware attacks but also the impact of companies’ growing reliance on digitalization and the shift to remote working.
cc: Business Day