For risk managers — indeed for most businesses — among the most disturbing words they can hear are “We’ve been hacked.”

What was once something to fear for only large businesses is now an issue for the majority, according to a survey of business risk managers released May 17 by the Connecticut-based specialty insurer Hartford Steam Boiler Inspection and Insurance Co., which is owned by Germany-based reinsurer Munich Re.

The survey, conducted onsite at the Risk and Insurance Management Society Conference in San Diego, last month found that nine of 10 businesses experienced at least one hacking incident in the past year. The survey also found that the number of attacks increased 21% from 2015. Read full article