Travelers Risk Index: Cyber Threats Are Top Overall Business Concern

Note the ‘top’ mitigations. This shows a woeful lack of application of best practise…:

HARTFORD, Conn.–(BUSINESS WIRE)–The Travelers Companies, Inc. (NYSE: TRV) today announced the results of the 2019 Travelers Risk Index, which found that cyber risks are the top concern among 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% 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%).

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Original article here