Cyber threats move to the top of the list of concerns for US businesses

Published: Tuesday, 01 October 2019 08:00

The Travelers Companies, Inc. has announced the results of the 2019 Travelers Risk Index, which found that cyber risks are the top concern among US businesses of all sizes for the first time since the survey began in 2014.

Of the 1,200 business leaders who participated in the survey, 55 percent said they worry some or a great deal about cyber risks, ahead of medical cost inflation (54 percent), employee benefit costs (53 percent), the ability to attract and retain talent (46 percent) and legal liability (44 percent).

As concerns about cyber threats have grown, a higher percentage of businesses across nearly every industry reported taking proactive measures to safeguard against cyber risks — although a sizable percentage have not implemented such preventive best practices. The steps taken by respondents include:

“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,” said Tim Francis, Enterprise Cyber Lead at Travelers. “One cyber attack can put a company out of business. Taking the threat seriously and implementing a risk management program that addresses possible exposures can help a company not only avoid an attack but also recover from one as quickly as possible.”

Other key findings from the 2019 Travelers Risk Index include:

About the survey

Hart Research conducted a national online survey of 1,200 business decision-makers from July 8-19, 2019. The survey was commissioned by Travelers.

More details.