One in three global businesses see loss of data as a significant threat and the key issue to address in operational risk management planning, according to the latest global risk briefing report conducted by the Economist Intelligence Unit (EIU).
The survey, sponsored by ACE, of 181 senior executives and risk professionals revealed that loss of data was the most important consideration in terms of operational risk, with over 40% saying their organisation focused more on loss of data than other issues - including systems failure, human error and even natural disasters.
The results mark a growing risk management trend towards a greater emphasis on the operational impact of data loss. Commenting on the report, Gareth Tungatt, senior underwriter specialising in IT and cyber risk at ACE said: “The survey shows that risk managers clearly understand the value of data and, increasingly, are focusing on its associated losses.”
Tungatt continued: “When respondents where asked about the reasons why their business continuity plans had been put into action in the last year under 16% identified data loss. I see this report as providing the evidence to show that more businesses are looking ahead in terms of their business continuity planning. 71% of those questioned said that they have increased the time and resources they dedicate to focusing on their business continuity programmes.”
