Cyber risks top concern of businesses: Travelers survey

Cyber risks are the top concern for businesses, according to the 2024 Travelers Risk Index released Tuesday by Travelers Cos. Inc., with 62% of those surveyed reporting online exposures as their greatest risk.

This was the fourth time in six years that cyber threats ranked as the top concern, Travelers said in a statement.

Following cyber threats as top concerns among business leaders were medical cost inflation, 59%, which held the top spot in 2023; increasing employee benefits costs, 59%; broad economic uncertainty, 59%; and the ability to attract and retain talent, 54%.

Hart Research conducted the national online survey of 1,202 U.S. business insurance decision-makers June 20 to 30.

The annual survey began in 2014 and asks business insurance decision-makers from U.S. companies of various sizes and industries about the issues that worry them most.

Despite cyber threats topping the risk index, almost  30% of the respondents said their company did not have a cyber insurance policy, Travelers said.

The 65% of respondents who said their business did have a policy was up from 60% last year and just 39% in 2018.

The year-over-year increase from last year was seen across businesses of all sizes: small businesses jumped to 41% from 34%; midsized companies increased to 77% from 74%; and large businesses rose to 78% from 72%.

Among cyber concerns, a security breach or someone gaining unauthorized access to financial accounts or control systems were tied for the top spot, with 57% of respondents listing them as the top cyber-related concern. Rounding out the top five cyber concerns were ransomware, 54%; employees putting information or systems at risk through unauthorized or unsafe computing practices, 53%, and “system glitch,” 53%.