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Cyber risks near top of the list of business concerns: Travelers

Posted On: Sep. 20, 2018 12:34 PM CST

Cyber risks near top of the list of business concerns: Travelers

Cyber risks are second only to medical cost inflation as the top concern across business of all sizes and industries, according to a survey commissioned by Travelers Cos. Inc. issued Thursday.

The survey of 1,201 business leaders representing a range of industries and company sizes found that despite this concern and the finding that 52% of respondents believe suffering a cyber attack is inevitable, most of those surveyed said they aren’t taking adequate steps to protect themselves.

The survey also found that only 36% of businesses are concerned about someone deceiving their employees into transferring funds, despite a 2,370% increase in losses from such scams in the past two years, according to the survey.

Among other survey results:

• 55% have-not completed a cyber risk assessment for their businesses

• 62% have not developed a business continuity plan

• 63% have not completed a cyber risk assessment on vendors who have access to their data

• 50% do not purchase cyber insurance

• 23% report they are not familiar with their cyber insurance options

Among other findings, the survey found that 20% of businesses reported they have been the victim of a cyber attack, double the percentage that reported such an attack in 2015.

The three biggest cyber concerns remain the same as in last year’s survey: security breach, systems glitch and unauthorized access to bank accounts.

In addition, three other cyber-related concerns — operational software systems being remotely hacked, not having the resources to recover from a cyber event and cyber extortion — saw at least a 5 percentage point jump from last year.

Washington-based Hart Research Associates Inc. conducted the online survey on Travelers’ behalf from June 9-23, 2018.