Cyber ​​is an all-time concern for business leaders, says the Travelers Risk Index

For the fourth time in six years, cyber risk ranked as the highest concern for business leaders. In fact, cyber as a top concern has reached an all-time high this year, according to the 2024 Traveler Risk Index.

Cyber ​​was cited as the top concern by 62% of the approximately 1,200 respondents, saying they were somewhat or very concerned about cyber risk. However, according to survey results, 30% of respondents said their company does not have a cyber insurance policy.

“The findings speak to a greater awareness among the business community of cyber threats and the catastrophic damage, both operational and financial, that a cyber attack can have on a company,” said Tim Francis, the company’s chief cyber officer. Travelers, in a statement. “What’s worrying is that while more companies are providing cyber insurance as a tool to mitigate vulnerabilities, many still choose not to – despite knowing the risks.”

Still, 65 percent said their company had a policy, which is higher than last year’s result of 60 percent and a significant increase from 2018, when 39 percent said a cyber policy was in place. But nearly 80% of those surveyed agree that cyber insurance is essential.

For the eighth time in nine years, more respondents reported that their company experienced a cyber event – ​​24% in 2024, compared to 23% last year. The results indicated that 36% had a security breach and 27% had an extortion or ransomware event.

According to the Travelers Risk Index, cyber ranked higher as a concern than medical cost inflation (59%), rising employee benefit costs (59%), broad economic uncertainty (59%) and the ability to attract and retain talent (54% ). ). Medical cost inflation was the biggest concern last year.

TOPICS
Cyber ​​leadership