Cyber risks are evolving far beyond privacy or reputational issues.
A new generation of cyber risks has caused Allianz Global Corporate & Specialty to urge businesses to strengthen their security strategies.
Future threats will come from intellectual property theft, cyber extortion and the impact of business interruption (BI) following a cyber-attack or from operational or technical failure, according to AGCS.
The company added that threats are fast evolving, moving beyond the established threats of data breaches, privacy issues and reputational damage to operational damage, leading to potentially catastrophic losses.
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