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September 21, 2018

Survey: Businesses lacking on cyber attack response

HBJ File Photo
By Joe Cooper

A new survey suggests most businesses are not properly planning for cyber attacks, even though they recognize the grave consequences of lacking an adequate response.

In the 2018 Travelers Risk Index drawing from 1,201 business leaders, 55 percent of those surveyed said their companies have not completed a cyber risk assessment and 62 percent have not implemented a continuity plan.

The modest cyber responses occur despite more than half of businesses reporting they believe cyber attacks are inevitable.

According to the survey, 63 percent of businesses said they haven’t projected cyber risk assessments on vendors they allow access to their data and half of respondents claimed they do not use cyber insurance. Meantime, 74 percent of small businesses said they did not purchase cyber coverage.

Ten percent of businesses said they were victims to a cyber attack in 2015, which doubled to 20 percent in 2018.

Cyber attacks are the top concern for businesses in sectors including technology, banking and professional services and ranks second among all businesses, behind medical cost inflation.

The survey surfaces days after Connecticut cybersecurity officials said utility companies have faced millions of cyber attacks on their networks, and that no breaches have been reported due to adequate cyber responses.

Still, Arthur House, the state’s cyber security risk officer, has said a major cyber attack on U.S. infrastructure is inevitable in the near future.

Most government agencies and industries, House said, are not properly responding to lower their risk of a cyber attack.

"I have no idea how to shake loose those who are still complacent," he said at a recent event hosted by the Connecticut Center for Advanced Technology. "Some say it's not going to happen until there's a cyber '9/11.' "

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