A new report by The Travelers Companies has revealed that more businesses – regardless of their size – are beginning to realize the dangers posed by cyber risks.
For the first time since Travelers started publishing its Risk Index series in 2014, the 2019 Travelers Risk Index found that cyber risks are the top concern among businesses of all sizes. Of the 1,200 business leaders participating in the survey, 55% said that they worry “some” or a “great deal” about cyberattacks.
Cyber risks finished ahead of other typical business risks, such as medical cost inflation (54%), employee benefit costs (53%), the ability to attract and retain talent (46%) and legal liability (44%).
Travelers also found that as concerns over cyber threats have grown, a higher percentage of businesses across every industry said they have taken proactive measures to protect themselves from cyberattacks, compared to previous years:
While the index reveals a considerable improvement in cyber best practices adoption, a considerable percentage of businesses still have no plan in place – or insurance.
“The Travelers Risk Index shows that more businesses are taking steps to prevent a cyber event, but it’s still alarming that nearly half don’t have the proper insurance coverage,” commented Travelers enterprise cyber lead Tim Francis.
Francis offered a reminder that it takes only one cyberattack to potentially put a company out of business; taking the threat seriously and creating a risk management program can help a company – not just to avoid a cyberattack, but to recover from one as well.
Other findings of the report include: