Security Magazine logo
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Security Magazine logo
  • NEWS
    • Security Newswire
    • Technologies & Solutions
  • MANAGEMENT
    • Leadership Management
    • Enterprise Services
    • Security Education & Training
    • Logical Security
    • Security & Business Resilience
    • Profiles in Excellence
  • PHYSICAL
    • Access Management
    • Fire & Life Safety
    • Identity Management
    • Physical Security
    • Video Surveillance
    • Case Studies (Physical)
  • CYBER
    • Cybersecurity News
    • More
  • BLOG
  • COLUMNS
    • Cyber Tactics
    • Leadership & Management
    • Security Talk
    • Career Intelligence
    • Leader to Leader
    • Cybersecurity Education & Training
  • EXCLUSIVES
    • Annual Guarding Report
    • Most Influential People in Security
    • The Security Benchmark Report
    • The Security Leadership Issue
    • Top Guard and Security Officer Companies
    • Top Cybersecurity Leaders
    • Women in Security
  • SECTORS
    • Arenas / Stadiums / Leagues / Entertainment
    • Banking/Finance/Insurance
    • Construction, Real Estate, Property Management
    • Education: K-12
    • Education: University
    • Government: Federal, State and Local
    • Hospitality & Casinos
    • Hospitals & Medical Centers
    • Infrastructure:Electric,Gas & Water
    • Ports: Sea, Land, & Air
    • Retail/Restaurants/Convenience
    • Transportation/Logistics/Supply Chain/Distribution/ Warehousing
  • EVENTS
    • Industry Events
    • Webinars
    • Solutions by Sector
    • Security 500 Conference
  • MEDIA
    • Videos
      • Cybersecurity & Geopolitical Discussion
      • Ask Me Anything (AMA) Series
    • Podcasts
    • Polls
    • Photo Galleries
  • MORE
    • Call for Entries
    • Classifieds & Job Listings
    • Continuing Education
    • Newsletter
    • Sponsor Insights
    • Store
    • White Papers
  • EMAG
    • eMagazine
    • This Month's Content
    • Advertise
  • SIGN UP!
CybersecuritySecurity NewswireSecurity Leadership and ManagementCybersecurity News

Why Cyber Threats are Top Overall Business Concern

cyber7-900px.jpg
September 30, 2019

The 2019 Travelers Risk Index has found that cyber risks are the top concern among businesses of all sizes for the first time since the survey began in 2014.

Of the 1,200 business leaders who participated in the survey, 55% said they worry some or a great deal about cyber risks, ahead of medical cost inflation (54%), employee benefit costs (53%), the ability to attract and retain talent (46%) and legal liability (44%).

As concerns about cyber threats have grown, a higher percentage of businesses across nearly every industry reported taking proactive measures to safeguard against cyber risks, the survey says — although a sizable percentage have not implemented such preventive best practices. The steps taken by respondents include:

  • 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%).

“The Travelers Risk Index shows that more businesses are taking steps to prevent a cyber event, but it’s still alarming that nearly half don’t have the proper insurance coverage,” said Tim Francis, Enterprise Cyber Lead at Travelers. “One cyber attack can put a company out of business. Taking the threat seriously and implementing a risk management program that addresses possible exposures can help a company not only avoid an attack but also recover from one as quickly as possible.”

Since 2015, the percentage of small business respondents who have suffered a cyber attack has tripled, from 4% to 12% this year. Increases are also being reported among medium-sized companies (10% in 2015 to 20% this year) and large businesses (from 19% to 33%).

“More companies are experiencing cyber attacks,” Francis said. “The cost of a single breach to a small business can easily reach a substantial amount of money on top of the time it takes to restore the business, so protecting a company’s assets with a cyber insurance policy is critical.”

Other findings include:

  • Suffering a security breach and a third party gaining unauthorized access to bank accounts were tied as the biggest cyber-specific worry among businesses. The third-highest cyber-specific concern was an extortion or a ransomware attack, which increased to 52% from 44% in 2018. Last, 43% of respondents said social engineering scams were a concern, up from 36% last year.
  • While there is greater awareness of cyber risks generally, one in four survey participants didn’t believe their business would suffer a cyber attack, and thus opted not to purchase a cyber insurance policy. The top reason for not purchasing a cyber insurance policy, cited by 31% of respondents, was the expense.
  • Three-fourths of survey participants agreed that having the proper cyber prevention tools in place is critical to the well-being of the business, an increase from 69% in 2018.
  • Nearly 80% of respondents admitted that it is difficult to keep up with the ever-changing cyber landscape.
  • The percentage who said today’s business environment was more risky remained at 36%.
KEYWORDS: cyber insurance cyber security cybersecurity data breach

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
To unlock your recommendations.

Already have an account? Sign In

  • Security's Top Cybersecurity Leaders 2024

    Security's Top Cybersecurity Leaders 2024

    Security magazine's Top Cybersecurity Leaders 2024 award...
    Cybersecurity
    By: Security Staff
  • cyber brain

    The intersection of cybersecurity and artificial intelligence

    Artificial intelligence (AI) is a valuable cybersecurity...
    Cybersecurity
    By: Pam Nigro
  • artificial intelligence AI graphic

    Assessing the pros and cons of AI for cybersecurity

    Artificial intelligence (AI) has significant implications...
    New Security Technology
    By: Charles Denyer
Subscribe For Free!
  • Security eNewsletter & Other eNews Alerts
  • eMagazine Subscriptions
  • Manage My Preferences
  • Online Registration
  • Mobile App
  • Subscription Customer Service

More Videos

Sponsored Content

Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the Security audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of Security or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

close
  • Crisis Response Team
    Sponsored byEverbridge

    Automate or Fall Behind – Crisis Response at the Speed of Risk

  • Perimeter security
    Sponsored byAMAROK

    Why Property Security is the New Competitive Advantage

  • Duty of Care
    Sponsored byAMAROK

    Integrating Technology and Physical Security to Advance Duty of Care

Popular Stories

Internal computer parts

Critical Software Vulnerabilities Rose 37% in 2024

Coding

AI Emerges as the Top Concern for Security Leaders

Person working on laptop

Governance in the Age of Citizen Developers and AI

Half open laptop

“Luigi Was Right”: A Look at the Website Sharing Data on More Than 1,000 Executives

patient at healthcare reception desk

Almost Half of Healthcare Breaches Involved Microsoft 365

2025 Security Benchmark banner

Events

June 24, 2025

Inside a Modern GSOC: How Anthropic Benchmarks Risk Detection Tools for Speed and Accuracy

For today's security teams, making informed decisions in the first moments of a crisis is critical.

August 27, 2025

Risk Mitigation as a Competitive Edge

In today’s volatile environment, a robust risk management strategy isn’t just a requirement—it’s a foundation for organizational resilience. From cyber threats to climate disruptions, the ability to anticipate, withstand, and adapt to disruption is becoming a hallmark of industry leaders.

View All Submit An Event

Products

Security Culture: A How-to Guide for Improving Security Culture and Dealing with People Risk in Your Organisation

Security Culture: A How-to Guide for Improving Security Culture and Dealing with People Risk in Your Organisation

See More Products

Related Articles

  • cyber 2 responsive default

    Business Interruption due to a Breach is Top Cyber Risk Concern

    See More
  • cyber 3 responsive default

    National Survey Finds Healthcare Costs and Cybersecurity are Top Business Threats

    See More
  • Security newswire default

    Cyber, Economy and Medical Costs are Top Business Concerns

    See More

Related Products

See More Products
  • databasehacker

    The Database Hacker's Handboo

See More Products

Events

View AllSubmit An Event
  • June 20, 2024

    Turning Threats into Solutions in Today's Cyber Landscape

    ON DEMAND: This webinar will also explore lessons learned and the evolving threat landscape of cybersecurity within local governments and how these key challenges and tactics can develop an effective security strategy.
  • March 6, 2025

    Why Mobile Device Response is Key to Managing Data Risk

    ON DEMAND: Most organizations and their associating operations have the response and investigation of computers, cloud resources, and other endpoint technologies under lock and key. 
View AllSubmit An Event
×

Sign-up to receive top management & result-driven techniques in the industry.

Join over 20,000+ industry leaders who receive our premium content.

SIGN UP TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletter
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing