A majority of financial professionals believe that cyber risk is the most challenging risk they face today, though a decade ago it wasn’t creating much concern.

Based on a survey conducted in October 2019 by the Association of Financial Professionals in USA, 88% of corporate practitioners’ organizations were targeted by attempted or actual cyberattacks in the 18 months prior to the survey.

The risk survey, which gathered nearly 365 responses, found that 53% of financial professionals view cybersecurity risk as the most challenging risk to manage. And nearly the same percentage predict that within 3 years, it will continue to be the most complex risk to manage. 

The survey revealed that by 2022, practitioners expect to be making substantial efforts to control these risks. Furthermore, the survey found that responsibility for cyber risk has gone beyond IT and is now shared across the organization.