Cyber risks are the top concern among businesses of all sizes for the first time since the Travelers Companies’ survey began in 2014.
Of the 1,200 business leaders who participated in the survey, 55% said they worry some or a great deal about cyber risks, ahead of medical cost inflation (54%), employee benefit costs (53%), the ability to attract and retain talent (46%) and legal liability (44%).
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:
- Purchasing a cyber insurance policy (51% of survey participants, up from 39% last year).
- Creating a business continuity plan in the event of a cyber attack (47%, up from 38%).
- Taking a cyber risk assessment for themselves (49%, up from 45%) and their vendors (41%, up from 37%).
- Updating computer passwords (74%, up from 71%).
“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…
