The survey focused on four key themes:
• Social engineering events (this is where fraudsters using a fake identity, convince an employee to make a bank transfer to a third party)
• Factors affecting renewal
• 1 in 10 of participants said they either had or didn’t know (which is a concern) if their firm had experienced a social engineering event
• 22% of participants stated they had experienced some form of cyber event with two participants having been a victim of a CryptoLocker ransomware scenario which demonstrates the rise of cyber criminals' focus on the asset management community. Many feel it is a question of ‘when, not if’ they will be targeted
•The claims paying reputation of the insurer was viewed as the largest contributing factor when selecting their insurer partner above that of premium and financial strength.