‘Inevitable’: Survey finds 57% of business leaders fear cyber attack on their organization

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A survey by The Travelers Cos. Inc. found, for the third time in four years, that cyber threats are the top overall concern for business decision makers.

According to the survey of 1,200 business leaders conducted in July, most believe today’s business environment is riskier than a year ago. More than half (57%) say a future cyber attack on their company or organization is inevitable.

The findings are part of the 2022 Travelers Risk Index results, which were released Monday.

“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.

The survey showed a disparity between the perception and reality of cybersecurity. While 93% of respondents said they were confident their company had implemented best practices to prevent or mitigate a cyber event, only 52% said their company had implemented multifactor authentication for remote access.

Nearly 75% of respondents said they believe having a cyber insurance policy is critical, but only 59% said their company has purchased coverage.

Other issues were close behind cyber attacks:

57% expressed broad economic uncertainty
56% were concerned about fluctuations in oil and energy costs
56% worried about the ability to attract and retain talent
55% had concerns about medical cost inflation

As businesses contend with a tight labor market and inflation, the survey revealed greater concerns about oil and energy costs (a 16-point increase) and supply chain risks (54%, up from 43%), compared with last year’s results.

Click here for more information about the survey results.