Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

September 27, 2024

Travelers study finds most businesses are concerned about cybersecurity, but some lack insurance

Courtesy photo Travelers Insurance in Hartford
By Andrew Larson

The percentage of companies that have suffered a cyberattack rose for the eighth time in nine years, according to the 2024 Travelers Risk Index. 

The annual survey commissioned by The Travelers Cos., which has a large campus in downtown Hartford, asked 1,202 U.S. business insurance decision-makers about the issues that worry them most.

The 2024 survey found that cyber threats remain a top concern among respondents, with a record number (62%) saying they worry “some or a great deal” about cyberattacks.

Their second-biggest concern was medical cost inflation, followed by increasing employee benefits costs, broad economic uncertainty and the ability to attract and retain talent.

“The findings speak to the business community’s greater awareness of cyber threats and the catastrophic damage, both operational and financial, a cyberattack can have on a company,” said Tim Francis, enterprise cyber lead at Travelers. 

Francis said many companies still opt not to obtain cyber insurance.

The construction industry had the highest percentage of respondents without cyber insurance at 50%. 

Across industries, the survey found that 65% of respondents reported buying cyber insurance, up from 60% last year. 

Also, the 2024 survey found that 24% of participants reported that their company had experienced a cyber incident, up from 23% in 2023.

The Travelers Institute, the public policy division of Travelers, will host three in-person educational programs about cybersecurity in October. For more information and to register, visit https://www.travelers.com/travelers-institute/events.
 

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF