Cyberattacks

Nearly one-quarter of survey participants (23%) said their company has suffered a cyberattack, with almost half of those (49%) occurring in the last 12 months.
Phishing emails, when a cybercriminal convinces an employee to transfer company funds to a fraudulent account, have been on the rise. The percentage of survey respondents from large companies who said they've experienced a phishing scam nearly doubled in the past year, from 14% to 27%. A security breach, when someone gains unauthorized access to a company's computer system, remains the most common event among companies of all sizes, accounting for nearly one-third (32%) of attacks.

Additional highlights from the survey include:

Ransomware ranked ninth among cyber-specific business worries, despite it being a leading cause of cyber-related claims in the industry.
Among medium-sized businesses, 74% said they have a cyber policy, up from 67% in 2022. Large companies came in at 72%, the same percentage as a year ago, while small businesses (34%) are still the least likely to secure cyber insurance coverage. Overall, 60% said their company has cyber insurance; five years ago, it was 39%.
Awareness of cyber-specific risks keeps increasing: 81% of respondents feel that having proper cybersecurity controls in place is critical to the well-being of their company, up from 78% last year and 69% in 2018.

"While the business community has come a long way in preparing for and responding to a cyberattack, the survey results show that more can still be done," Francis added. "A well-designed, multi-layered cybersecurity program can help mitigate the threat of a cyber event, and we encourage organizations to work closely with their independent insurance agent as we all navigate an evolving cyber landscape."

Travelers Risk Index: Cyber Threats Still Top Business Concerns

Related Stories

Recommended For You