Cyber ranked as the number one risk for businesses – and risk managers are tooling up for the threat

Cyber risk was ranked as one of the biggest threats to businesses across Europe, according to a preview of Ferma’s 2018 risk manager survey.

Of the 700 risk managers who participated in the biennial survey, 37% said this was the main risk for their business, up 6% compared to 2016’s survey.

Unsurprisingly, the risk manager’s role in preventing, managing and mitigating cyber risks – a threat that is traditionally managed by the IT department – has increased.

Risk managers now have regular or very close relationships with their IT counterparts – a relationship described as ‘first tier partners’, said Jo Willaert, president of Ferma on opening this year’s seminar in Antwerp.

Collaboration between risk managers and IT professionals has been a perennial challenge. But Ferma’s survey indicates a marked improvement from 2016, when risk managers considered IT professionals as ‘third-tier partners’ –a department with whom they have a more distant relationship.

The survey paints a positive outlook for corporates’ digital transformation and found that risk managers are embracing technology and innovation. Some 44% are using data analysis and modelling tools and 8% are beginning to use emerging technologies, including automation and blockchain.

The full results of the survey will be launched on 29 November.