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Survey Report

Silent cyber survey demographics

2018 Silent Cyber Risk Outlook

Cyber Risk Management
N/A

September 17, 2018

Our 2018 Silent Cyber Risk Outlook Survey report shows little change in the perceived level of silent cyber risk by industry experience.

Survey demographics

As with last year, and as shown in Figure 5, we received responses from professionals with a broad range of experience. There was little change in the perceived level of risk from silent cyber by industry experience — more seasoned professionals with a greater first-hand knowledge of unusual or large loss scenarios view the risks posed by silent cyber as similar to those newer to the industry who may be more in touch with new technologies and how they could be used (or misused). As shown in Figure 6, respondents with an analytical or risk management background were more likely to view the risks posed by silent cyber a little more benignly than other functional groups. One conclusion is that this group might be more cautious in waiting for actual data before making any broader judgments.

Figure 5. Industry experience

Graphic showing industry experience

Figure 6. Silent cyber risk factor — functional responsibility

Graphic showing functional responsibility for silent cyber risk

Summary and next steps

It’s clear from our 2018 survey results that market concerns about silent cyber are ging across all lines of business and all industry groups. Over the coming months, we will be using the data to update and better parameterize the silent cyber module of our PRISM-Re cyber model that assists Willis Re clients in assessing this hard-to-quantify but potentially significant exposure. We also plan to repeat our survey in early 2019 to provide further insights into evolving market perceptions about silent cyber.

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