Travelers Risk Index Shows Cyber Threats Remain Top Overall Business Concern
The Travelers Companies, Inc. (NYSE: TRV) today released its
2022 Travelers Risk Index results, and for the third time in four
years, the survey found that cyber threats were the top overall
concern for business decision makers. Of the 1,200 survey
participants, more feel that today’s business environment is
riskier compared to a year ago, and more than half (57%) think a
future cyber attack on their company or organization is
Cyber threats again were the leading concern, but other issues
were close behind, a change from 2021 when cyber held the top spot
by 6 percentage points. This year, 59% of survey respondents said
that they worry some or a great deal about cyber threats, followed
closely by broad economic uncertainty (57%), fluctuations in oil
and energy costs (56%), the ability to attract and retain talent
(56%), and medical cost inflation (55%). Big jumps were seen this
year relating to concerns in oil and energy costs (a 16-point
increase, up from 40%) and supply chain risks (54%, up from 43%), a
nod to current events and the serious obstacles businesses and
individuals are facing.
“Cyber attacks can shut down a company for a long period of time
or even put it out of business, and it’s imperative that companies
have a plan in place to mitigate any associated operational and
financial disruptions,” said Tim Francis, Enterprise Cyber Lead at
Travelers. “Effective measures that have proven to reduce the risk
of becoming a cyber victim are available, but based on these survey
results, not enough companies are taking action. It’s never too
late, and these steps can help businesses avoid a devastating cyber
Overconfidence in navigating the evolving cyber landscape is
causing a false sense of security, with 93% of respondents stating
that they were confident their company had implemented best
practices to prevent or mitigate a cyber event. But when asked
whether their company had taken specific prevention measures, the
majority had not: 64% don’t use endpoint detection and response,
59% haven’t conducted a cyber assessment for vendors, and 53% don’t
have an incident response plan.
Even multifactor authentication (MFA) has been slow to catch on.
According to this year’s Travelers Risk Index, 90% of survey
respondents said they were familiar with MFA, yet only 52% said
their company had implemented the practice for remote access. This,
despite Microsoft stating that 99.9% of account compromise attacks
are blocked by adding the extra security measure of MFA to verify a
computer user’s identity, and Arete stating that 94% of ransomware
victims weren’t using MFA.
Other important survey findings relating to cyber include:
- The cyber-specific concerns that stayed in the top two spots
are: suffering a security breach or someone hacking into a business
computer system (57% say they worry some or a great deal) and a
system glitch causing a company’s computers to go down (55%).
Becoming a cyber extortion/ransomware victim moved from eighth
position to third this year at 54%.
- For the seventh consecutive year, there was an increase in the
percentage of survey participants who said their company had
suffered a data breach or cyber event. This year, 26% said their
company had been a cyber victim, with nearly half of those (49%)
reporting that the event had happened within the past 12
- Of those who said their company had suffered a data breach or
cyber event, 71% have been a victim more than once.
- Nearly 75% of respondents said they believe having a cyber
insurance policy is critical, but the percentage who said their
company has purchased coverage was 59%, up only 3 points from 2021.
Small businesses accounted for the largest increase of cyber policy
purchasers, up from 30% to 38% this year.
Francis added, “Multiple cyber attacks might not be random – if
you were vulnerable before and don’t take appropriate action as a
result, you continue to be at risk. It’s important to take the
prospect of a cyber attack seriously and to put your company in
position to successfully manage a likely event.”
Travelers has long been committed to managing and mitigating
cyber risk, with a dedicated team of underwriters, claim
professionals and risk control specialists who work to help insure
and protect customers’ assets.
In recognition of Cybersecurity Awareness Month in October, the
Travelers Institute, Travelers’ public policy division, is hosting
three complimentary educational programs for the business community
and broader public to help increase preparedness. A webinar Oct. 12
will examine new reporting requirements included in recent
cybersecurity legislation. In-person programs will also be hosted
in St. Paul, Minnesota Oct. 4 and in Los Angeles Oct. 13. For more
information and to register, visit the Travelers Institute events
and webinars page.
About the Survey Hart Research conducted a national
online survey of 1,202 U.S. business decision makers July 11-27,
2022, regarding their top challenges. Launched in November 2014,
the Travelers Risk Index survey was commissioned by Travelers.
About Travelers The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto, home
and business. A component of the Dow Jones Industrial Average,
Travelers has approximately 30,000 employees and generated revenues
of approximately $35 billion in 2021. For more information, visit
version on businesswire.com: https://www.businesswire.com/news/home/20220926005469/en/
Media: Michael Whitmer, 860.277.2010
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