Cyber incidents are a top concern for the financial services industry, according to the Allianz Risk Barometer 2018.
After 2 000 risk experts in 80 countries were surveyed, it was found that the second biggest concern in the financial services industry is changes in legislation and regulations, up from being the third biggest concern in 2017.
The third biggest concern this year is business interruption, followed by concerns about new technologies in fourth place. Concerns of business interruption and new technologies are fairly new risks in the sector, according to the report.
The survey found that business disruptions due to cyber incidents is a major concern in the South African financial services sector.