“Businesses do not adequately understand the risks posed by technology, have difficulty identifying potential risks and lack the tools to manage them effectively, according to a major survey of executives at 1,500 companies in the United States and Europe,” says an announcement of the study by the St. Paul Companies.
The comprehensive study reveals that, while companies “take pains to protect computer security, they are less prepared for new liability risks associated with information technology and ‘e-commerce’.”
Protecting business systems isn’t sufficient says the study. “Exposures involving intellectual property, privacy and first-party risks from computer fraud, business disruption and denial of service pose significant financial risk to companies doing business on the Internet,” said Kae Lovaas, St. Paul’s vice president- technology at a news conference.
One of the findings revealed that insurance agents and brokers “have only a ‘fair’ understanding of the technology risks facing their clients, and [they] felt their clients are not much better.” Front-line employees have the worst understanding, Lovaas indicated.
The complete results of the survey can be obtained at from the St. Paul website at: http://www.stpaul.com/cyberrisk-survey.
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