Food manufacturers warned over ‘cyber hurricane’ events

According to the survey of more than 1,900 risk experts from 80 counties, 60% of them cited cyber incidents as the top concern.

The report said the evolving nature of risk, combined with the rise in incidents, meant a potential growth in “cyber hurricane​” events. This is where hackers disrupt large numbers of companies through the internet infrastructure.

High-profile cyber attacks occurred across a variety of sectors in 2017, with big names in the food sector being targeted in the second wave of Ransomware attacks in June. It was reported that the Cadbury factory in Tasmania had halted production after it was infected with Ransomware.

The warning comes as the Kroll’s annual global fraud and risk survey also found that 86% of companies globally reported at least one cyber incident in 2017.

According to the Allianz Risk Barometer, the risk of cyber events is growing, as five years ago the concern only ranked at number 15. The results also showed that awareness of the cyber threat was soaring among small- and medium-sized businesses, with a significant rankings jump from six to two for small companies and from three to one for medium-sized companies.

“Every company has been, or will be, impacted by cyber risk. Far from being over-hyped, the threat is under-appreciated and not always well understood​,” said Allianz Global Corporate & Specialty UK ceo Brian Kirwan.

“With an increase in the demand for our cyber risk products and in the volume of claims, it’s no surprise to see cyber as the top risk again for businesses in the UK​.”