Data and cyber key risk concerns for NZ businesses - Marsh

Data and cyber key risk concerns for NZ businesses in marsh survey

Auckland, 13 November, 2014 – Marsh, a global leader in insurance broking and risk management, today launched its sixth biennial Survey of Risk, which reveals data and cyber risks as key concerns amongst New Zealand businesses.

Whilst, disruption to your business following a major incident, such as fire, earthquake, flood, act of terrorism was rated the top current risk issue for the third consecutive survey report, disruption to your business following a major IT disruption (eg server overheating, software failure etc) and loss of data, data corruption or failure of systems security or website security ("hackers" etc) came in at number two and three respectively.

Marsh’s report into the risk management practices of New Zealand businesses, not only asked organisations to rate their current risk issues but also what the biggest emerging risks were. Cyber risks were rated the number two emerging risk across all businesses and the number one risk for SMEs.

Country Head of Marsh New Zealand, Grant Milne, said: “In the current age, it would be extremely challenging to run any organisation without some reliance on IT. Making sure that you protect your systems and client data is therefore not only a critical business task but also hugely important in protecting your reputation and brand.”

When it came to preparedness for managing their risks, 31% of the survey respondents said that they did not have a plan in place to manage cyber risk.

“Cyber risk and cyber-attack is something that we are hearing about a lot more often”, said Mr Milne. “Whether your organisation is a large corporate or an SME you are not immune. Given that traditional liability policies do not cover cyber risks it is something that you should be talking to your risk advisor and insurance broker about.”

With such new and emerging risks being highlighted it is no surprise that organisations are reviewing their risks more than ever before. 60% of the survey respondents said that they are reviewing risk more than they were two years ago when the last Survey of Risk was conducted.

A full copy of the survey is available here.

About Marsh
Marsh is a global leader in insurance broking and risk management. Marsh helps clients succeed by defining, designing, and delivering innovative industry-specific solutions that help them effectively manage risk. Marsh’s approximately 26,000 colleagues work together to serve clients in more than 130 countries. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy, and human capital. With 55,000 employees worldwide and annual revenue exceeding $12 billion, Marsh & McLennan Companies is also the parent company of Guy Carpenter, a global leader in providing risk and reinsurance intermediary services; Mercer, a global leader in talent, health, retirement, and investment consulting; and Oliver Wyman, a global leader in management consulting. Follow Marsh on Twitter @MarshGlobal, or on LinkedIn, Facebook and YouTube.

ENDS

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