A new study has examined whether the response of government and industry to last year's terrorist attacks on Manhattan and the US anthrax scare has a "tendency to emphasise vulnerability rather than resilience".

The review, by professor Frank Furedi, concludes that: "Our risk averse culture is dangerous, because it ensures that large-scale disruption, reorganisation of resources and fear and confusion are the rewards for terrorists."

The study is launched at the Association of Insurance and Risk Managers conference today.