The new reality is that cyber risks are the single greatest threat for businesses of every size. The annual Travelers Risk Index knows this, and has the data to back it up.
Each year since 2014, The Travelers Companies commissions the Travelers Risk Index. In 2019 cyber risk was the most important concern for businesses of every size, for the first time.
For the 2019 survey roughly 1,200 business leaders were interviewed. Of those leaders, 55% said they worry “some or a great deal” about cyber risks. The next closest concerns? Medical cost inflation (54%), employee benefit costs (53%) and the ability to attract and retain talent (46%).
The survey then delved into what steps business owners are taking to help mitigate cyber risks. According to the survey, the most common actions are:
Purchasing a cyber insurance policy (51% of survey participants, up from 39% last year).
Creating a business continuity plan in the event of a cyber attack (47%, up from 38%).
Taking a cyber risk assessment for themselves (49%, up from 45%) and their vendors (41%, up from 37%).
Updating computer passwords (74%, up from 71%).
Cyber attacks are becoming so pervasive that even small businesses are finding themselves at risk. The risk mitigation of the future needs to concentrate on cyber protection, not physical robberies. Times are changing, and it’s imperative that the insurance industry stays ahead of the curve.
The best way to mitigate cyber risks for your business, is to make sure that you have the appropriate insurance policies in place. There are many different types of policies and coverage options depending on what type of business you have. As always, take the time to do your research before committing to a particular policy.
To learn more about your current policy, or to inquire about a new one, reach out to TGS Insurance at www.tgsinsurance.com.