New Willis survey highlights changing global trends in cyber risk strategy for directors and officers

Core Insights - Data loss and cyber-attacks are identified as two of the top three risks to directors and officers according to the Cyber Directors' and Officers' Survey Report by Willis [1][2] Group 1: Survey Overview - The survey included responses from various sectors, with the services sector representing 24% and finance and insurance 19%, predominantly from for-profit, private companies [2][4] - Great Britain identified cyber-attacks (excluding cyber extortion) as the top risk, while North America and the Middle East ranked data loss as their primary concern [2] Group 2: Risk Perception Changes - Despite increased awareness of cyber-attacks, the risk ranking for cyber-attacks decreased by 2% from 2024 to 2025 [3] - Adrian Ruiz emphasized the importance of a strong cyber security culture and proactive strategies to manage evolving threats [3] Group 3: Cybersecurity Practices - The frequency of board updates on cyber security improved, with only 12% updating in response to incidents, down from 20% in the previous year [6] - Monthly updates to boards increased from 18% to 28% between 2024 and 2025 [6] - 80% of respondents have implemented a cyber incident response plan, with over two-thirds having conducted an incident response exercise in the past year [6] Group 4: Preparedness and Budgeting - 65% of respondents feel well prepared to manage a cyber incident, an increase from 56% in 2024 [6] - Cyber security budgets are expected to increase in 2025, but at a lower rate than in 2024 (56% vs. 63%) [6] Group 5: Cyber Insurance - Cybersecurity risks are considered the most important aspect of directors' and officers' liability insurance coverage, with 53% of respondents having cyber insurance and 18% planning to purchase it within the next two years [6]