Businesses Boost Cyber Security Spending as Threats Rise
A new report by Munich Re, 'Cyber and Technology Transformation & Cyber Risk 2025', reveals a significant shift in executives' perception of cyber risk. With 79% planning to enhance security through third-party suppliers and 37% intending to invest in improved cyber security this year, businesses are taking cyber threats more seriously than ever.
The report highlights a growing concern about cyber risk across various sectors. The technology, media, and telecom sector expresses the most worry (33%), followed by manufacturing and retail (31%), and financial institutions (31%). Conversely, the energy and utilities sector exhibits the most confidence in preparedness (86%).
U.S.-based executives show increased resilience, with 81% reporting improved cyber defence compared to 73% last year. Globally, 31% of executives now rank cyber risk as their top threat, up from 22% in 2024. This surge in awareness and concern is driving a significant increase in investment plans for cyber security.
The Munich Re report underscores a paradigm shift in executives' attitudes towards cyber risk. With cyber threats perceived as the greatest threat across all four risk areas surveyed, businesses are actively seeking to bolster their cyber security measures. This includes investing in improved security and leveraging third-party suppliers, reflecting a proactive approach to mitigating cyber risks.
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