International. The risk of cybercrime for businesses around the world continues to multiply day by day. According to data collected by PreciseSecurity.com, nearly 40% of businesses feel threatened by cyber incidents and consider it to be the most concerning business risk in 2020.
Cybercrime is the world's leading business risk
Recent figures confirm that global concern about cybercrime, IT failure and data breach has increased by 2% in the last year. Business disruption is the second most significant risk in 2020, with 37% of companies concerned about this type of uncertainty, the Allianz Risk Barometer revealed.
Changes in legislation and regulation, such as trade wars and tariffs, economic sanctions, Brexit and the disintegration of the eurozone, ranked third on the list, followed by natural disasters and market development.
The survey revealed that businesses around the world recognize cybercrime as a more important problem than loss of reputation, macroeconomic developments, political risks or a shortage of skilled labor.
U.S. Companies Most Concerned About Cyber Incidents
Compared to markets, U.S. companies revealed the most significant level of concern about cyber incidents, with 43% of them concerned about cyber threats in 2020. European companies ranked second, with 38% feeling threatened by cybercrime, IT failure or data breach. Companies in Asia-Pacific and Canada share a similar level of concern, with 37% of businesses feeling threatened by cyber incidents. Only 27% of companies in the Middle East and Africa consider them the top business risk this year.
Analyzed by size, the survey revealed that 43% of large companies worry about cyber incidents affecting their work, representing a 2% decrease from 2% since 2019. The level of concern among medium-sized companies grew by 4% over the past year and reached 36% in 2020.
Still, cyber threats aren't just a problem for large corporations. Small businesses can also be targeted. In fact, according to data from the U.S. Securities and Exchange Commission, 60% of small businesses that are victims of an attack closed within six months of the breach. Consequently, the level of concern about cyber risks among small businesses increased by 4% in the last year. Currently, 35% of small businesses worldwide consider cyber incidents to be the most critical business risk in 2020.
75% of telecommunications companies worry about cybercrime
Statistics indicate that cyber incidents represent the most critical business risk in telecommunications, where 75% of businesses feel threatened by cybercrime, data breach or IT failure. Such a high level of concern is reasonable considering that telcos represent a major target for cyberattacks because they build, control, and operate critical infrastructure widely used to communicate and collect large amounts of sensitive data.
The technology market ranked second, with 57% of companies concerned about cyber risk. Financial and professional services account for 46% of companies that considered cybercrime as the most prominent business risk in 2020, followed by the aviation industry sector. Nearly 40% of government institutions around the world share the same concerns.
